US20050075978A1 - System and method for automated payment and adjustment processing - Google Patents

System and method for automated payment and adjustment processing Download PDF

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Publication number
US20050075978A1
US20050075978A1 US10/865,076 US86507604A US2005075978A1 US 20050075978 A1 US20050075978 A1 US 20050075978A1 US 86507604 A US86507604 A US 86507604A US 2005075978 A1 US2005075978 A1 US 2005075978A1
Authority
US
United States
Prior art keywords
buyer
payment
seller
invoice
business
Prior art date
Legal status (The legal status 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 status listed.)
Abandoned
Application number
US10/865,076
Other languages
English (en)
Inventor
Stacy Leavitt
Stephen Malloy
Robert Rogoff
Brian Schweigel
William Steiner
Alan Walters
Xiang Kong
Current Assignee (The listed assignees may be inaccurate. Google has not performed a legal analysis and makes no representation or warranty as to the accuracy of the list.)
OLD WORLD INDUSTRIES Inc
Old World Ind
Original Assignee
Old World Ind
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 Old World Ind filed Critical Old World Ind
Priority to US10/865,076 priority Critical patent/US20050075978A1/en
Assigned to OLD WORLD INDUSTRIES, INC. reassignment OLD WORLD INDUSTRIES, INC. ASSIGNMENT OF ASSIGNORS INTEREST (SEE DOCUMENT FOR DETAILS). Assignors: KONG, XIANG, LEAVITT, STACY A., MALLOY, STEPHEN LOUIS, ROGOFF, ROBERT, SCHWEIGEL, BRIAN R., STEINER, WILLIAM M., WALTERS, ALAN J.
Publication of US20050075978A1 publication Critical patent/US20050075978A1/en
Priority to US11/327,802 priority patent/US20060112010A1/en
Priority to US11/326,950 priority patent/US20060116956A1/en
Priority to US11/544,353 priority patent/US8498935B2/en
Abandoned legal-status Critical Current

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Classifications

    • G—PHYSICS
    • G06—COMPUTING OR CALCULATING; 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
    • G06Q20/12—Payment architectures specially adapted for electronic shopping systems
    • G—PHYSICS
    • G06—COMPUTING OR CALCULATING; 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
    • G—PHYSICS
    • G06—COMPUTING OR CALCULATING; 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
    • G06Q20/04—Payment circuits
    • G—PHYSICS
    • G06—COMPUTING OR CALCULATING; 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
    • G06Q20/04—Payment circuits
    • G06Q20/045—Payment circuits using payment protocols involving tickets
    • G06Q20/0457—Payment circuits using payment protocols involving tickets the tickets being sent electronically
    • G—PHYSICS
    • G06—COMPUTING OR CALCULATING; 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 OR CALCULATING; 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 OR CALCULATING; 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
    • G06Q30/04—Billing or invoicing
    • G—PHYSICS
    • G06—COMPUTING OR CALCULATING; 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
    • G07—CHECKING-DEVICES
    • G07F—COIN-FREED OR LIKE APPARATUS
    • G07F17/00—Coin-freed apparatus for hiring articles; Coin-freed facilities or services
    • G07F17/42—Coin-freed apparatus for hiring articles; Coin-freed facilities or services for ticket printing or like apparatus, e.g. apparatus for dispensing of printed paper tickets or payment cards
    • G—PHYSICS
    • G07—CHECKING-DEVICES
    • G07F—COIN-FREED OR LIKE APPARATUS
    • G07F9/00—Details other than those peculiar to special kinds or types of apparatus
    • G07F9/04—Means for returning surplus or unused coins
    • G—PHYSICS
    • G07—CHECKING-DEVICES
    • G07G—REGISTERING THE RECEIPT OF CASH, VALUABLES, OR TOKENS
    • G07G1/00—Cash registers
    • G07G1/01—Details for indicating
    • G07G1/06—Details for indicating with provision for the noting of the money to be paid
    • G—PHYSICS
    • G07—CHECKING-DEVICES
    • G07G—REGISTERING THE RECEIPT OF CASH, VALUABLES, OR TOKENS
    • G07G5/00—Receipt-giving machines

