Method and system for reduced cost debit processing

Patent 6847947 Issued on January 25, 2005. Estimated Expiration Date:

January 18, 2020. Estimated Expiration Date is calculated based on simple USPTO term provisions. It does not account for terminal disclaimers, term adjustments, failure to pay maintenance fees, or other factors which might affect the term of a patent.

Abstract Claims Description Full Text

Patent References

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Inventors

Assignee

First Data Corporation

Application

No. 09484958 filed on 01/18/2000

US Classes:

705/39, Including funds transfer or credit transaction235/379, Banking systems235/382.5, Changeable authorization705/14Distribution or redemption of coupon, or incentive or promotion program

Examiners

Primary: Akers, Geoffrey

Attorney, Agent or Firm

Brooks Kushman P.C.

Foreign Patent References

WO0154026 WO 07/01/2001

International Class

G06F 1760

Abstract

A method is provided for processing debit transactions at the lowest cost available. The method is comprised of the following steps: providing a merchant identification number and an account number BIN file to a debit processing center; matching the merchant identification number against at least one merchant database at the debit processing center; providing a merchant network list from the at least one merchant database based upon the match of the merchant identification number; providing a customer network list from the at least one merchant database based upon the match of customer identification number; creating a merchant-customer network list by matching at least one common element from the merchant network list and the customer network list. Next the system determines the validity for each common element of the merchant-customer network list and eliminates each invalid common element from the merchant-customer network list. Subsequently, the system sorts the elements of the merchant-customer network list based on network fee and communicates with a routing and processing database to determine the routing and processing method for each merchant customer element. Finally, the system applies the lowest cost element for routing and processing a debit transaction.