WO2008130745A4 - System and method for flexible payment terms - Google Patents

System and method for flexible payment terms Download PDF

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Publication number
WO2008130745A4
WO2008130745A4 PCT/US2008/056547 US2008056547W WO2008130745A4 WO 2008130745 A4 WO2008130745 A4 WO 2008130745A4 US 2008056547 W US2008056547 W US 2008056547W WO 2008130745 A4 WO2008130745 A4 WO 2008130745A4
Authority
WO
WIPO (PCT)
Prior art keywords
payment
account
deferred
amount
consumer
Prior art date
Application number
PCT/US2008/056547
Other languages
French (fr)
Other versions
WO2008130745A2 (en
WO2008130745A3 (en
Inventor
Mark Ang
Boudhayan Choudhrui
Jessica Kaplan
David Lowy
Gyanesh Narayan
Eric Nielsen
Christine Vega
Original Assignee
American Express Travel Related Services Company, Inc.
Priority date (The priority date is an assumption and is not a legal conclusion. Google has not performed a legal analysis and makes no representation as to the accuracy of the date listed.)
Filing date
Publication date
Application filed by American Express Travel Related Services Company, Inc. filed Critical American Express Travel Related Services Company, Inc.
Publication of WO2008130745A2 publication Critical patent/WO2008130745A2/en
Publication of WO2008130745A3 publication Critical patent/WO2008130745A3/en
Publication of WO2008130745A4 publication Critical patent/WO2008130745A4/en

Links

Classifications

    • G—PHYSICS
    • G06—COMPUTING; CALCULATING OR COUNTING
    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q20/00—Payment architectures, schemes or protocols
    • G06Q20/08—Payment architectures
    • G06Q20/14—Payment architectures specially adapted for billing systems
    • G—PHYSICS
    • G06—COMPUTING; CALCULATING OR COUNTING
    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q20/00—Payment architectures, schemes or protocols
    • G06Q20/08—Payment architectures
    • G06Q20/10—Payment architectures specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
    • G06Q20/102—Bill distribution or payments
    • G—PHYSICS
    • G06—COMPUTING; CALCULATING OR COUNTING
    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q30/00—Commerce
    • G06Q30/02—Marketing; Price estimation or determination; Fundraising
    • G—PHYSICS
    • G06—COMPUTING; CALCULATING OR COUNTING
    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q30/00—Commerce
    • G06Q30/02—Marketing; Price estimation or determination; Fundraising
    • G06Q30/0207—Discounts or incentives, e.g. coupons or rebates
    • G—PHYSICS
    • G06—COMPUTING; CALCULATING OR COUNTING
    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q30/00—Commerce
    • G06Q30/02—Marketing; Price estimation or determination; Fundraising
    • G06Q30/0207—Discounts or incentives, e.g. coupons or rebates
    • G06Q30/0215—Including financial accounts
    • G—PHYSICS
    • G06—COMPUTING; CALCULATING OR COUNTING
    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q40/00—Finance; Insurance; Tax strategies; Processing of corporate or income taxes
    • G—PHYSICS
    • G06—COMPUTING; CALCULATING OR COUNTING
    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q40/00—Finance; Insurance; Tax strategies; Processing of corporate or income taxes
    • G06Q40/02—Banking, e.g. interest calculation or account maintenance

Abstract

A method is disclosed for offering transaction account consumers with payment term options to pay a minimum amount due early, defer payment into the following payment cycle, and pay a standard amount when due. When generating a periodic billing statement, the invention determines a consumer's eligibility to elect early payment, deferred payment, and regular payment. When a consumer is eligible for early payment, a received payment is compared to a discount rate tier, then a discount amount is calculated and credited to the consumer's account. When the consumer is eligible for deferred payment, the system calculates a new current minimum payment due by multiplying the current non-deferred balance by a predetermined percentage amount and adding the result to the deferred balance. When the consumer is not eligible for deferred payment, the system calculates a new current minimum due by summing the current non-deferred balance with the deferred balance.

