US20140149279A1 - Method and apparatus for processing financial transactions subject to different financing terms - Google Patents

Method and apparatus for processing financial transactions subject to different financing terms Download PDF

Info

Publication number
US20140149279A1
US20140149279A1 US14/170,285 US201414170285A US2014149279A1 US 20140149279 A1 US20140149279 A1 US 20140149279A1 US 201414170285 A US201414170285 A US 201414170285A US 2014149279 A1 US2014149279 A1 US 2014149279A1
Authority
US
United States
Prior art keywords
financial transaction
transaction
method
purchaser
standard
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
US14/170,285
Inventor
Julia Menichilli
Marq Williams
Marla Flatbush
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.)
Liberty Peak Ventures LLC
Original Assignee
American Express Travel Related Services Co 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
Priority to US10/925,614 priority Critical patent/US8682757B2/en
Application filed by American Express Travel Related Services Co Inc filed Critical American Express Travel Related Services Co Inc
Priority to US14/170,285 priority patent/US20140149279A1/en
Assigned to AMERICAN EXPRESS TRAVEL RELATED SERVICES COMPANY, INC. reassignment AMERICAN EXPRESS TRAVEL RELATED SERVICES COMPANY, INC. ASSIGNMENT OF ASSIGNORS INTEREST (SEE DOCUMENT FOR DETAILS). Assignors: FLATBUSH, MARLA, WILLIAMS, MARQ, MENICHILLI, JULIA
Assigned to III HOLDINGS 1, LLC reassignment III HOLDINGS 1, LLC ASSIGNMENT OF ASSIGNORS INTEREST (SEE DOCUMENT FOR DETAILS). Assignors: AMERICAN EXPRESS TRAVEL RELATED SERVICES COMPANY, INC.
Publication of US20140149279A1 publication Critical patent/US20140149279A1/en
Assigned to LIBERTY PEAK VENTURES, LLC reassignment LIBERTY PEAK VENTURES, LLC ASSIGNMENT OF ASSIGNORS INTEREST (SEE DOCUMENT FOR DETAILS). Assignors: III HOLDINGS 1, LLC
Application status is Abandoned legal-status Critical

Links

Images

Classifications

    • GPHYSICS
    • G06COMPUTING; CALCULATING; COUNTING
    • G06QDATA PROCESSING SYSTEMS OR METHODS, SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL, SUPERVISORY OR FORECASTING PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL, SUPERVISORY OR FORECASTING PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q40/00Finance; Insurance; Tax strategies; Processing of corporate or income taxes
    • G06Q40/02Banking, e.g. interest calculation, credit approval, mortgages, home banking or on-line banking
    • G06Q40/025Credit processing or loan processing, e.g. risk analysis for mortgages
    • GPHYSICS
    • G06COMPUTING; CALCULATING; COUNTING
    • G06QDATA PROCESSING SYSTEMS OR METHODS, SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL, SUPERVISORY OR FORECASTING PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL, SUPERVISORY OR FORECASTING PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q20/00Payment architectures, schemes or protocols
    • G06Q20/22Payment schemes or models
    • G06Q20/24Credit schemes, i.e. "pay after"
    • GPHYSICS
    • G06COMPUTING; CALCULATING; COUNTING
    • G06QDATA PROCESSING SYSTEMS OR METHODS, SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL, SUPERVISORY OR FORECASTING PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL, SUPERVISORY OR FORECASTING PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q40/00Finance; Insurance; Tax strategies; Processing of corporate or income taxes
    • G06Q40/02Banking, e.g. interest calculation, credit approval, mortgages, home banking or on-line banking

Abstract

A financial payment vehicle, such as a charge or credit card, provides lower financing terms on purchases that meet specified criteria (i.e. a minimum threshold transaction amount, a purchase from a particular industry or at particular merchants, and/or other enrollment qualifications) and further provides standard financing terms for purchases that do not meet the criteria.

