Selecting a preferred payment instrument based on a merchant category

Abstract

The invention provides a computer-implemented method to select a preferred card for a purchase based on a merchant category. In the exemplary method, the computer associates a plurality of financial accounts with an account of a user; associates a merchant category with a financial account associated with the user account; and receives data from a transaction. The computer can maintain a database of merchant categories; determine the category of the merchant based on the data associated with the transaction; and extract data to identify the merchant, such as merchant name, address, or telephone number. The computer can determine the geo-location of the user device and determine the merchant identify from the location. The computer can determine a merchant category of the merchant from the merchant identity; select the financial account associated with the merchant category of the merchant; and communicate the financial account selected to conduct the transaction.

What is claimed is: 
     
         1 . A computer-implemented method to select a payment instrument for a purchase based on a merchant category, comprising:
 associating, by a computer, a plurality of financial accounts with a user account of a user, the user account being maintained by the computer;   for one or more of the financial accounts associated with the user account, associating, by the computer, one of a plurality of merchant categories with the respective financial account in a category database;   receiving, by the computer from a user network device, data from a transaction of the user account with a merchant;   determining, by the computer, a merchant category of the merchant by extracting an identification of the merchant from the data from the transaction, locating the identified merchant in the category database, and determining the category associated with the merchant in the database;   selecting, by the computer, one of the financial accounts associated with the merchant category of the merchant; and   communicating, by the computer, the selected financial account to the user network device to conduct the transaction.   
     
     
         2 . The computer-implemented method of  claim 1 , wherein extracting the identification of the merchant from the data comprises identifying, by the computer, one of more of the following features of the merchant from the data:
 a merchant name;   a merchant address;   a merchant telephone number; and   a merchant store number.   
     
     
         3 . The computer-implemented method of  claim 1 , wherein the transaction data comprises location data identifying a location of the user network device, and wherein extracting the identification of the merchant from the transaction data comprises:
 extracting, by the computer, the location data identifying the location of the user network device; and   determining, by the computer, the identity of the merchant associated with the location of the user network device.   
     
     
         4 . The computer-implemented method of  claim 1 , wherein determining the merchant category of the merchant comprises:
 identifying, by the computer, one of more products associated with the transaction;   comparing, by the computer, the associated products with a list of products associated with other merchants in the category database; and   determining, by the computer, that the merchant is associated with a category of merchants based on a similarity of the products associated with the merchant and the products associated with the merchants associated with the category.   
     
     
         5 . The computer-implemented method of  claim 1 , further comprising:
 receiving, by the computer, data from a plurality of accounts of other users;   determining, by the computer, financial accounts of the accounts of other users that are in common with the user account;   determining, by the computer, merchant categories associated with the common financial accounts of the user account and the other user accounts; and   recommending, by the computer, the merchant categories that are most frequently associated with the financial accounts of the accounts of other users that are in common with the user account.   
     
     
         6 . The computer-implemented method of  claim 1 , wherein the category database comprises merchant names, merchant addresses, merchant phone numbers, merchant product offerings, merchant category codes, and merchant geo-locations. 
     
     
         7 . A computer program product, comprising:
 a non-transitory computer-readable storage device having computer-executable program instructions embodied thereon that when executed by a computer select a payment instrument for a purchase based on a merchant category, the computer-executable program instructions comprising:
 computer-executable program instructions to associate a plurality of financial accounts with a user account of a user, the user account being maintained by the computer; 
 computer-executable program instructions to associate, for one or more of the financial accounts associated with the user account, one of a plurality of merchant categories with the respective financial account in a category database; 
 computer-executable program instructions to receive, from a user network device, data from a transaction of the user account with a merchant; 
 computer-executable program instructions to determine a merchant category of the merchant by
 extracting, from the transaction data, a location identifying the location of the user network device, 
 determining the identity of the merchant associated with the location of the user network device, 
 locating the identified merchant in the category database, and 
 determining the category associated with the merchant in the database; 
 
 computer-executable program instructions to select one of the financial accounts associated with the merchant category of the merchant; and 
 computer-executable program instructions to communicate the selected financial account to the user network device to conduct the transaction. 
   
