Patent ID: 9098851
Filing Date: 2015-08-04
Classification: G06Q,G07B

Abstract:
1. A method for payment with a payment device when a final transaction amount is not known upon first presentation of said payment device to a merchant, said method comprising the steps of: charging a predetermined amount upon said first presentation, using at least one hardware processor; calculating said final transaction amount, using said at least one hardware processor and subsequent to said first presentation, said calculated final transaction amount being calculated at a central server; calculating a variable adjustment value using said at least one hardware processor by comparing said predetermined amount already charged with said final transaction amount, said calculated variable adjustment value being calculated at said central server; and modifying a new predetermined amount charged, upon a next presentation of said payment device for a next transaction, by said variable adjustment value, using said at least one hardware processor; wherein: said payment device comprises a smart card having a monetary balance stored thereon; said merchant comprises a transit authority associated with a transit system; and said first presentation comprises entry to said transit system for a journey and said predetermined amount is charged against said monetary balance stored on said smart card; further comprising the additional step of checking out of said transit system, using said smart card, at an end of said journey; wherein: said final transaction amount comprises a distance based transit fare, calculated at said central server, after said checking out, based on said first presentation and said checking out, according to a fare calculation scheme having a maximum fare for a maximum distance traveled and at least one lesser fare for a lesser distance traveled; said variable adjustment value is calculated at said central server as a difference between said maximum fare and said final transaction amount; said predetermined amount comprises one of: said new predetermined amount charged is charged against said monetary balance stored on said smart card.