Supplier Using A Buyer-Initiated Payment System To Provide Qualifying Information To Obtain An Interchange Rate
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United States of America Patent
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Issued Date -
Feb 5, 2015
app pub date -
May 16, 2014
filing date -
Jul 31, 2013
priority date (Note) -
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Abstract
A supplier uses a Buyer-Initiated Payment (BIP) system, such as a Payer Direct Hub (PDH), to obtain a selected interchange rate to charge the supplier. The payer may use a Supplier-Initiated Payment (SIP) system or manual method to provide a commercial credit card number to a supplier. A supplier may log onto a BIP system and enter the number along with the payment amount. A BIP system determines whether the entered information includes the qualifying information to obtain the selected interchange rate for the supplier. The qualifying information for a selected interchange rate may include tax information or additional line item detail information. Substitute information to be used as the qualifying information needed for the selected interchange rate is retrieved. The BIP system combines the retrieved substitute information with the entered information and outputs credit card transaction information so that the supplier is paid using the selected interchange rate.
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