SYSTEM FOR AGGREGATING PAYMENTS FROM MULTIPLE PAYERS
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United States of America Patent
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N/A
Issued Date -
Jan 23, 2014
app pub date -
Nov 16, 2012
filing date -
Jul 18, 2012
priority date (Note) -
Abandoned
status (Latency Note)
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Abstract
Receiving payment requests at an from multiple payers for a common supplier, the payments are received by an entity that is separate from the common supplier and the multiple payees; aggregating the payment requests and creating a single aggregated payment request at a hub computing system, the aggregating and creating includes choosing an interchange rate at the aggregator for the aggregated payment that is lower than an interchange rate that at least one of the payment requests would qualify for if not aggregated; electronically transmitting the aggregated payment request from the hub computing system to an acquirer processor computing system associated with the supplier; creating a reconciliation report; and transmitting the reconciliation report to the supplier.
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