Definitions

  • the buyer may submit a payment that differs from the invoiced amount.
  • the payment submitted by the buyer may be less than or greater than the invoiced amount.
  • the payment submitted by the buyer may be less than the invoiced amount when the buyer's payment is not for all of the goods, for example, such as when some of the goods are not received or are damaged.
  • the buyer's payment may be less than the invoiced amount due to a disagreement as to price or quantity of goods or of a discount received by the buyer.
  • the payment submitted by the buyer may be greater than the invoiced amount due to errors by the buyer such as typographical errors or billing discrepancies or when the buyer pre-pays or over pays.
  • step 240 the payment received from the buyer is often manually matched to an invoice at the seller, which is quite time consuming. Even if some data is electronically provided, the buyer's payment systems are typically not equipped to process the received data without substantial human interaction. Additionally, at step 230 , the adjustment or dispute process is identified as labor intensive and lengthy for both the buyer and the seller.
  • any delay in ensuring that all relevant departments review the adjustment request will cause additional delays in pursuing collection of a debt owed by a customer or in issuing a refund owed to a customer. This can cause business losses due to lengthy collection delays and a loss of customer goodwill.
  • current systems and methods do not provide for integration between the adjustment management system and method and the bank of the seller. This, in turn, causes additional delay in the final resolution of adjustment requests. This delay will be because the seller will have to notify the customer, who will then have to send payment to the seller. In a similar manner, any posting of money owed to the customer will also be delayed.
  • the seller may request that the buyer submit a debit memo in order to allow the buyer to take a deduction, either manually or through a web site.
  • Managing deductions by using such a form may assist a seller in its internal accounting, but may entail additional delay in approval by the seller and disbursement or credit to the buyer. Consequently, such a system is often viewed as onerous by both buyer and seller.
  • buyers may refuse to pay an invoice unless it is accurate, that is, unless a final revised invoice showing all adjustments has been received by the buyer, or a credit memo issued to offset the incorrect invoice, or a deduction is authorized prior to payment.
  • such a system is typically viewed unfavorably by the seller because it typically involves an additional delay for payment.
  • the payment and remittance data are preferably constructed by the financial institution 320 to the extent that the payment data and/or remittance information is not already available from the buyer in electronic form. That is, the financial institution 320 may review incoming payment information, such as a check for example, and then develop a set of data relating to the check. For example, the financial institution 320 may electronically note the date of receipt, amount, payer, payee, and any account, MICR, or invoice numbers on the check. The financial institution may also electronically image the received check. The notations made by the financial institution 320 may then be passed to the adjustment management application as part of the payment and remittance data 325 .
  • the adjustment processing application 340 may be implemented, for example, as a package software application or installed at a financial institution or other third party as an application service provider (ASP).
  • ASP application service provider
  • the adjustment processing application 340 may be directly hosted by the financial institution 320 , the seller 330 or a third party.
  • the actual physical location of the adjustment processing application 340 is not relevant as long as it remains in communication with the financial institution 320 and the seller 330 .
  • the adjustment processing application 340 may be hosted or installed at a third party or may be otherwise outsourced.
  • the present system may provide for automated processing of payments from sellers when the sellers are claiming and adjustment such as a deduction.
  • automatic processing adjustments that fall within the pre-configured business rules a large quantity of adjustments may be automatically handled by the system without requiring any human interaction. Instead, human interaction may only be required for the small number of adjustments that fall outside of the business rules. Consequently, because many adjustments/deductions may now be handled automatically, a significant cost reduction in worker-hours may be realized.

