20240054461. SYSTEMS AND METHODS FOR ROUTING ELECTRONIC TRANSACTIONS USING PREDICTED AUTHORIZATION APPROVAL simplified abstract (Worldpay, LLC)

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SYSTEMS AND METHODS FOR ROUTING ELECTRONIC TRANSACTIONS USING PREDICTED AUTHORIZATION APPROVAL

Organization Name

Worldpay, LLC

Inventor(s)

Dennis A. Kettler of Mason OH (US)

Ryan Clapp of Loveland OH (US)

SYSTEMS AND METHODS FOR ROUTING ELECTRONIC TRANSACTIONS USING PREDICTED AUTHORIZATION APPROVAL - A simplified explanation of the abstract

This abstract first appeared for US patent application 20240054461 titled 'SYSTEMS AND METHODS FOR ROUTING ELECTRONIC TRANSACTIONS USING PREDICTED AUTHORIZATION APPROVAL

Simplified Explanation

The abstract describes a method for routing electronic payment transactions based on transaction-related information, identifying eligible payment networks, predicting authorization acceptance likelihood, and selecting a least cost pin-less debit network for signature debit transactions.

  • Receiving transaction-related information from a merchant
  • Extracting transaction routing criteria from the received information
  • Dynamically identifying eligible payment networks based on routing criteria
  • Predicting likelihood of authorization acceptance for each network
  • Identifying breakeven transaction amounts for each eligible network
  • Routing signature debit transactions to a least cost pin-less debit network based on desired breakeven transaction amount
      1. Potential Applications
  • Online payment processing systems
  • Point of sale systems
  • Mobile payment applications
      1. Problems Solved
  • Efficient routing of electronic payment transactions
  • Cost-effective selection of payment networks
  • Maximizing authorization acceptance rates
      1. Benefits
  • Cost savings for merchants
  • Improved transaction success rates
  • Dynamic and optimized payment routing strategies


Original Abstract Submitted

a method for routing electronic payment transactions includes receiving transaction-related information from a merchant, extracting transaction routing criteria from the received transaction-related information, dynamically identifying one or more eligible payment networks based on extracted transaction routing criteria, predicting a likelihood of authorization acceptance for each identified network based on the transaction-related information, dynamically identifying one or more breakeven transaction amounts for each identified eligible payment network, each breakeven transaction amount defining a point at which two or more eligible payment networks have the same expenses for a given transaction amount, the expenses including costs associated with a low predicted likelihood of authorization acceptance, and routing signature debit transactions from the merchant to a least cost pin-less debit network selected from the eligible payment networks based on identification of a desired breakeven transaction amount for the pin-less debit network.

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