Description

    CROSS-REFERENCE TO RELATED APPLICATIONS
  • This application is a continuation of, claims priority to and the benefit of, U.S. Ser. No. 10/925,614 filed Aug. 25, 2004 and entitled “METHOD AND APPARATUS FOR PROCESSING FINANCIAL TRANSACTIONS SUBJECT TO DIFFERENT FINANCING TERMS,” which is hereby incorporated by reference in its entirety.
  • FIELD OF THE INVENTION
  • This invention generally relates to automated electrical financial processes, and in particular it relates to funds transfers and credit transactions.
  • BACKGROUND OF THE INVENTION
  • Consumer credit transactions account for a large portion of revenues for credit providers and other financial institutions. Most consumer transactions fall within the same general range of transaction amounts, and are typically less than $1000.00. This is because most consumers are largely dissuaded from entering into larger purchases using their credit cards due to the standard financing terms applied to purchases, which typically include interest charges on outstanding balances at an annual percentage rate (APR) in the range of 1% to 25%, compounded monthly.
  • There is presently little opportunity for ordinary customers to receive reduced financing terms on their credit cards. Some credit card providers offer incentives to adopt their credit card to new customers only, in which a lower APR may be charged for all purchases for an introductory period of time only. However, this opportunity is not provided to existing customers, and a higher APR is automatically applied after the introductory period regardless of the customer's payment or credit history.
  • In order to receive reduced credit financing at select locations only, customers could adopt certain “house credit cards,” i.e. merchant-specific credit cards, which typically offer reduced financing terms (when compared to the standard terms above) for purchases made using the house card. However, the usefulness of such merchant-specific cards is extremely limited, since they can not be used at other merchants or establishments. Thus, in order to receive reduced credit financing at various locations, many house cards would have to be obtained by a customer. Also, the vast majority of merchants in the U.S. marketplace do not offer house cards. Therefore, there is no opportunity for a customer to receive reduced credit financing for transactions involving such merchants.
  • Some prior credit programs have sought to introduce reduced financial terms to select purchases, but only if merchants performed additional steps in completing such transactions. Many merchants were dissuaded from entering these types of credit programs because of the additional processing required.
  • Credit providers receive their revenue from transaction fees that are largely based on purchase amounts, and so would benefit from additional revenue that could be obtained by offering incentives to customers to enter into larger credit transactions. Accordingly, there is a need for a method and apparatus for processing financial transactions subject to different financing terms that addresses certain problems with existing technologies.
  • SUMMARY OF THE INVENTION
  • It is an object of the present disclosure, therefore, to introduce a method and apparatus for processing financial transactions, such as credit card purchases, that are subject to differing financial terms. In one aspect of the disclosure, a credit provider processes standard financial transactions according to standard financial terms and establishes a credit financing program in which qualified financial transactions made by qualified purchasers are financed at reduced financial terms. Transactions may be qualified for reduced financing, such as same-as-cash financing, based on an amount of the financial transaction, an enrollment status of the merchant in the credit program now disclosed, and an enrollment status of the purchaser in the credit program now disclosed.
  • The credit provider may enroll a plurality of merchants for the credit financing program introduced herein, whereby the merchants may not be required to process qualified financial transactions in any special manner. Merchants may be selected based on an associated industry code, or a type of product or service offered by the merchant, or merchants may request enrollment.
  • The credit provider may further enroll a plurality of qualified purchasers for the credit financing program, based on, for example, their credit history. Purchasers may enroll for the credit financing program in any standard manner (for example, by calling, e-mailing, or otherwise communicating with the credit provider) and subsequently be notified of merchants, or the like, where qualified purchases may be initiated. In certain embodiments, the purchasers may pay a one-time or a recurring fee to become enrolled and/or stay enrolled in the credit program. In further embodiments, the enrollment in the credit program may be co-extensive with other known credit rewards programs (such as airline mile reward programs) offered by a credit provider. Alternatively, participation in the credit program introduced herein may be conditioned on foregoing other reward program points for qualified transactions.
  • The credit provider may approve both standard financial transactions and qualified financial transactions in the same manner. Such approval may be transmitted directly to merchants over any known or contemplated financial transaction network, or may be authorized indirectly through third party payment processors. In addition, merchants may process both standard financial transactions and qualified financial transactions in the exact same manner. Likewise, the credit provider provides payments to the merchant in the same manner for both standard and qualified financial transactions.
  • At the end of each invoicing period, the credit provider generates a billing statement for each purchaser having an account. The billing statement may include all standard financial transactions and any qualified financial transactions entered into by the purchaser, with the standard financial transactions subject to the standard financing terms and any qualified transaction charged according to the reduced financing terms. The reduced financing charges may be conditioned upon complete repayment of the amount of the financial transaction within a set period of time, which may typically be longer than one standard invoicing period and which may be selectable by the purchaser in certain embodiments. Failure to meet the repayment condition may result in the purchaser being retroactively assessed the amount due under standard financing terms, additional penalties or the like.
  • BRIEF DESCRIPTION OF THE DRAWINGS
  • Further aspects of the present disclosure will be more readily appreciated upon review of the detailed description of its various embodiments, described below, when taken in conjunction with the accompanying drawings, of which:
  • FIG. 1 is a block diagram of an exemplary financial transaction processing network according to certain embodiments of the present disclosure;
