System and method for payment tender steering
A payment system reduces transaction costs for online merchants. The payment system receives a transaction amount for the purchase of goods or services by a consumer from an online merchant. The payment system receives bank identification numbers for a plurality of accounts of the consumer that could be used by the consumer to pay for the good or services. The payment system determines transaction costs associated with processing a payment transaction with an acquirer processor using each of the consumer accounts. The payment system determines a recommended consumer account to use for the purchase of the good or services based at least in part on the transaction costs. Tender steering information is generated and sent to the consumer. Tender steering information includes the recommended consumer account information and one or more incentives to incentivize the consumer to use the recommended consumer account for the payment of the goods or services.
1. A computer-implemented method for electronic transaction steering, the method comprising:
receiving, at an electronic transaction system, an electronic payment transaction facilitated by a user and initiated at a user device associated with a merchant, wherein the electronic payment transaction comprises user information associated with the user;
identifying, using the electronic transaction system and via accessing a consumer profile account, one or more electronic payment methods associated with the user and usable to complete the electronic payment transaction, wherein each of the one or more electronic payment methods comprise account information;
determining, using the electronic transaction system, an automatically selected electronic payment method of the one or more electronic payment methods based on a maximum benefit to the merchant and the account information;
steering, using the electronic transaction system, the user to the automatically selected electronic payment method by pre-populating checkout information with the automatically selected electronic payment method; and
completing, using the electronic transaction system, the electronic payment transaction with the automatically selected electronic payment method based on a user confirmation.
2. The computer-implemented method of claim 1 , further comprising sorting the one or more electronic payment methods, from a most beneficial electronic payment method to a least beneficial electronic payment method based on the maximum benefit to the merchant.
3. The computer-implemented method of claim 1 , wherein determining the automatically selected electronic payment method comprises:
identifying that the maximum benefit to the merchant corresponds to a highest transaction cost savings.
4. The computer-implemented method of claim 1 , wherein determining the automatically selected electronic payment method comprises:
identifying that the maximum benefit to the merchant corresponds to obtainment of a transaction fee discount with a financial institution.
5. The computer-implemented method of claim 4 , wherein the transaction fee discount is obtainable via achieving, through consumer utilization of the automatically selected electronic payment method, a predetermine spend amount.
6. A system for electronic transaction steering, the system comprising:
a data storage device storing instructions in an electronic storage medium; and
a processor configured to execute the instructions to perform a method including:
receiving, at an electronic transaction system, an electronic payment transaction facilitated by a user and initiated at a user device associated with a merchant, wherein the electronic payment transaction comprises user information associated with the user;
identifying, using the electronic transaction system and via accessing a consumer profile account, one or more electronic payment methods associated with the user and usable to complete the electronic payment transaction, wherein each of the one or more electronic payment methods comprise account information;
determining, using the electronic transaction system, an automatically selected electronic payment method of the one or more electronic payment methods based a maximum benefit to the merchant and the account information;
steering, using the electronic transaction system, the user to the automatically selected electronic payment method by pre-populating checkout information with the automatically selected electronic payment method; and
completing, using the electronic transaction system, the electronic payment transaction with the automatically selected electronic payment method based on a user confirmation.
7. The system of claim 6 , the method further comprising sorting the one or more electronic payment methods, from a most beneficial electronic payment method to a least beneficial electronic payment method based on the maximum benefit to the merchant.
8. The system of claim 6 , wherein determining the automatically selected electronic payment method comprises:
identifying that the maximum benefit to the merchant corresponds to a highest transaction cost savings.
9. The system of claim 6 , wherein determining the automatically selected electronic payment method comprises:
identifying that the maximum benefit to the merchant corresponds to obtainment of a transaction fee discount with a financial institution.
10. The system of claim 9 , wherein the transaction fee discount is obtainable via achieving, through consumer utilization of the automatically selected electronic payment method, a predetermine spend amount.
11. A non-transitory machine-readable medium storing instructions that, when executed by a computing system, causes the computing system to perform a method for electronic transaction steering, the method including:
receiving, at an electronic transaction system, an electronic payment transaction facilitated by a user and initiated at a user device associated with a merchant, wherein the electronic payment transaction comprises user information associated with the user;
identifying, using the electronic transaction system and via accessing a consumer profile account, one or more electronic payment methods associated with the user and usable to complete the electronic payment transaction, wherein each of the one or more electronic payment methods comprise account information;
determining, using the electronic transaction system, an automatically selected electronic payment method of the one or more electronic payment methods based on a maximum benefit to the merchant and the account information;
steering, using the electronic transaction system, the user to the automatically selected electronic payment method by pre-populating checkout information with the automatically selected electronic payment method; and
completing, using the electronic transaction system, the electronic payment transaction with the automatically selected electronic payment method based on a user confirmation.
12. The non-transitory machine-readable medium of claim 11 , the method further comprising sorting the one or more electronic payment methods, from a most beneficial electronic payment method to a least beneficial electronic payment method based on the maximum benefit to the merchant.
13. The non-transitory machine-readable medium of claim 11 , wherein determining the automatically selected electronic payment method comprises:
identifying that the maximum benefit to the merchant corresponds to a highest transaction cost savings.
14. The non-transitory machine-readable medium of claim 11 , wherein determining the automatically selected electronic payment method comprises:
identifying that the maximum benefit to the merchant corresponds to obtainment of a transaction fee discount with a financial institution;
wherein the transaction fee discount is obtainable via achieving, through consumer utilization of the automatically selected electronic payment method, a predetermine spend amount.
15. The computer-implemented method of claim 1 , wherein the account information comprises at least one of account information of the user received from a third party transaction provider and account information associated with a digital wallet of the user.
16. The computer-implemented method of claim 1 , wherein the electronic transaction system is associated with an acquirer processor.
17. The system of claim 6 , wherein the account information comprises at least one of account information of the user received from a third party transaction provider and account information associated with a digital wallet of the user.
18. The system of claim 6 , wherein the electronic transaction system is associated with an acquirer processor.
19. The non-transitory machine-readable medium of claim 11 , wherein the account information comprises at least one of account information of the user received from a third party transaction provider and account information associated with a digital wallet of the user.
20. The non-transitory machine-readable medium of claim 11 , wherein the electronic transaction system is associated with an acquirer processor.