• Intellectual property surrounding the processing of payment chargebacks when digital goods fail to download after purchase
• The passing of product category information from merchant to card issuer
• The facilitation of merchant acceptance of prepaid cards online
• Merchant aggregation of online micropayments
Plastyc CEO Patrice Peyret said his company created these new methods to take advantage of the universality, security, speed and reliability of the existing payment networks while also providing innovative services to its customers.
“Too many patents for proprietary payment protocols and electronic tokens mildew inside filing cabinets because they can’t be implemented in a scalable manner,” said Peyret. “We are offering online merchants the option of a new helper channel without asking them to modify their shopping carts and their checkout pages, or to place a bet on a new payment network.”
Plastyc offers consumer payment and financial management services under the iBankUP and UPside Card brands, using long-established and well-standardized networks including VisaNet for card payments, the Automated Clearing House (ACH) network for direct deposits and bill payments and Interlink and Cirrus for cash withdrawals at ATMs.
In addition to the recently awarded patent, Plastyc has additional patents and pending patents to protect its innovations in financial services for consumers.
“These standardized networks are very scalable, secure and reliable, but they tend to evolve more slowly than market demand. So our approach is to innovate on top of them,” said Peyret.