  • FIGS. 2 and 3 are a flowchart of an exemplary automated financial transaction process for transactions with differing financial payment terms performed over the network of FIG. 1.
  • DETAILED DESCRIPTION OF THE SPECIFIC EMBODIMENTS
  • A credit program for a transaction payment vehicle as introduced herein allows for reduced financing terms to be applied to qualified purchases at a variety of different enrolled merchants, while applying standard (i.e. typical charge or credit card repayment) terms for all other purchases. This solution allows for a participating, qualified customer to use a single card to get reduced financing on certain purchases from a variety of participating merchants while allowing use of the card at other non-participating merchants in a standard manner. Although the payment vehicle will be referenced herein in terms of a charge or credit card with universal or broad acceptance, such as those offered by AMERICAN EXPRESS, it should be readily apparent that the processes introduced herein can be adapted for use with a wide variety of known payment vehicles (such as radio-frequency identification (RFID) transponders, smart cards, debit cards, convenience checks, online or other electronic payment authorizations, or any similar mechanisms or processes that relay account details for accomplishing a payment from an account) and for any type of account, including, but not limited to: any variety of bank accounts, credit card accounts, charge card accounts, letters of credit, home equity loans, or the like.
  • In various embodiments, the payment vehicle and associated processes introduced herein will provide customers with the ability to use the same payment vehicle at a variety of merchants and qualify for reduced, or even “same-as-cash” (i.e., 0% APR) financing on qualified transactions. Additionally, when a purchase does not qualify for financing, the purchase will automatically be treated as a standard transaction by the credit provider. Customers will automatically be billed for standard and qualified purchases according to standard and reduced financing terms, respectively, and may be billed separately for both or on the same billing statement. Participating or enrolled merchants will not experience any change in the way they process credit transactions using the payment vehicle, whether or not such transactions are qualified.
  • Referring now to FIGS. 1-3, wherein similar components of the present disclosure are referenced in like manner, various embodiments of a method and system for processing financial transactions subject to different financing terms are disclosed.
  • The network 100 may be any known type of financial transaction network over which credit transactions are currently completed. Such systems typically include a credit provider's server 102, that intercommunicates financial transaction and related data with a plurality of merchant servers 104, either directly or through a third party payment processing server 106 (examples of which are well known in the art). For sake of brevity, the processes disclosed herein will be discussed in the context of the network 100 shown. However, other configurations of the financial transaction network 100, including any existing financial transaction networks and the hardware associated therewith, may readily be employed.
  • Referring now to FIG. 2, therein is depicted an exemplary financial transaction process 200 performed between a merchant and a credit provider (or other financial institution) over the financial transaction network 100. The following descriptions of the process 200 presuppose that the credit provider has instituted a credit program in which transactions at or above a minimum threshold value (i.e. $1000.00) undertaken by enrolled customers with participating merchants may be subject to reduced (i.e., lower) financing terms as compared to standard financing terms applied to other transactions.
  • In certain embodiments, merchants may be enrolled in the credit program introduced herein upon their request, which may be communicated to the credit provider in any standard matter. Alternatively, or in addition thereto, merchants may be offered participation in the credit program as a group or automatically enrolled by the credit provider according to their industry type or industrial code (such as a Standard Industrial Classification (SIC) code or the like). A selection of appropriate industries to which the credit program is applied by the credit provider may be based on those industries where larger purchases are required, including, but not limited to: home improvements, personal computer equipment purchases, recreation, vacation packages, and the like. The credit program may also be offered or assigned to merchants that do not have their own house cards or similar programs. Merchants may also be provided with various other incentives to participate in the credit program. In various embodiments, merchants may or may not be notified of their participation
  • Customers may be enrolled in the credit program introduced herein by submitting a request to the credit provider, or in response to an offer presented by the credit provider. Customer enrollment may be conditioned upon being approved by the credit provider, and such approval may be based on the customer's credit history, purchasing patterns, credit risk factors and the like. In various embodiments of the disclosed credit program, enrolled customers may be updated or periodically notified about merchants with whom qualified purchases may be undertaken and the minimum purchase amounts required, which may vary from merchant to merchant. Customers may also be notified of the repayment terms necessary for receiving reduced financing, such as repayment of the balance in full at 0% APR if paid within, for example, six months (or other period that is longer than a standard invoicing period for the credit provider). The reduced financing terms offered may alternatively require the repayment of equal installments of the transaction amount without interest (or at reduced interest) over the requisite repayment period. In one example, an invoicing period may be one month for standard transactions and the repayment period under the credit program may be three months or longer.
  • Other periods of time for invoicing and repayment may likewise be used, including providing a range of available repayment dates and allowing the customer to select a desired repayment date from that range. In various embodiments, the repayment date may be changed by the purchaser, even after their initial selection or assignment of a repayment term or completion of a purchase. In various embodiments, the purchaser may choose to extend the repayment period to a latter date during the commenced repayment term. Fees may be charged for any desired changes in the repayment term, and may be based on whether the requested change applies to a previous transaction and/or the length of the extension of the repayment period requested by the purchaser.
