US Patent Application 18449948. SYSTEM AND METHOD OF PAYMENT OF MERCHANTS ON BEHALF OF PAYMENT CARD SYSTEM TRANSACTION ACQUIRERS simplified abstract

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SYSTEM AND METHOD OF PAYMENT OF MERCHANTS ON BEHALF OF PAYMENT CARD SYSTEM TRANSACTION ACQUIRERS

Organization Name

Mastercard International Incorporated

Inventor(s)

Sandeep Malhotra of Greenwich CT (US)

Shanthan Subramaniam of Baldwin Place NY (US)

Dana Lorberg of St. Louis MO (US)

SYSTEM AND METHOD OF PAYMENT OF MERCHANTS ON BEHALF OF PAYMENT CARD SYSTEM TRANSACTION ACQUIRERS - A simplified explanation of the abstract

This abstract first appeared for US patent application 18449948 titled 'SYSTEM AND METHOD OF PAYMENT OF MERCHANTS ON BEHALF OF PAYMENT CARD SYSTEM TRANSACTION ACQUIRERS

Simplified Explanation

The patent application describes methods and systems for handling transactions in a payment card account system. Here is a simplified explanation of the abstract:

  • A merchant payment services computer receives and stores the bank account details of a merchant supported by a financial institution.
  • The computer also receives card account transaction information for the merchant over a specific period of time.
  • Based on the transaction information, the computer calculates the net position for the merchant.
  • The computer retrieves the merchant's bank account details from storage.
  • An electronic funds transfer is initiated with an originating payment services provider computer to credit the merchant's deposit account with an amount equal to the net position.

Bullet points to explain the patent/innovation:

  • The patent application introduces a system for handling payment card transactions for merchants.
  • It allows the merchant's bank account details to be securely stored and accessed when needed.
  • The system calculates the net position of the merchant based on their card account transaction information.
  • An electronic funds transfer is then initiated to credit the merchant's deposit account with the calculated amount.
  • This innovation streamlines the process of transferring funds to merchants, ensuring accurate and timely payments.


Original Abstract Submitted

Methods and systems for handling a payment card account system transaction. In an embodiment, a merchant payment services computer receives merchant bank account details for at least one merchant supported by an acquirer financial institution and stores the merchant bank account details in a storage device. The process also includes the merchant payment services computer receiving, from a card payment network computer, card account transaction information for a merchant over a predetermined period of time; calculating, based on the card account transaction information, a net position for the merchant; retrieving merchant bank account details of the merchant from the storage device; and initiating an electronic funds transfer (EFT) with an originating payment services provider (PSP) computer of an electronic funds transfer system to credit the merchant's deposit account in an amount equal to the merchant's net position.

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