Claims

AMENDED CLAIMS received by the International Bureau on 01 July 2009 (01.07.2009)
1. A method for processing early payments to an account, said method comprising: receiving a payment in response to a billing statement associated with said account; 5 determining that said payment is an early payment based on an early payment date; retrieving a discount rate, wherein said discount rate is determined by comparing an amount of early pay eligible spend to an early payment tier; calculating an early payment credit for said account, based on said early pay eligible spend and said discount rate; and,
10 posting said early payment credit to said account in response to said early payment being received.
2. The method of claim 1 , wherein said early payment tier is based on at least one of: a payment amount, a spend amount, a payment date, a merchant identifier, an industry code, a
15 location or region associated with a purchase, a transaction amount, a spend trend, a merchant relationship, a status of a consumer associated with said account, a status of said account, an affiliation with an organization, a product held by said consumer, a timing of said payment, time period for a purchase, a payment method, a participation in a program, a length of relationship between said consumer and said account, and a credit rating of said 0 consumer.
3. The method of claim 1 , further comprising deducting said early payment credit from a future billing statement. 5
4. The method of claim 1 , further comprising adjusting the discount rate based on at least one of: spend within an item classification, spend for a specific item, spend at specific vendors, spend within a defined geographical area, spend within a consortium of merchants, a payment amount, a spend amount, a payment date, a merchant identifier, an industry code, a location or region associated with a purchase, a transaction amount, a spend trend, a0 merchant relationship, a status of a consumer associated with said account, a status of said account, an affiliation with an organization, a product held by said consumer, a timing of said payment, time period for a purchase, a payment method, a participation in a program, a length of relationship between said consumer and said account, and a credit rating of said consumer.
AMENDED SHEET (ARTICLE 19)
27
5. The method of claim 1 , further comprising determining that spend from said account qualifies for said discount rate.
6. The method of claim 5, wherein said determining comprises subtracting suspense from said discount rate.
7. The method of claim 1 , wherein said early payment date is static.
8. The method of claim 1 , wherein said early payment date is determined based on at least one of: an amount of spend during a previous cycle, said discount rate applied to said account during a previous cycle, a previous payment date, a previous payment amount, an account balance, a payment history, a payment amount, a spend amount, a payment date, a merchant identifier, an industry code, a location or region associated with a purchase, a transaction amount, a spend trend, a merchant relationship, a status of a consumer associated with said account, a status of said account, an affiliation with an organization, a product held by said consumer, a timing of said payment, time period for a purchase, a payment method, a participation in a program, a length of relationship between said consumer and said account, and a credit rating of said consumer.
9. The method of claim 1 , wherein said receiving said payment comprises receiving said payment which is less than a total amount due on said billing statement.
10. A method for processing deferred payments associated with an account, said method comprising: receiving an election for a deferred payment in response to a billing statement; determining that said election does not exceed a predetermined number of available deferred payments to determine that said account is eligible for said deferred payment; moving a non-deferred balance to a deferred balance for said account in response to said non-deferred balance being greater than zero and said account being current; calculating a new current defer payment option based on said deferred balance and a new non-deferred balance for said account; and, incrementing a deferred payment counter.
AMENDED SHEET (ARTICLE 19)
1 1. The method of claim 10, wherein said receiving an election comprises receiving a partial payment.
12. The method of claim 10, further comprising determining said predetermined number of available deferred payments based on at least one of: a balance of said account, a payment history, a spend history, a payment amount, a spend amount, a payment date, a merchant identifier, an industry code, a location or region associated with a purchase, a transaction amount, a spend trend, a merchant relationship, a status of a consumer associated with said account, a status of said account, an affiliation with an organization, a product held by said consumer, a timing of said payment, time period for a purchase, a payment method, a participation in a program, a length of relationship between said consumer and said account, and a credit rating of said consumer.
13. The method of claim 10, further comprising calculating a new non-deferred balance by subtracting a deferred balance, a delinquent amount due, and suspense from a total outstanding balance of an account of a consumer associated with said account.
14. The method of claim 10, further comprising calculating a current minimum payment due in response to a consumer associated with said account not being eligible for said deferred payment, wherein said current minimum payment due is based on adding a current non-deferred balance to a deferred balance.
15. The method of claim 10, further comprising determining said new current minimum payment due based on adding said deferred balance to the result of multiplying said new non-deferred balance by a predetermined percentage amount.
16. The method of claim 10, further comprising determining said fee amount based on at least one of: a balance of said account, a value proposition, a payment history, a spend history, a payment amount, a spend amount, a payment date, a merchant identifier, an industry code, a location or region associated with a purchase, a transaction amount, a spend trend, a merchant relationship, a status of a consumer associated with said account, a status of said account, an affiliation with an organization, a product held by said consumer, a
AMENDED SHEET (ARTICLE 19)
29 timing of said payment, time period for a purchase, a payment method, a participation in a program, a length of relationship between said consumer and said account, and a credit rating of said consumer.
17. A method for posting transactions based on a deferred payment, said method comprising: receiving a transaction; determining a type of said transaction; adding an amount of said transaction to an outstanding balance, in response to said type being a debit; offsetting an account balance starting with a delinquency with said amount of said transaction, in response to said type being a credit; and, offsetting an account balance starting with a delinquency with said amount of said transaction, in response to said type being a payment.
18. The method of claim 17, wherein said adding further comprises adding an amount to a cycle-to-date balance, and a current balance.
19. A method for electing a payment term for an account, said method comprising: establishing said account; enabling a purchase of items using said account; acquiring transaction information; creating a billing statement comprising said transaction information; providing payment terms comprising an early payment term, a deferred payment term and a standard payment term; and, receiving a payment according to one of said payment terms.
20. The method of claim 19, further comprising analyzing said account to determine that said account qualifies for at least one of: said early payment term, said deferred payment term and said standard payment term.
21. The method of claim 19, further comprising receiving a selection of one of said payment terms from a consumer associated with said account.
AMENDED SHEET (ARTICLE 19)
30
22. The method of claim 19, further comprising receiving a selection of one of said payment terms from a consumer associated with said account, wherein said consumer provides said selection via billing statement stub, internet website, interactive voice response system and consumer service representative.
23. The method of claim 19, further comprising in response to receiving said payment according to said early payment term: receiving a payment in response to a billing statement associated with said account; determining that said payment is an early payment based on an early payment date; retrieving a discount rate, wherein said discount rate is determined by comparing an amount of early pay eligible spend to an early payment tier; calculating an early payment credit for said account based on said early payment and said discount rate; and, posting said early payment credit to said account .
24. The method of claim 19, further comprising in response to receiving said payment according to said deferred payment term: receiving an election for a deferred payment in response to a billing statement; determining that said election does not exceed a predetermined number of available deferred payments to determine that said account is eligible for said deferred payment; moving a non-deferred balance to a deferred balance for said account in response to said non-deferred balance being greater than zero and said account being current; calculating a new current defer payment option based on said deferred balance and a new non-deferred balance for said account; and, incrementing a deferred payment counter.
25. The method of claim 19, further comprising in response to posting said payment according to said deferred payment term: receiving a transaction; determining a type of said transaction; adding an amount of said transaction to an outstanding balance, in response to said type being a debit; offsetting an account balance starting with a delinquency with said amount of said transaction, in response to said type being a credit; and,
AMENDED SHEET (ARTICLE 19)
31 offsetting an account balance starting with a delinquency with said amount of said transaction, in response to said type being a payment.
AMENDED SHEET (ARTICLE 19)
32
PCT/US2008/056547 2007-04-17 2008-03-11 System and method for flexible payment terms WO2008130745A2 (en)