  • The credit programs contemplated herein may include any of a variety of minimum purchase amounts and various repayment terms, other than the examples provided above, without departing from the spirit and scope of the present disclosure. For instance, it is readily contemplated that the credit program's minimum spend threshold may be selectable by customers and/or merchants participating in the program, subject to approval by the credit provider. In one example, a customer may receive a longer repayment term for selecting a higher threshold minimum spend value.
  • The exemplary process 200 commences when a customer enters into a financial transaction, such as a credit card payment transaction, with a merchant (step 202). The merchant then processes the credit transaction in a standard manner (step 204) and receives an approval from the credit provider when appropriate. In various embodiments, for example, the approval may only be provided when the customer's account is in good standing.
  • Next, at step 206, the credit provider server determines whether the transaction qualifies for reduced financing terms according to an established credit program as described herein. The determination may be based on (1) the amount of the transaction compared to a minimum spend threshold of the credit program (i.e., $1000.00, or other amounts that may be higher than average consumer credit transaction amounts); (2) whether the customer is enrolled in the credit program; and (3) whether the merchant is enrolled in the credit program. Additional factors may also be applied.
  • In various embodiments, the determinations are made in step 206 without introducing any substantial delay in the standard time it take to approve a transaction. This may be done, for example, by making such determinations after the approval process in the initiated transaction, rather than concurrently therewith, such as at the time of billing statement generation. The introduction of any delay in standard approval times may deter customers or merchants from participation in the credit program, and so are best avoided.
  • If any of the requirements of the credit program are not satisfied at step 206 above, the process 200 continues to step 208 below. If, however, all the requirements for the transaction are satisfied, the process 200 instead continues to step 210, described later below.
  • From step 206 above, when the transaction is not qualified, the credit provider processes the transaction in a standard manner (step 208). That is, upon confirmation of completion of the approved transaction between the merchant and the customer, the credit provider charges the transaction to the customer's credit account according to standard financing terms for the account.
  • From step 206 above, when the transaction is instead a qualified transaction under the credit program, the credit provider processes the transaction according to the reduced financing terms (step 210), examples of which were previously described.
  • From either 208 or 210 above, the credit provider transmits payment for the transaction to the merchant (step 212). In various embodiments, the payment occurs in the same manner for both standard and qualified transactions. Substantial differences in payment times between processes might deter merchants from enrolling in the credit program, particularly if the payment process is more complex or lengthy for qualified transactions. Accordingly, it may be best to process payments to merchants in the same manner for standard and qualified transactions. However, in certain embodiments, payment terms for qualified transactions may be made more beneficial for qualified transactions (for example, by charging lower transaction fees or a lowered discount rate to the merchant) in order to encourage merchant to enroll in the credit program.
  • The process 200 then continues to step 214, where all standard transactions initiated by the customer are listed on the customer's next monthly invoicing statement. The standard transactions may be listed with a standard repayment due date and standard financing terms for repayment.
  • At step 216, all qualified transactions are listed on the billing statement as well with the reduced financing terms and a repayment due date for the balance of the qualified transaction, which is preferably later than the standard repayment due date above. In certain embodiments, the minimum payment due listed on any generated billing statement may include the current installment payment due for the qualified transaction. The billing statement with the standard and qualified transactions are then sent to the customer for payment.
  • At step 218, the credit provider monitors customer repayments to determine whether the customer has repaid the balance of the qualified transactions in accordance with the reduced financing and repayment terms. If requisite repayment of the qualified transaction is timely made by the customer, the process 200 ends. If, however, the customer fails to repay qualified transaction according to the reduced financing terms, then the customer may be charged a penalty (step 220), after which the process 200 ends. The penalty may include disenrollment from the credit program, as well as charging additional fees to the purchaser. Such additional fees may include retroactively charging the standard financing rate for the unpaid balance or the entire amount of any qualified transactions for the time that the transaction remains outstanding, or charging a rate higher than the standard financing rate.
  • A credit provider implementing the processes disclosed herein may provide flexibility to its customers in making large purchases which can be repaid over a period of time under reduced financing terms. By implementing such processes, a credit provider may expect increased charge volume previously lost to house cards and the like that offer similar terms, and a corresponding increase in revenue from additional transaction fees generated thereby. Merchants that do not have house card programs can benefit simply by enrolling with such credit provider and may continue to process financial transactions without any change in the way they have previously been accomplished. Customers benefit from receiving favorable financing terms on qualified purchases at a wide variety of merchants without obtaining numerous house cards. [0035] In the case of non-credit account transactions (i.e., those involving accounts with positive currency balances and that may take place using a debit card or the like), the credit program introduced herein may be modified from the descriptions above to allow installment payments to be withdrawn from the non-credit account in equal increments over the repayment period, in place of a single withdrawal for the full amount the financial transaction as has been previously performed for such transactions.
  • Although the best methodologies of the invention have been particularly described in the foregoing disclosure, it is to be understood that such descriptions have been provided for purposes of illustration only, and that other variations both in form and in detail can be made thereupon by those skilled in the art without departing from the spirit and scope of the present invention, which is defined first and foremost by the appended claims.