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  • Business, Economics & Management (AREA)
  • Accounting & Taxation (AREA)
  • Physics & Mathematics (AREA)
  • General Physics & Mathematics (AREA)
  • Engineering & Computer Science (AREA)
  • Strategic Management (AREA)
  • Finance (AREA)
  • General Business, Economics & Management (AREA)
  • Theoretical Computer Science (AREA)
  • Development Economics (AREA)
  • Economics (AREA)
  • Marketing (AREA)
  • Technology Law (AREA)
  • Financial Or Insurance-Related Operations Such As Payment And Settlement (AREA)
US10/865,076 2003-10-02 2004-06-10 System and method for automated payment and adjustment processing Abandoned US20050075978A1 (en)

Priority Applications (4)

Application Number Priority Date Filing Date Title
US10/865,076 US20050075978A1 (en) 2003-10-02 2004-06-10 System and method for automated payment and adjustment processing
US11/327,802 US20060112010A1 (en) 2003-10-02 2006-01-06 System and method for automated payment and adjustment processing
US11/326,950 US20060116956A1 (en) 2003-10-02 2006-01-06 System and method for automated payment and adjustment processing
US11/544,353 US8498935B2 (en) 2003-10-02 2006-10-04 System and method for automated payment and adjustment processing

Applications Claiming Priority (2)

Application Number Priority Date Filing Date Title
US50822103P 2003-10-02 2003-10-02
US10/865,076 US20050075978A1 (en) 2003-10-02 2004-06-10 System and method for automated payment and adjustment processing

Related Child Applications (3)

Application Number Title Priority Date Filing Date
US11/327,802 Division US20060112010A1 (en) 2003-10-02 2006-01-06 System and method for automated payment and adjustment processing
US11/326,950 Division US20060116956A1 (en) 2003-10-02 2006-01-06 System and method for automated payment and adjustment processing
US11/544,353 Continuation US8498935B2 (en) 2003-10-02 2006-10-04 System and method for automated payment and adjustment processing

Publications (1)

Publication Number Publication Date
US20050075978A1 true US20050075978A1 (en) 2005-04-07

Family

ID=34465079

Family Applications (6)

Application Number Title Priority Date Filing Date
US10/865,076 Abandoned US20050075978A1 (en) 2003-10-02 2004-06-10 System and method for automated payment and adjustment processing
US10/865,997 Abandoned US20050075979A1 (en) 2003-10-02 2004-06-10 System and method for seller-assisted automated payment processing and exception management
US10/866,015 Abandoned US20050075960A1 (en) 2003-10-02 2004-06-10 System and method for automated incoming payment and invoice reconciliation
US11/326,950 Abandoned US20060116956A1 (en) 2003-10-02 2006-01-06 System and method for automated payment and adjustment processing
US11/327,802 Abandoned US20060112010A1 (en) 2003-10-02 2006-01-06 System and method for automated payment and adjustment processing
US11/544,353 Expired - Fee Related US8498935B2 (en) 2003-10-02 2006-10-04 System and method for automated payment and adjustment processing

Family Applications After (5)

Application Number Title Priority Date Filing Date
US10/865,997 Abandoned US20050075979A1 (en) 2003-10-02 2004-06-10 System and method for seller-assisted automated payment processing and exception management
US10/866,015 Abandoned US20050075960A1 (en) 2003-10-02 2004-06-10 System and method for automated incoming payment and invoice reconciliation
US11/326,950 Abandoned US20060116956A1 (en) 2003-10-02 2006-01-06 System and method for automated payment and adjustment processing
US11/327,802 Abandoned US20060112010A1 (en) 2003-10-02 2006-01-06 System and method for automated payment and adjustment processing
US11/544,353 Expired - Fee Related US8498935B2 (en) 2003-10-02 2006-10-04 System and method for automated payment and adjustment processing

Country Status (6)

Country Link
US (6) US20050075978A1 (enExample)
EP (2) EP1668453A2 (enExample)
JP (2) JP2007507799A (enExample)
CN (2) CN1926568A (enExample)
CA (2) CA2540654A1 (enExample)
WO (3) WO2005038557A2 (enExample)

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