Payment processing system, method and computer program product

Abstract

Embodiments of the present invention provide a method and computer program product for least cost routing in payment processing. In an embodiment of the invention, a payment processing method can include receiving a transaction profile for a proposed transaction as payment for a purchase by a purchaser from a merchant at a card processing terminal configured to identify a card number for a card. The method further can include computing a cost of processing the proposed transaction for each of multiple different payment processors based upon the received transaction profile. The method yet further can include selecting one of the different payment processors corresponding to a lowest cost of processing computed for the received transaction profile. Finally, the method can include routing the proposed transaction to the selected one of the different payment processors.

1 . A payment processing method comprising:
 receiving a transaction profile for a proposed transaction as payment for a purchase by a purchaser from a merchant at a card processing terminal configured to identify a card number for a card;   computing a cost of processing the proposed transaction for each of multiple different payment processors based upon the received transaction profile;   selecting one of the different payment processors corresponding to a lowest cost of processing computed for the received transaction profile; and,   routing the proposed transaction to the selected one of the different payment processors.   
     
     
         2 . The method of  claim 1 , wherein receiving a transaction profile for a proposed transaction as payment for a purchase by a purchaser from a merchant at a card processing terminal configured to identify a card number for a card, comprises:
 receiving a transaction profile for a proposed transaction as payment for a purchase by a purchaser from a merchant at a card processing terminal configured to identify a card number for a card, the transaction profile comprising a type of card selected from the group consisting of credit and debit.   
     
     
         3 . The method of  claim 1 , wherein receiving a transaction profile for a proposed transaction as payment for a purchase by a purchaser from a merchant at a card processing terminal configured to identify a card number for a card, comprises:
 receiving a transaction profile for a proposed transaction as payment for a purchase by a purchaser from a merchant at a card processing terminal configured to identify a card number for a card, the transaction profile comprising a geographic location of an issuing bank for the card.   
     
     
         4 . The method of  claim 1 , wherein receiving a transaction profile for a proposed transaction as payment for a purchase by a purchaser from a merchant at a card processing terminal configured to identify a card number for a card, comprises:
 receiving a transaction profile for a proposed transaction as payment for a purchase by a purchaser from a merchant at a card processing terminal configured to identify a card number for a card, the transaction profile comprising an amount of the proposed transaction.   
     
     
         5 . The method of  claim 1 , wherein receiving a transaction profile for a proposed transaction as payment for a purchase by a purchaser from a merchant at a card processing terminal configured to identify a card number for a card, comprises:
 receiving a transaction profile for a proposed transaction as payment for a purchase by a purchaser from a merchant at a card processing terminal configured to identify a card number for a card, the transaction profile comprising a merchant type of the merchant.   
     
     
         6 . The method of  claim 1 , wherein receiving a transaction profile for a proposed transaction as payment for a purchase by a purchaser from a merchant at a card processing terminal configured to identify a card number for a card, comprises:
 receiving a transaction profile for a proposed transaction as payment for a purchase by a purchaser from a merchant at a card processing terminal configured to identify a card number for a card, the transaction profile comprising an indication of whether the card had been swiped at the card processing terminal or whether an account number for the card had been keyed into the card processing terminal in lieu of swiping.   
     
     
         7 . A computer program product comprising a computer usable medium embodying computer usable program code for payment processing, the computer program product comprising:
 computer usable program code for receiving a transaction profile for a proposed transaction as payment for a purchase by a purchaser from a merchant at a card processing terminal configured to identify a card number for a card;   computer usable program code for computing a cost of processing the proposed transaction for each of multiple different payment processors based upon the received transaction profile;   computer usable program code for selecting one of the different payment processors corresponding to a lowest cost of processing computed for the received transaction profile; and,   computer usable program code for routing the proposed transaction to the selected one of the different payment processors.   
     
     
         8 . The computer program product of  claim 7 , wherein the computer usable program code for receiving a transaction profile for a proposed transaction as payment for a purchase by a purchaser from a merchant at a card processing terminal configured to identify a card number for a card, comprises:
 computer usable program code for receiving a transaction profile for a proposed transaction as payment for a purchase by a purchaser from a merchant at a card processing terminal configured to identify a card number for a card, the transaction profile comprising a type of card selected from the group consisting of credit and debit.   
     
     
         9 . The computer program product of  claim 7 , wherein the computer usable program code for receiving a transaction profile for a proposed transaction as payment for a purchase by a purchaser from a merchant at a card processing terminal configured to identify a card number for a card, comprises:
 computer usable program code for receiving a transaction profile for a proposed transaction as payment for a purchase by a purchaser from a merchant at a card processing terminal configured to identify a card number for a card, the transaction profile comprising a geographic location of an issuing bank for the card.   
     
     
         10 . The computer program product of  claim 7 , wherein the computer usable program code for receiving a transaction profile for a proposed transaction as payment for a purchase by a purchaser from a merchant at a card processing terminal configured to identify a card number for a card, comprises:
 computer usable program code for receiving a transaction profile for a proposed transaction as payment for a purchase by a purchaser from a merchant at a card processing terminal configured to identify a card number for a card, the transaction profile comprising an amount of the proposed transaction.   
     
     
         11 . The computer program product of  claim 7 , wherein the computer usable program code for receiving a transaction profile for a proposed transaction as payment for a purchase by a purchaser from a merchant at a card processing terminal configured to identify a card number for a card, comprises:
 computer usable program code for receiving a transaction profile for a proposed transaction as payment for a purchase by a purchaser from a merchant at a card processing terminal configured to identify a card number for a card, the transaction profile comprising a merchant type of the merchant.   
     
     
         12 . The computer program product of  claim 7 , wherein the computer usable program code for receiving a transaction profile for a proposed transaction as payment for a purchase by a purchaser from a merchant at a card processing terminal configured to identify a card number for a card, comprises:
 computer usable program code for receiving a transaction profile for a proposed transaction as payment for a purchase by a purchaser from a merchant at a card processing terminal configured to identify a card number for a card, the transaction profile comprising an indication of whether the card had been swiped at the card processing terminal or whether an account number for the card had been keyed into the card processing terminal in lieu of swiping.