DYNAMIC BIN ALLOCATION FOR PAYMENT CARD TRANSACTIONS

摘要

Preauthorized payments may be made to service providers, repair shops, and even vendors serving employees on business trips through credit card processing. The approved payment amount is authorized on a virtually created payment card, which is then sent to the payee. These transactions incur interchange fees for the card processing. Therefore, unlike a check or EFT payment, the payee receives the approved payment less interchange fees. Interchange rates vary based on the payment card product offered by an issuing bank in addition to factors relating to how the payment card is processed. The current invention is a method of automatically generating a virtual payment card and/or processing the card in a manner to achieve a target interchange fee.

主权项

1. A computer implemented method for virtual card payment, the method comprising:
electronically receiving on a computing device an authorized amount value from a payor to pay a designated payee; retrieving from an electronic storage device a target interchange rate for payment to the designated payee; automatically selecting a bank identification number account from an issuer bank, the bank identification number account having an effective interchange rate based on the inclusion or exclusion of interchange factors; electronically generating a virtual payment card with the selected bank identification number account wherein the effective bank identification number interchange rate adjusted in accordance with the target interchange rate by the inclusion or exclusion of the interchange factors; and authorizing the virtual payment card to the authorized amount value whereby processing of the virtual payment card for the authorized amount on behalf of the designated payee incurs the effective interchange rate.