Interchange Rate Based Convenience Fee, Service Fee, and Surcharge System Patent

摘要

Methods for processing payments electronically over a network-based system, such as Internet, phone, wireless communications, and other channels, wherein a third party or intermediary facilitates payment transactions to enable the processing of payments on behalf of individuals or businesses through credit card and debit card electronic transactions while providing a real-time, automated determination of a convenience fee associated with the transaction, the convenience fee being based upon the interchange rate for the specific card being used for the payment.

主权项

1. A method for processing transactions electronically over a network-based system comprising the steps of:
providing a system and a communications network that cooperate for managing electronic transactions online; initiating a transaction on behalf of a cardholder; receiving electronic transaction information corresponding to a cardholder account and whether a card is present for the transaction; automatically making a real-time bank identification number (BIN) lookup for determining a real-time interchange rate associated with the cardholder account; automatically transforming the real-time interchange rate, along with other factors and fees, into a convenience fee that is dynamically determined at a point-of-sale terminal, a computing device or a virtual terminal for the cardholder; and presenting the convenience fee to the cardholder for approval.