System and method of payment of merchants on behalf of payment card system transaction acquirers

Abstract

A card payment network handles a payment card account system transaction. The transaction involves a merchant and was acquired by a transaction acquirer. The card payment network initiates an electronic funds transfer to credit the merchant's bank deposit account on behalf of the transaction acquirer.

What is claimed is: 
     
         1 . A method comprising:
 handling a payment card account system transaction in a card payment network, the transaction involving a merchant and having been acquired by a transaction acquirer; and   initiating an electronic funds transfer by the card payment network to credit the merchant's deposit account on behalf of the transaction acquirer.   
     
     
         2 . The method of  claim 1 , wherein the electronic funds transfer is via an EFT (electronic funds transfer) system. 
     
     
         3 . The method of  claim 2 , wherein the electronic funds transfer is via an ACH (automated clearing house) system. 
     
     
         4 . The method of  claim 1 , wherein the electronic funds transfer effects a transfer of funds to said merchant's deposit account from an account belonging to said transaction acquirer. 
     
     
         5 . The method of  claim 1 , wherein said electronic funds transfer executes a transfer of funds relating to a plurality of payment card account system transactions that includes said payment card account system transaction. 
     
     
         6 . The method of  claim 5 , wherein said electronic funds transfer executes a transfer of funds relative to a net position of funds due to the merchant from the transaction acquirer. 
     
     
         7 . The method of  claim 6 , wherein said net position is net of fees due to the transaction acquirer. 
     
     
         8 . A method comprising:
 handling a plurality of payment card account system transactions in a card payment network, the transactions all involving a merchant and having been acquired by a transaction acquirer; and   initiating an electronic funds transfer by the card payment network to credit the merchant's deposit account on behalf of the transaction acquirer, said funds transfer for transferring a net funds position from the transaction acquirer to the merchant in regard to said plurality of transactions.   
     
     
         9 . The method of  claim 8 , wherein the electronic funds transfer is via an EFT (electronic funds transfer) system. 
     
     
         10 . The method of  claim 9 , wherein the electronic funds transfer is via an ACH (automated clearing house) system. 
     
     
         11 . The method of  claim 8 , wherein the electronic funds transfer effects a transfer of funds to said merchant's deposit account from an account belonging to said transaction acquirer. 
     
     
         12 . The method of  claim 8 , wherein said net funds position is net of charge-back transactions and fees due to the transaction acquirer. 
     
     
         13 . The method of  claim 8 , further comprising:
 receiving, from the transaction acquirer, an account identifier that identifies said merchant's deposit account.   
     
     
         14 . The method of  claim 13 , wherein:
 said account identifier is received in a message, said message also including a discount rate that defines fees due to the transaction acquirer from the merchant.   
     
     
         15 . An apparatus comprising:
 a processor; and   a memory in communication with the processor, the memory storing program instructions, the processor operative with the program instructions to perform functions as follows:
 handling a plurality of payment card account system transactions in a card payment network, the transactions all involving a merchant and having been acquired by a transaction acquirer; and 
 initiating an electronic funds transfer by the card payment network to credit the merchant's deposit account on behalf of the transaction acquirer, said funds transfer for transferring a net funds position from the transaction acquirer to the merchant in regard to said plurality of transactions. 
   
     
     
         16 . The apparatus of  claim 15 , wherein the electronic funds transfer is via an EFT (electronic funds transfer) system. 
     
     
         17 . The apparatus of  claim 16 , wherein the electronic funds transfer is via an ACH (automated clearing house) system. 
     
     
         18 . The apparatus of  claim 15 , wherein the electronic funds transfer effects a transfer of funds to said merchant's deposit account from an account belonging to said transaction acquirer. 
     
     
         19 . The apparatus of  claim 15 , wherein said net funds position is net of charge-back transactions and fees due to the transaction acquirer. 
     
     
         20 . The apparatus of  claim 15 , wherein the processor is further operative with the program instructions to receive, from the transaction acquirer, an account identifier that identifies said merchant's deposit account, said account identifier received in a message, said message also including a discount rate that defines fees due to the transaction acquirer from the merchant.