Method and system for engaging in a transaction between a consumer and a merchant

Abstract

Disclosed is a method for engaging in a transaction between a consumer and a merchant. In particular, the present invention is directed to a method and system for providing instant credit by a credit issuer to the consumer at a point-of-sale of the merchant. In addition, the present invention is directed to a method and system for identifying at least one optimal credit product from a plurality of credit products of at least one credit issuer to a consumer.

What is claimed is: 
     
         1 . A system comprising:
 one or more processors; and   one or more memories in communication with the one or more processors and adapted to store a plurality of machine-readable instructions which when executed by the one or more processors are adapted to cause the system to:   receive a consumer/transaction data set including a plurality of data fields populated with data reflecting a consumer, a merchant, a transaction, a credit issuer or a combination thereof;   analyze at least a portion of the consumer/transaction data set;   based upon results of the analysis:
 (a) offer instant credit by the credit issuer to the consumer at a point-of-sale; or 
 (b) prevent an offer of instant credit by the credit issuer to the consumer at the point-of-sale; and 
   if the instant credit is offered to the consumer and the consumer accepts the offered instant credit at the point-of-sale, consummate the transaction between the consumer and the merchant using the instant credit.   
     
     
         2 . The system of  claim 1 , wherein the plurality of instructions which when executed by the processor(s) further cause the system to: authenticate or verify the consumer prior to offering the instant credit to the consumer based upon at least one data field in the consumer/transaction data set. 
     
     
         3 . The system of  claim 1 , wherein the plurality of instructions which when executed by the processor(s) further cause the system to, based upon the results of the analysis:
 (i) limit an amount of instant credit offered to the consumer at the point-of-sale;   (ii) inform the consumer that the transaction is eligible for instant credit;   (iii) inform the consumer that the transaction is not eligible for instant credit based upon transaction data, transaction type, transaction amount, merchant data, consumer data or a combination thereof or   (iv) a combination thereof.   
     
     
         4 . The system of  claim 1 , wherein the plurality of instructions which when executed by the processor(s) further cause the system to: prior to offering the instant credit to the consumer, present, to the consumer, credit data, credit issuer data, credit terms, credit conditions or a combination thereof. 
     
     
         5 . The system of  claim 1 , wherein the plurality of instructions which when executed by the processor(s) further cause the system to: after the transaction is consummated, present, to the consumer, a plurality of payment options that can be used to satisfy the instant credit amount of the transaction. 
     
     
         6 . The system of  claim 5 , wherein at least one of the plurality of payment options is an e-check, a check, cash, an ACH product, a credit card, a new credit account, an online credit account, an existing credit account, a minimum payment on account, a debit account or a combination thereof. 
     
     
         7 . The system of  claim 5 , wherein the plurality of instructions which when executed by the processor(s) further cause the system to: prior to presentation of the plurality of payment options, obtain a consumer data set including a plurality of data fields populated with data reflecting the consumer, the merchant, the transaction or a combination thereof; and
 perform a credit analysis of the consumer based upon at least one data field in the consumer data set.   
     
     
         8 . The system of  claim 5 , wherein the plurality of instructions which when executed by the processor(s) further cause the system to:
 receive a selection, from the consumer, of at least one of the plurality of payment options, which is in the form of a credit product; and   activate the credit product by a credit issuer associated with the credit product.   
     
     
         9 . The system of  claim 5 , wherein the plurality of instructions which when executed by the processor(s) further cause the system to: receive a selection, from the consumer, of at least one of the plurality of payment options. 
     
     
         10 . The system of  claim 9 , wherein the plurality of instructions which when executed by the processor(s) further cause the system to: utilize at least one of the plurality of selected payment options to satisfy: at least a portion of the instant credit amount of the transaction; at least a portion of the instant credit amount of a plurality of transactions, or a combination thereof. 
     
     
         11 . A method comprising:
 obtaining, electronically by a processor, a consumer/transaction data set including a plurality of data fields populated with data reflecting a consumer, a merchant, a transaction, a credit issuer or any combination thereof; wherein the consumer and the merchant engage in the transaction at a point-of-sale of the merchant;   analyzing, electronically by the processor, at least a portion of the consumer/transaction data set;   based upon results of the analysis:
 (i) offering instant credit of the credit issuer to the consumer at the point-of-sale; or 
 (ii) preventing an offer of instant credit of the credit issuer to the consumer at the point-of-sale; and 
   if instant credit is offered to the consumer:
 (i) receiving acceptance of the offer of instant credit from the consumer; and 
 (ii) consummating the transaction between the consumer and the merchant using the provided instant credit. 
   
     
     
         12 . The method of  claim 11 , further comprising authenticating or verifying the consumer prior to offering the instant credit to the consumer based upon at least one data field in the consumer/transaction data set. 
     
     
         13 . The method of  claim 11 , wherein, based upon the analysis, the method further comprises:
 (i) limiting the amount of instant credit offered to the consumer at the point-of-sale;   (ii) informing the consumer that the transaction is eligible for instant credit;   (iii) informing the consumer that the transaction is not eligible for instant credit based upon transaction data, transaction type, transaction amount, merchant data, consumer data or a combination thereof; or   (iv) a combination thereof.   
     
     
         14 . The method of  claim 11 , wherein, prior to offering the instant credit to the consumer, the method further comprises presenting, to the consumer, credit data, credit issuer data, credit terms, credit conditions or a combination thereof. 
     
     
         15 . The method of  claim 11 , wherein, after the transaction is consummated, the method further comprises presenting, to the consumer, a plurality of payment options that can be used to satisfy the instant credit amount of the transaction. 
     
     
         16 . The method of  claim 15 , wherein at least one of the plurality of payment options is an e-check, a check, cash, an ACH product, a credit card, a new credit account, an online credit account, an existing credit account, a minimum payment on account, a debit account or a combination thereof. 
     
     
         17 . The method of  claim 15 , wherein, prior to the presenting the plurality of payment options, the method further comprises:
 obtaining a consumer data set including a plurality of data fields populated with data reflecting the consumer, the merchant, the transaction or any combination thereof; and   performing a credit analysis of the consumer based upon at least one data field in the consumer data set.   
     
     
         18 . The method of  claim 15 , further comprising receiving a selection, from the consumer, of at least one of the plurality of payment options. 
     
     
         19 . The method of  claim 18 , further comprising utilizing at least one of the plurality of selected payment options to satisfy: at least a portion of the instant credit amount of the transaction; at least a portion of the instant credit amount of a plurality of transactions, or a combination thereof. 
     
     
         20 . A non-transitory computer readable medium on which are stored computer readable instructions and, when executed by a processor, cause the processor to:
 receive a consumer/transaction data set including a plurality of data fields populated with data reflecting a consumer, a merchant, a transaction, a credit issuer or a combination thereof;   analyze at least a portion of the consumer/transaction data set;   based upon results of the analysis:
 (a) offer instant credit by the credit issuer to the consumer at a point-of-sale; or 
 (b) prevent an offer of instant credit by the credit issuer to the consumer at the point-of-sale; and 
   if the instant credit is offered to the consumer and the consumer accepts the offered instant credit at the point-of-sale, consummate the transaction between the consumer and the merchant using the instant credit.