Claims (20)

What is claimed is:
1. A method comprising:
determining, by a qualified financial transaction computer-based system, if a financial transaction is a qualified financial transaction for adjusted financing terms, based on an amount of the financial transaction, status of enrollment by a merchant and an enrollment status of a purchaser, wherein the purchaser uses a transaction account authorized by a transaction account provider; and
processing, by the computer-based system, a payment for the financial transaction from the transaction account provider to the merchant for a standard financial transaction and a qualified financial transaction, wherein the processing uses only one single network, and a same set of components within the only one single network.
2. The method of claim 1, further comprising receiving information from the merchant, wherein the information corresponds to the financial transaction between the purchaser and the merchant.
3. The method of claim 1, further comprising charging the purchaser, using a single billing statement generated by the transaction account provider, for the financial transaction according to standard financing terms in response to the determination that the financial transaction is not qualified for the adjusted financing terms.
4. The method of claim 1, further comprising charging the purchaser, using the single billing statement generated by the transaction account provider, for the financial transaction according to adjusted financing terms in response to the determination that the financial transaction is qualified for the adjusted financing terms.
5. The method of claim 1, further comprising transmitting the payment to the merchant.
6. The method of claim 1, wherein the transaction account comprises at least one of a charge card, a credit card, a credit account, a line of credit, an account transponder, an electronic payment, a convenience check, and a debit card.
7. The method of claim 1, wherein the transaction account is accepted by a plurality of merchants in a plurality of industries.
8. The method of claim 1, wherein the amount of the financial transaction is at least equal to a threshold value in order for the financial transaction to qualify for the adjusted financing terms.
9. The method of claim 1, wherein the enrollment status of the merchant is based on an industry code associated with the merchant.
10. The method of claim 1, wherein the enrollment status of the purchaser is based on a credit history of the purchaser and an approved request from the purchaser to participate in the qualified financial transaction.
11. The method of claim 1, wherein the standard financing terms comprise a zero percent interest charge if the amount of the financial transaction is repaid by the purchaser within a single invoicing period.
12. The method of claim 1, wherein the standard financing terms comprise an annual percentage interest rate from 1% to 25% of the amount of the financial transaction if the amount is not repaid by the purchaser within the single invoicing period.
13. The method of claim 1, wherein the adjusted financing terms comprise a zero percent interest charge on the amount of the financial transaction conditioned on full repayment of the amount within a period of time that is greater than one invoicing period.
14. The method of claim 13, wherein the invoicing period is equal to one month and the period of time for repayment is at least equal to three months.
15. The method of claim 1, further comprising retroactively charging the purchaser for the financial transaction according to the standard financing terms if the amount of the financial transaction is not repaid within the period of time by the purchaser.
16. The method of claim 1, further comprising processing the standard financial transaction according to the standard financial terms.
17. The method of claim 1, further comprising:
approving the standard financial transaction and the qualified financial transaction for the purchaser in a same invoicing period; and
generating a billing statement including the standard financial transaction charged according to the standard financial terms and the qualified financial transaction charged according to the reduced financial terms.
18. The method of claim 1, further comprising charging an adjusted discount rate to a merchant for the qualified transaction, the adjusted discount rate being less than a standard discount rate applied to the standard transaction.
19. The method of claim 1, further comprising receiving a selection of a repayment period for the qualified transaction from the purchaser, wherein the adjusted financing terms are applied if the amount of the financial transaction is repaid by the purchaser within the selected repayment period.
20. A system comprising:
a processor configured for processing a qualified financial transaction;
a tangible, non-transitory memory configured to communicate with the processor, the tangible, non-transitory memory having instructions stored thereon that, in response to execution by the processor, cause the processor to perform operations;
a determination module in communication with the processor and configured to determine if a financial transaction is a qualified financial transaction for adjusted financing terms, based on an amount of the financial transaction, status of enrollment by a merchant and an enrollment status of a purchaser, wherein the purchaser uses a transaction account authorized by a transaction account provider; and
processing, by the processor, a payment for the financial transaction from the transaction account provider to the merchant for a standard financial transaction and a qualified financial transaction, wherein the processing uses only one single network, and a same set of components within the only one single network.
US14/170,285 2004-08-25 2014-01-31 Method and apparatus for processing financial transactions subject to different financing terms Abandoned US20140149279A1 (en)