Applications Claiming Priority (4)

Application Number Priority Date Filing Date Title
US91231407P 2007-04-17 2007-04-17
US60/912,314 2007-04-17
US11/850,821 US8666880B2 (en) 2007-04-17 2007-09-06 System and method for flexible payment terms
US11/850,821 2007-09-06

Publications (3)

Publication Number Publication Date
WO2008130745A2 WO2008130745A2 (en) 2008-10-30
WO2008130745A3 WO2008130745A3 (en) 2009-08-20
WO2008130745A4 true WO2008130745A4 (en) 2009-09-24

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PCT/US2008/056547 WO2008130745A2 (en) 2007-04-17 2008-03-11 System and method for flexible payment terms

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US (5) US8666880B2 (en)
WO (1) WO2008130745A2 (en)

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WO2008130745A2 (en) 2008-10-30
US8326747B2 (en) 2012-12-04
US8666880B2 (en) 2014-03-04
US8799151B2 (en) 2014-08-05
US20090259548A1 (en) 2009-10-15
US10019697B2 (en) 2018-07-10
US20140136406A1 (en) 2014-05-15
US8589284B2 (en) 2013-11-19
WO2008130745A3 (en) 2009-08-20
US20140310168A1 (en) 2014-10-16
US20090254478A1 (en) 2009-10-08

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