FIELD OF DISCLOSURE

The present disclosure relates generally to the field of payment transactions and, more particularly, to automated integration between payment facilitators and submerchants.

BACKGROUND

Electronic transactions and networks are used for a great number of purchases and sales between merchants and cardholders. A normal card transaction may involve a number of parties, including a cardholder, who possesses a card, a merchant, a submerchant, a payment facilitator, an acquirer processor, an issuer processor, an issuer financial institution, and a card association network. Millions of such transactions occur daily at merchants using a variety of payment card types, such as, for example, credit cards, debit cards, prepaid cards, and so forth. In the field of payments processing, a payment facilitator may contract with an acquirer processor, which refers to a financial institution that processes credit and/or debit card transactions, to provide payment processing services to the payment facilitator's own submerchants/clients. In the aforementioned arrangement, submerchant clients of the payment facilitator may accept customer payments for goods and services through point-of-sale (“POS”) terminals and corresponding payment processing applications. Conventionally, the payment data collected during a cardholder transaction at the submerchant POS is transmitted to a payment facilitator, and then transmitted from a payment facilitator to an acquirer processor, for processing. Conventional methods primarily utilize this data to authorize transactions, facilitate the transfer of funds from one account to another and detect fraud. However, there is a need for a centralized system that integrates the payment facilitators and the submerchant clients together, and which provides a user interface for the payment facilitators to better manage the transactions from their submerchants, utilize submerchant transactional information to make better decisions, and provide better payout options. For example, there is a desire for a system that may better facilitate a payment facilitator's relationship with submerchants, aggregate the payments from the respective submerchants, assume financial liability for the submerchants, and/or control the customer experience of submerchants.

SUMMARY

According to certain aspects of the present disclosure, systems and methods are disclosed for automated integration between payment facilitators and submerchants.

In one embodiment, a computer-implemented method is disclosed for automated integration between payment facilitators and submerchants. The method comprises: receiving and storing an identifier and financial information of a payment facilitator, registering the payment facilitator as a user of a user interface, receiving a command from the payment facilitator, the command being one of: register a legal entity or a submerchant, wherein the registering associates the legal entity or the submerchant with the payment facilitator, validates financial and identifying information pertaining to the legal entity or the submerchant, and is based on an acceptance after a background check of the legal entity or the submerchant, view or edit details of the legal entity or the submerchant, perform a search of legal entities or submerchants associated with the payment facilitator, using one or more search criteria, and add, view, edit, and assign fee profiles.

In accordance with another embodiment, computer systems are disclosed for automated integration between payment facilitators and submerchants. The system comprises: a memory having processor-readable instructions stored therein; and one or more processors configured to access the memory and execute the processor-readable instructions, which when executed by the processors configures the processors to perform a plurality of functions, including functions for: register a legal entity or a submerchant, wherein the registering associates the legal entity or the submerchant with the payment facilitator, validates financial and identifying information pertaining to the legal entity or the submerchant, and is based on an acceptance after a background check of the legal entity or the submerchant, view or edit details of the legal entity or the submerchant, perform a search of legal entities or the submerchants associated with the payment facilitator, using a search criteria, and add, view, edit, and assign fee profiles to the legal entity or the submerchant.

In accordance with another embodiment, a non-transitory machine-readable medium is disclosed for automated integration between payment facilitators and submerchants. The non-transitory computer readable medium includes a memory having processor-readable instructions stored therein, to direct one or more processors to perform the functions of: register a legal entity or a submerchant, wherein the registering associates the legal entity or the submerchant with the payment facilitator, validates financial and identifying information pertaining to the legal entity or the submerchant, and is based on an acceptance after a background check of the legal entity or the submerchant, view or edit details of the legal entity or the submerchant, perform a search of legal entities or submerchants associated with the payment facilitator, using one or more search criteria, and add, view, edit, and assign fee profiles to the legal entity or the submerchant.

Additional objects and advantages of the disclosed embodiments will be set forth in part in the description that follows, and in part will be apparent from the description, or may be learned by practice of the disclosed embodiments. The objects and advantages on the disclosed embodiments will be realized and attained by means of the elements and combinations particularly pointed out in the appended claims.

It is to be understood that both the foregoing general description and the following detailed description are exemplary and explanatory only and are not restrictive of the detailed embodiments, as claimed.