Priority Applications (2)

Application Number Priority Date Filing Date Title
US10/925,614 US8682757B2 (en) 2004-08-25 2004-08-25 Method and apparatus for processing financial transactions subject to different financing terms
US14/170,285 US20140149279A1 (en) 2004-08-25 2014-01-31 Method and apparatus for processing financial transactions subject to different financing terms

Applications Claiming Priority (1)

Application Number Priority Date Filing Date Title
US14/170,285 US20140149279A1 (en) 2004-08-25 2014-01-31 Method and apparatus for processing financial transactions subject to different financing terms

Related Parent Applications (1)

Application Number Title Priority Date Filing Date
US10/925,614 Continuation US8682757B2 (en) 2004-08-25 2004-08-25 Method and apparatus for processing financial transactions subject to different financing terms

Publications (1)

Publication Number Publication Date
US20140149279A1 true US20140149279A1 (en) 2014-05-29

Family

ID=38369907

Family Applications (2)

Application Number Title Priority Date Filing Date
US10/925,614 Active 2030-08-09 US8682757B2 (en) 2004-08-25 2004-08-25 Method and apparatus for processing financial transactions subject to different financing terms
US14/170,285 Abandoned US20140149279A1 (en) 2004-08-25 2014-01-31 Method and apparatus for processing financial transactions subject to different financing terms

Family Applications Before (1)

Application Number Title Priority Date Filing Date
US10/925,614 Active 2030-08-09 US8682757B2 (en) 2004-08-25 2004-08-25 Method and apparatus for processing financial transactions subject to different financing terms

Country Status (1)

Country Link
US (2) US8682757B2 (en)

Families Citing this family (5)

* Cited by examiner, † Cited by third party
Publication number Priority date Publication date Assignee Title
US8682757B2 (en) * 2004-08-25 2014-03-25 American Express Travel Related Services Company, Inc. Method and apparatus for processing financial transactions subject to different financing terms
US20090030795A1 (en) * 2007-07-23 2009-01-29 Henry Winchester Payment system and method for insurance premium payments
US20100088202A1 (en) * 2008-10-06 2010-04-08 Dick Carle Handling of Charge Fees On Debt Funded Account Card
US20130046678A1 (en) * 2011-08-19 2013-02-21 Bank Of America Corporation Minimum payment requirements for a revolving account
US8452708B1 (en) * 2011-09-03 2013-05-28 Arnold N Birenbaum Universal payment processing

Citations (48)

