Method and system for offering a credit product by a credit issuer to a consumer at a point-of-sale
A method for offering at least one credit product by at least one credit issuer to a consumer at a point-of-sale between a merchant and the consumer. The method includes the steps of: providing a credit issuer data set including a plurality of data fields to a central database; initiating a transaction between the consumer and the merchant at the point-of-sale; offering, to the consumer at the point-of-sale, the at least one credit product; and presenting, to the consumer at the point-of-sale, at least one data field in the credit issuer data set. The at least one data field presented to the consumer is populated with data directed to the credit product, the credit issuer, or any combination thereof. An apparatus and system are also disclosed.
1 . A system associated with a service provider, the system comprising:
a non-transitory memory; and
one or more hardware processors coupled with the non-transitory memory and configured to execute instructions from the non-transitory memory to cause the system to:
cause a user interface element representing a credit product that is provided by a third-party provider to be presented via an interface of a device, wherein the interface is associated with an application corresponding to a first entity that is different than the service provider;
determine, based on one or more communications with the application, that the user interface element has been selected by a user of the device via the interface; and
in response to determining that the user interface element has been selected by the user, process a transaction using the credit product, wherein processing the transaction is completed without requiring the user to be redirected away from the interface, and wherein the transaction is funded by the credit product.
2 . The system of claim 1 , wherein the device is a point-of-sale device, and wherein the application is a payment application of the first entity.
3 . The system of claim 1 , wherein the application is part of a website associated with the first entity.
4 . The system of claim 1 , wherein executing the instructions further causes the system to:
retrieve, from an external database, product information specific to the credit product; and
cause the product information to be presented via the interface of the device.
5 . The system of claim 4 , wherein the product information comprises terms and conditions related to the credit product.
6 . The system of claim 1 , wherein executing the instructions further causes the system to:
retrieve, from an external database, product information specific to the credit product;
provide, on the interface, one or more data fields that prompt the user for user information based on the product information; and
obtain the user information via the one or more data fields provided on the interface, wherein the transaction is processed based on the user information.
7 . The system of claim 6 , wherein executing the instructions further causes the system to:
transmit, to a server associated with the credit product, a request for applying for the credit product for the user based on the user information; and
receive, from the server, an indication that the user is approved for the credit product, wherein the transaction is processed in response to receiving the indication.
8 . A method, comprising:
causing, by a computer system, an application of a device to present a user interface element corresponding to a funding product offered by a third-party entity via an interface of the application, wherein the application is associated with a merchant different from the third-party entity;
receiving, by the computer system and via the interface of the application, an indication that a user of the device has selected the user interface element corresponding to the funding product; and
in response to receiving the indication, processing, by the computer system, a transaction using the funding product, wherein the transaction is processed without requiring the interface of the application to be removed from a foreground of the device, and wherein the transaction is funded by the funding product offered by the third-party entity.
9 . The method of claim 8 , further comprising:
transmitting, by the computer system to a server associated with the third-party entity, a request for applying for the funding product for the user in response to receiving the indication; and
receiving, from the third-party entity, information associated with an account established for the user based on the request, wherein the transaction is processed through the account.
10 . The method of claim 8 , further comprising:
retrieving, from a first database, information specifying user data of the user required for applying for the funding product; and
causing the application to present one or more data fields that prompt the user for the user data, wherein the transaction is processed based on the user data.
11 . The method of claim 10 , further comprising:
retrieving, from a second database, at least a portion of the user data associated with the user; and
populating at least one of the one or more data fields using the at least the portion of the user data.
12 . The method of claim 8 , wherein the third-party entity is a first third-party entity, wherein the funding product is a first funding product, and wherein the method further comprises:
causing the application of the device to present a second user interface element corresponding to a second funding product offered by a second third-party entity via the interface based on product data obtained from a database, wherein the database is accessible by the first third-party entity and the second third-party entity, and stores information associated with the first funding product and the second funding product.
13 . The method of claim 8 , wherein the device is a point-of-sale device associated with the merchant.
14 . The method of claim 8 , wherein the device is a user device of the user, and wherein the application is part of a website associated with the merchant.
15 . A non-transitory machine-readable medium having stored thereon machine-readable instructions executable to cause a machine associated with a service provider to perform operations comprising:
causing an application of a device to present a product offered by a first third-party entity based on information retrieved from a database, wherein the database is accessible by a plurality of third-party entities comprising the first third-party entity, and wherein the application is associated with a merchant different from the service provider;
receiving, via the application of the device, an indication that a user of the device has selected the product usable in a transaction between the user and the merchant; and
in response to receiving the indication, processing the transaction using the product, wherein the transaction is processed without the user being redirected away from an interface of the application, and wherein the transaction is funded by the product offered by the first third-party entity.
16 . The non-transitory machine-readable medium of claim 15 , wherein the device is a point-of-sale device, and wherein the application is a payment application of the merchant.
17 . The non-transitory machine-readable medium of claim 15 , wherein the application is part of a website associated with the merchant.
18 . The non-transitory machine-readable medium of claim 15 , wherein the operations further comprise:
retrieving, from the database, the information; and
causing the information to be presented via the interface of the application.
19 . The non-transitory machine-readable medium of claim 15 , wherein the operations further comprise:
providing, on the interface of the application, one or more data fields that prompt the user for user information based on the information retrieved from the database; and
obtaining the user information via the one or more data fields provided on the interface, wherein the transaction is processed based on the user information.
20 . The non-transitory machine-readable medium of claim 19 , wherein the operations further comprise:
transmitting, to a server associated with the product, a request for applying for the product for the user based on the user information; and
receiving, from the server, an indication that the user is approved for the product, wherein the transaction is processed in response to receiving the indication.