US 11,842,325 B2
Systems and methods for least cost acquirer routing for pricing models
Thiru Srinivasan, Highlands Ranch, CO (US)
Assigned to Worldpay, LLC, Symmes Township, OH (US)
Filed by Worldpay, LLC, Symmes Township, OH (US)
Filed on Feb. 16, 2021, as Appl. No. 17/176,361.
Application 17/176,361 is a continuation of application No. 16/502,808, filed on Jul. 3, 2019, granted, now 10,956,877.
Application 16/502,808 is a continuation of application No. 15/274,095, filed on Sep. 23, 2016, granted, now 10,387,850, issued on Aug. 20, 2019.
Prior Publication US 2021/0166201 A1, Jun. 3, 2021
This patent is subject to a terminal disclaimer.
Int. Cl. G06Q 40/00 (2023.01); G06Q 20/02 (2012.01); G06Q 20/24 (2012.01); G06Q 20/34 (2012.01)
CPC G06Q 20/027 (2013.01) [G06Q 20/24 (2013.01); G06Q 20/356 (2013.01)] 18 Claims
OG exemplary drawing
 
1. A computer-implemented method for a least cost acquirer routing of electronic payment transactions based on pricing models of acquirers, the method comprising:
storing, by a server, one or more current primary qualification criteria sets received from one or more payment networks, wherein each primary qualification criteria set comprises a set of rules for determining an interchange fee and/or an interchange category for a given transaction for a corresponding payment network of the one or more payment networks;
storing, by the server, a plurality of current pricing models received from a plurality of acquirers;
receiving, by the server, from a computing device associated with a merchant, transaction-related information for a current transaction, the transaction-related information comprising merchant identification data, payment network identification data, and a transaction amount;
retrieving, by the server, a current primary qualification criteria set of the one or more current primary qualification sets pertaining to the payment network associated with the payment network identification data for the current transaction;
determining, by the server and based on the retrieved current primary qualification criteria set, an interchange fee;
determining, by the server and based on the transaction-related information, an interchange category;
determining, by the server, for each of the plurality of acquirers associated with the merchant, and based on the interchange category and the transaction-related information, applicable pricing models from the plurality of stored current pricing models;
determining, by the server, for each of the plurality of acquirers, and based on the applicable pricing models, a least cost markup rate for the transaction;
generating, by the server, a data structure comprising a comparison table for the transaction, the comparison table storing the least cost markup rate determined for each of the plurality of acquirers;
selecting, by the server and based on the comparison table, a least cost acquirer that yields a lowest markup rate for the current transaction among the plurality of acquirers;
determining, by the server, and based on the comparison table and the merchant identification data, a messaging format supported by the least cost acquirer;
translating, by the server, the transaction-related information into the messaging format supported by the least cost acquirer;
determining, by the server, a total applicable rate for the transaction based on the interchange fee and the lowest markup rate; and
transmitting, by the server over an electronic network, the translated transaction-related information and the total applicable rate to the least cost acquirer.