* Cited by examiner, † Cited by third party
Publication number Priority date Publication date Assignee Title
US20030097270A1 (en) * 2001-11-16 2003-05-22 Musselwhite Eric Lee Methods, systems and articles of manufacture for providing financial accounts with incentives
US20030135451A1 (en) * 2001-08-13 2003-07-17 Gresham Financial Services, Inc. Loan allocation according to lending frequency based preference
US20030144943A1 (en) * 2002-01-28 2003-07-31 George Zivan Business method for defferring the payment of a broker's commission or fee
US20030163412A1 (en) * 2001-03-22 2003-08-28 Monlux Clifford John On-line financing application services including financing program offering creation
US6618705B1 (en) * 2000-04-19 2003-09-09 Tiejun (Ronald) Wang Method and system for conducting business in a transnational e-commerce network
US20030172025A1 (en) * 2002-02-08 2003-09-11 Gallina Mike A. Computerized system and method for qualifying mortgage loan clients
US20030182230A1 (en) * 2002-02-14 2003-09-25 Zachary Pessin Apparatus and method of a distributed capital system
US20030187796A1 (en) * 2002-03-26 2003-10-02 Amy Swift Systems for processing transponder-based transactions
US20030204421A1 (en) * 2002-04-29 2003-10-30 Value Benefits Insurance Agency, Inc. Integrated system and method for insurance products
US20030220863A1 (en) * 2002-05-24 2003-11-27 Don Holm System and method for varying electronic settlements between buyers and suppliers with dynamic discount terms
US20030229589A1 (en) * 2002-06-07 2003-12-11 First Data Corporation Systems and methods for presenting payoff information to credit card customers
US20030229585A1 (en) * 2002-06-05 2003-12-11 Capital One Financial Corporation Systems and methods for marketing to existing financial account holders
US20040006539A1 (en) * 2000-03-29 2004-01-08 Coby Royer System and method for facilitating the handling of a dispute using disparate architectures
US6681988B2 (en) * 2000-11-28 2004-01-27 Citibank, N.A. Method and system for managing a transaction card account
US20040024707A1 (en) * 2002-03-18 2004-02-05 Perre Anthony R. Dynamic merchant pricing model
US20040030633A1 (en) * 2002-07-31 2004-02-12 Gavin Austin T. Systems and methods for school districts and municipalities to maximize interest earnings on their investments
US20040035923A1 (en) * 2001-08-23 2004-02-26 Andrew Kahr Process for acquiring new borrowers by funding bill payment
US20040049452A1 (en) * 2002-09-09 2004-03-11 First Data Corporation Multiple credit line presentation instrument
US6738749B1 (en) * 1998-09-09 2004-05-18 Ncr Corporation Methods and apparatus for creating and storing secure customer receipts on smart cards
US20040111370A1 (en) * 2000-06-27 2004-06-10 Digital World Access, Inc. Single source money management system
US20040111359A1 (en) * 2002-06-04 2004-06-10 Hudock John J. Business method for credit verification and correction
US20040117300A1 (en) * 2000-05-10 2004-06-17 Peter Jones Payment card processing system and methods
US20040162778A1 (en) * 2002-02-20 2004-08-19 Kramer Kevin L. System for providing an online account statement having hyperlinks
US20040199470A1 (en) * 2003-04-02 2004-10-07 Byte Mage, L.L.C. Electronic transaction notification system and method
US20040210531A1 (en) * 2002-02-11 2004-10-21 Total System Services, Inc. System and method for single event authorization control of transactions
US20040215556A1 (en) * 2003-01-10 2004-10-28 Merkley John Eugene Marketing of an agricultural input via electronic communications
US20050080697A1 (en) * 2003-10-14 2005-04-14 Foss Sheldon H. System, method and apparatus for providing financial services
US20050091153A1 (en) * 2003-10-27 2005-04-28 First Data Corporation Methods and systems for managing integrated credit and stored-value programs
US20050102211A1 (en) * 1999-10-27 2005-05-12 Freeny Charles C.Jr. Proximity service provider system
US20050114217A1 (en) * 2003-10-27 2005-05-26 First Data Corporation Methods and systems for processing transactions for integrated credit and stored-value programs
US20050165651A1 (en) * 2004-01-22 2005-07-28 Krishna Mohan Point of sale business transaction data gathering using portable memory device
US20050209938A1 (en) * 2004-03-19 2005-09-22 Czyzewski Nathan T Methods, systems, and articles of manufacture for providing financial accounts with conditions
US20050279824A1 (en) * 2004-06-16 2005-12-22 American Express Travel Related Services Company, Inc. System and method for calculating recommended charge limits
US20050283436A1 (en) * 2003-08-22 2005-12-22 Greer Richard E Point of sale purchase system
US6999943B1 (en) * 2000-03-10 2006-02-14 Doublecredit.Com, Inc. Routing methods and systems for increasing payment transaction volume and profitability
US7010507B1 (en) * 1995-10-04 2006-03-07 Block Financial Corporation System providing funds to electronic tax filers prior to receipt of refund
US7072858B1 (en) * 2000-02-04 2006-07-04 Xpensewise.Com, Inc. System and method for dynamic price setting and facilitation of commercial transactions
US20060178986A1 (en) * 2000-02-17 2006-08-10 Giordano Joseph A System and method for processing financial transactions using multi-payment preferences
US7204412B2 (en) * 2003-10-14 2007-04-17 Compucredit Intellectual Property Holdings Corp. Iii Family stored value card program
US20070192235A1 (en) * 2004-08-25 2007-08-16 Julia Menichilli Method and apparatus for processing financial transactions subject to different financing terms
US7469224B2 (en) * 2003-10-14 2008-12-23 Compucredit Intellectual Property Holdings Corp. Iii Real-time point-of-sale change-of-address processing
US7472090B1 (en) * 2002-12-31 2008-12-30 Capital One Financial Corporation Method and system for providing a higher credit limit to a customer
US7574400B1 (en) * 1999-09-10 2009-08-11 Jpmorgan Chase Bank, N.A. Financing information processing system and method
US7653597B1 (en) * 1999-07-12 2010-01-26 David Stevanovski Payment administration system
US20100153199A1 (en) * 2005-06-20 2010-06-17 Jpmorgan Chase Bank, N.A. Method and system for emulating a private label over an open network
US7765124B2 (en) * 1999-06-23 2010-07-27 Signature Systems Llc Method and system for issuing, aggregating and redeeming merchant rewards with an issuing bank
US7904332B1 (en) * 2003-01-10 2011-03-08 Deere & Company Integrated financial processing system and method for facilitating an incentive program
US8533030B1 (en) * 2004-08-30 2013-09-10 Jpmorgan Chase Bank, N.A. In-bound telemarketing system for processing customer offers

