Unknown Organization (20240220944). METHOD AND SYSTEM FOR SECURE DIGITAL PAYMENT SPLIT BETWEEN ON-ORDER AND ON-DELIVERY simplified abstract

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METHOD AND SYSTEM FOR SECURE DIGITAL PAYMENT SPLIT BETWEEN ON-ORDER AND ON-DELIVERY

Organization Name

Unknown Organization

Inventor(s)

Ehab Mohamed Ibrahim El-kersh of Alexandria (EG)

METHOD AND SYSTEM FOR SECURE DIGITAL PAYMENT SPLIT BETWEEN ON-ORDER AND ON-DELIVERY - A simplified explanation of the abstract

This abstract first appeared for US patent application 20240220944 titled 'METHOD AND SYSTEM FOR SECURE DIGITAL PAYMENT SPLIT BETWEEN ON-ORDER AND ON-DELIVERY

Simplified Explanation: The patent application provides solutions for digital payments in e-commerce, addressing the risks associated with full payment on delivery and full payment on order.

  • **Key Features and Innovation:**
   - Introduces a payment method that automatically splits the payment amount based on a payment-split policy.
   - Enables merchants to receive part of the payment on order and the rest on delivery.
   - Offers fairness for both customers and merchants by accommodating their preferences.
  • **Potential Applications:**
   - E-commerce platforms
   - Online retail stores
   - Payment processing companies
  • **Problems Solved:**
   - Mitigates risks for merchants and customers in e-commerce transactions.
   - Provides a balanced approach to payment processing in online purchases.
  • **Benefits:**
   - Reduces payment risks for both parties.
   - Enhances trust and satisfaction in e-commerce transactions.
   - Improves cash flow management for merchants.
  • **Commercial Applications:**
   - "Innovative Payment Splitting Technology for E-commerce Transactions: Market Implications and Opportunities"
  • **Prior Art:**
   - Research existing payment processing methods in e-commerce.
   - Explore split payment technologies in other industries.
  • **Frequently Updated Research:**
   - Stay informed about advancements in digital payment technologies.
   - Monitor consumer preferences and trends in e-commerce payment methods.

Questions about Digital Payment Solutions: 1. How does the proposed payment-split policy ensure fairness for both customers and merchants? 2. What are the potential challenges in implementing this technology on a large scale in the e-commerce industry?


Original Abstract Submitted

solutions in the field of digital payments using e-wallets, cards, or any digital payment methods; and in particular, to e-commerce online payments are provided. in e-commerce field, customers prefer full payment on-delivery after checking delivered goods; this introduces risk on merchants. in contrast, merchants prefer to process the full payment on-order before sending the shipment; this introduces risk on customers. both options of full payment on-order or full payment on-delivery are not satisfactory or making fairness for both parties (customers and merchants). a solution for having a payment method that can automatically split the payment amount, based on a payment-split policy that merchant offers and customer accepts, to enable merchants to get part of the payment on-order then claim the rest of payment on-delivery is also provided.

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