Systems and methods for arbitraged enhanced payment processing
An arbitraged enhanced payment processing system in association with a distributed enhanced payment processing system includes a merchant point of sale (POS) terminal system and a remote payment management system. The POS terminal system initiates a transaction that includes receiving a payment amount, a purchaser account identifier, a virtual electronic payment indicator, and a merchant ID via a payment client. Subsequently, the POS terminal system outputs the transaction to the remote payment management system which generates a token for the transaction. The payment management system then provides the purchaser account identifier, a merchant account identifier, and the payment amount to a payment processing servicer. Upon receiving a payment processing servicer response, the payment management system outputs the response and token to the POS terminal system.
1. In a payment management system, a computer-implemented method of prioritizing a payment transaction processing comprising:
receiving, at a remote payment management system, a first transaction from a point of sale system;
receiving, at the remote payment management system subsequent to receiving the first transaction, a second transaction from the point of sale system, wherein the second transaction includes a payment amount, a virtual electronic payment indicator, and a merchant ID;
validating, by the remote payment management system, the merchant ID, wherein the validating comprises comparing the merchant ID with a stored database of terminal IDs;
generating, by the remote payment management system, a token for the second transaction, wherein the token includes a purchaser account identifier, an expiration, and a group ID;
retrieving, by the remote payment management system, one or more transaction configurations associated with the second transaction;
based on retrieving more than one transaction configuration, deriving, by the remote payment management system, a reconciled configuration by reconciling one or more conflicts between the retrieved transaction configurations using rule-based logic;
retrieving, by the remote payment management system, at least one service control directive based on the reconciled configuration, wherein the at least one service control directive comprises computer-executable code configured to control prioritization of the second transaction;
prioritizing, by the remote payment management system, using the computer executable code, a processing order of the second transaction over the first transaction by:
forwarding, using the computer executable code, the second transaction to a payment processing system prior to forwarding the first transaction to the payment processing system;
receiving, at the remote payment management system, a response from the payment processing system; and
outputting, by the remote payment management system, the response and the token to the point of sale system.
2. The method of claim 1 wherein the payment processing system is an affiliated-payment processing servicer.
3. The method of claim 1 wherein the payment processing system is a third party payment processing system.
4. The method of claim 1 wherein the one or more transaction configurations associated with the second transaction are retrieved from a data base utilizing at least one transaction processing configuration retrieval key.
5. The method of claim 4 wherein the at least one service control directive includes at least one actionable information.
6. The method of claim 5 wherein the at least one actionable information comprises at least one of analytics, signals and measurements such as communication facility congestion and least cost routing, percentage of compliance to service guarantees, accessibility of an affiliated payment processing servicer or a third party payment processing system.
7. The method of claim 4 wherein the at least one transaction processing configuration retrieval key includes at least one payment transaction information.
8. The method of claim 7 wherein the at least one payment transaction information is encrypted.
9. The method of claim 8 wherein the at least one payment transaction information is configured to be decrypted from at least one token embedded in the second transaction.
10. The method of claim 9 wherein the at least one token is configured to be decrypted by a security module configured to decrypt the payment transaction information.
11. The method of claim 1 further comprising post-processing the second transaction by recording at least one portion of the second transaction in the data base for subsequent utilization for merchant accounting.
12. The method of claim 11 wherein the recording of the second transaction in the data base includes recording the purchaser account identifier.
13. The method of claim 11 wherein merchant accounting includes providing a given merchant an accounting of processed transactions.
14. The method of claim 11 wherein merchant accounting includes providing a given merchant system an accounting of processed transactions including the purchaser account identifier associated with each payment transaction.
15. The method of claim 1 wherein receiving the second transaction at a remote payment management system includes receiving at least one of transactions sourced from at least one of a merchant point of sale system.
16. The method of claim 15 wherein at least one merchant point of sale system containing a payment client is updated to enhance at least one client payment transaction communication protocol so as to include new fields configured to arbitraged enhanced payment processing.
17. The method of claim 1 wherein receiving the second transaction at a remote payment management system includes receiving at least one of transactions received from at least one of an unaffiliated merchant point of sale system and aggregated by a remote independent sales organization (ISO) feeder system.