Patent ID: 8694431

Claim:
A computer implemented method for virtual card payment, the method comprising: electronically receiving on a computing device an authorized amount value from a payor to pay a designated payee; retrieving from an electronic storage device a target interchange rate for payment to the designated payee; automatically selecting a bank identification number account from an issuer bank, the bank identification number account having an effective interchange rate based on the inclusion or exclusion of interchange factors selected from the group consisting of card not present, enhanced data, debit personal identification number, address verification service, security code and delayed settlement; electronically generating a virtual payment card with the selected bank identification number account wherein the effective bank identification number interchange rate adjusted in accordance with the target interchange rate by the inclusion or exclusion of the interchange factors; and authorizing the virtual payment card to the authorized amount value whereby processing of the virtual payment card for the authorized amount on behalf of the designated payee incurs the effective interchange rate.