Patent ID: 8396794

Claim:
A method for performing a financial transaction comprising: generating selection criteria by: identifying a goal of a payer; identifying a cost of using each of a plurality of payment options, wherein the cost has a first effect on the goal; assigning a first point value to the cost based on the first effect of the cost on the goal; identifying a benefit of using each of the plurality of payment options, wherein the benefit has a second effect on the goal; assigning a second point value to the benefit based on the second effect of the benefit on the goal; and defining the selection criteria for a first specified type of financial transaction by the first point value and the second point value; identifying, by a computing device, the plurality of payment options of the payer executing the financial transaction, wherein each of the plurality of payment options is linked to a financial payment account of the payer; gathering, by the computing device, cost data and benefit data for each of the plurality of payment options, wherein the cost data comprises the cost of using the payment option for the financial transaction and the benefit data comprises the benefit, received by the payer, of using the payment option for the financial transaction; selecting, by the computing device, a preferred payment option from the plurality of payment options for the financial transaction based on the cost data and the benefit data, wherein selecting the preferred payment option comprises: identifying an initial contender group comprising the plurality of payment options; detecting a violation of a rule by a payment option of the plurality of payment options, wherein the violation is based on the cost data and the benefit data of the payment option; eliminating, in response to detecting the violation, the payment option from the initial contender group to create a revised contender group; generating a score for each of the plurality of payment options in the revised contender group, wherein the score is generated by comparing the cost data and the benefit data of the payment option with the selection criteria, wherein the selection criteria defines the goal of the payer; and selecting, as the preferred payment option, a payment option having an optimal score from the plurality of payment options in the revised contender group; displaying the preferred payment option for the payer; and processing the financial transaction using the preferred payment option to obtain a transaction confirmation, wherein the financial payment account linked to the preferred payment option is debited as a result of processing the financial transaction.