SYSTEM AND METHOD FOR
Never lose a sale to a credit worthy customer.
Customer does not have a credit card that the merchant
accepts. The sale is lost or postponed.
In 2008 I was at Sam's Club
(Torrance, California) waiting for my
tires to be replaced. I saw two sales
lost during my 40 minute wait,
because the customer didn't have a
credit card that Sam's Club accepted.
Each customer tendered a major
credit card that was politely declined.
This seemed like an unnecessary
loss for all parties, and so I invented
an abbreviated credit approval
process that provides a "transactional
credit" to complete a sale.
1. A customer tries to complete a proposed financial
transaction using a credit card that a merchant doesn't
2. A credit card issuer whose credit card is accepted by the
merchant authorizes transactional credit for the customer to
complete the transaction based on the status of the
customer's unaccepted credit card (i.e. its in good
3. The customer may be charged an additional fee. The credit
card issuer authorizing the transactional credit may require
that the customer open a previously closed account, etc..
"Americans made an estimated 25.4 billion credit card
purchases in 2012 with a total value of $2.4 trillion. These
transactions carried interchange fees which in 2012 totaled an
estimated $41.2 billion and averaged $1.62 per transaction."
(Source: SONECON, "The Costs and Benefits of Half a Loaf:
The Economic Effects of Recent Regulation of Debit Card
Interchange Fees", 10-01-13).
U.S. Patent No. : 8,768,829
Title : SYSTEM AND METHOD FOR
Filed : 11-07-2008
Issued : 07-01-2014