     
     
         8 . The computer program product of  claim 7 , wherein extracting the identification of the merchant from the data comprises identifying, by the computer, one of more of the following features of the merchant from the data:
 a merchant name;   a merchant address;   a merchant telephone number; and   a merchant store number.   
     
     
         9 . The computer program product of  claim 7 , wherein the transaction data comprises identification data identifying a merchant, and wherein determining the category of the merchant from the transaction data comprises:
 extracting an identification of the merchant from the data from the transaction;   locating the identified merchant in the category database; and   determining the category associated with the merchant in the database.   
     
     
         10 . The computer program product of  claim 7 , wherein determining the merchant category of the merchant comprises:
 identifying one of more products associated with the transaction;   comparing the associated products with a list of products associated with other merchants in the category database; and   determining that the merchant is associated with a category of merchants based on a similarity of the products associated with the merchant and the products associated with the merchants associated with the category.   
     
     
         11 . The computer program product of  claim 7 , further comprising:
 computer-executable program instructions to receive data from a plurality of accounts of other users;   computer-executable program instructions to determine financial accounts of the accounts of other users that are in common with the user account;   computer-executable program instructions to determine merchant categories associated with the common financial accounts of the user account and the other user accounts; and   computer-executable program instructions to recommend the merchant categories that are most frequently associated with the financial accounts of the accounts of other users that are in common with the user account.   
     
     
         12 . The computer program product of  claim 7 , wherein the category database comprises merchant names, merchant addresses, merchant phone numbers, merchant product offerings, merchant category codes, and merchant geo-locations. 
     
     
         13 . A system to select a payment instrument for a purchase based on a merchant category, the system comprising:
 a storage resource;   a network module; and   a processor communicatively coupled to the storage resource and the network module, wherein the processor executes application code instructions that are stored in the storage resource and that cause the system to:
 associate a plurality of financial accounts with a user account of a user, the user account being maintained by the computer; 
 associate, for one or more of the financial accounts associated with the user account, one of a plurality of merchant categories with the respective financial account in a category database; 
 receive, from a user network device, data from a transaction of the user account with a merchant; 
 determine a merchant category of the merchant by
 identifying one of more products associated with the transaction, 
 comparing the associated products with a list of products associated with other merchants in the category database, 
 determining that the merchant is associated with a category of merchants based on a similarity of the products associated with the merchant and the products associated with the merchants associated with the category; 
 
 select one of the financial accounts associated with the merchant category of the merchant; and 
 communicate the selected financial account to the user network device to conduct the transaction. 
   
     
     
         14 . The system of  claim 13 , wherein extracting the identification of the merchant from the data comprises identifying, by the computer, one of more of the following features of the merchant from the data:
 a merchant name;   a merchant address;   a merchant telephone number; and   a merchant store number.   
     
     
         15 . The system of  claim 13 , wherein the transaction data comprises location data identifying a location of the user network device, and wherein determining the category of the merchant from the transaction data comprises instructions further causing the system to:
 extract the location data identifying the location of the user network device; and   determine the identity of the merchant associated with the location of the user network device;   locate the identified merchant in the category database; and   determine the category associated with the merchant in the database.   
     
     
         16 . The system of  claim 13 , wherein the transaction data comprises identification data identifying a merchant, and wherein determining the category of the merchant from the transaction data comprises:
 extracting an identification of the merchant from the data from the transaction;   locating the identified merchant in the category database; and   determining the category associated with the merchant in the database.   
     
     
         17 . The system of  claim 13 , the instructions further causing the system to:
 receive data from a plurality of accounts of other users;   determine financial accounts of the accounts of other users that are in common with the user account;   determine merchant categories associated with the common financial accounts of the user account and the other user accounts; and   recommend the merchant categories that are most frequently associated with the financial accounts of the accounts of other users that are in common with the user account.   
     
     
         18 . The system of  claim 13 , wherein the category database comprises merchant names, merchant addresses, merchant phone numbers, merchant product offerings, merchant category codes, and merchant geo-locations.