Family Cites Families (10)

* Cited by examiner, † Cited by third party
Publication number Priority date Publication date Assignee Title
US5297026A (en) * 1992-01-03 1994-03-22 Frank Hoffman System for promoting account activity
US6070141A (en) * 1995-05-08 2000-05-30 Image Data, Llc System and method of assessing the quality of an identification transaction using an identificaion quality score
US5933817A (en) * 1996-09-27 1999-08-03 Hucal; Stephen J. Tiered interest rate revolving credit system and method
US6018718A (en) * 1997-08-28 2000-01-25 Walker Asset Management Limited Partnership Method and system for processing customized reward offers
US6332134B1 (en) * 1999-11-01 2001-12-18 Chuck Foster Financial transaction system
EP1136931A1 (en) * 2000-03-20 2001-09-26 Roundit Inc. Patronage incentive system and method for internet-based retail businesses
US20060053056A1 (en) * 2001-03-29 2006-03-09 American Express Marketing & Development Corporati Card member discount system and method
US7783566B2 (en) * 2001-06-27 2010-08-24 American Express Travel Related Services Company, Inc. Consolidated payment account system and method
US20030074290A1 (en) * 2001-10-17 2003-04-17 Capital One Financial Corporation Methods, systems and articles of manufacture for managing delinquent financial accounts
US7620567B2 (en) * 2002-02-19 2009-11-17 First Data Corporation Systems and methods for operating loyalty programs

Patent Citations (53)

* Cited by examiner, † Cited by third party
Publication number Priority date Publication date Assignee Title
US7010507B1 (en) * 1995-10-04 2006-03-07 Block Financial Corporation System providing funds to electronic tax filers prior to receipt of refund
US6738749B1 (en) * 1998-09-09 2004-05-18 Ncr Corporation Methods and apparatus for creating and storing secure customer receipts on smart cards
US7765124B2 (en) * 1999-06-23 2010-07-27 Signature Systems Llc Method and system for issuing, aggregating and redeeming merchant rewards with an issuing bank
US7653597B1 (en) * 1999-07-12 2010-01-26 David Stevanovski Payment administration system
US7574400B1 (en) * 1999-09-10 2009-08-11 Jpmorgan Chase Bank, N.A. Financing information processing system and method
US20050102211A1 (en) * 1999-10-27 2005-05-12 Freeny Charles C.Jr. Proximity service provider system
US6970850B1 (en) * 1999-10-27 2005-11-29 Automated Business Companies Proximity service provider system
US7072858B1 (en) * 2000-02-04 2006-07-04 Xpensewise.Com, Inc. System and method for dynamic price setting and facilitation of commercial transactions
US20060178986A1 (en) * 2000-02-17 2006-08-10 Giordano Joseph A System and method for processing financial transactions using multi-payment preferences
US6999943B1 (en) * 2000-03-10 2006-02-14 Doublecredit.Com, Inc. Routing methods and systems for increasing payment transaction volume and profitability
US20040006539A1 (en) * 2000-03-29 2004-01-08 Coby Royer System and method for facilitating the handling of a dispute using disparate architectures
US7725385B2 (en) * 2000-03-29 2010-05-25 American Express Travel Related Services Company, Inc. System and method for facilitating the handling of a dispute using disparate architectures
US6618705B1 (en) * 2000-04-19 2003-09-09 Tiejun (Ronald) Wang Method and system for conducting business in a transnational e-commerce network
US20040117300A1 (en) * 2000-05-10 2004-06-17 Peter Jones Payment card processing system and methods
US20040111370A1 (en) * 2000-06-27 2004-06-10 Digital World Access, Inc. Single source money management system
US6681988B2 (en) * 2000-11-28 2004-01-27 Citibank, N.A. Method and system for managing a transaction card account
US20030163412A1 (en) * 2001-03-22 2003-08-28 Monlux Clifford John On-line financing application services including financing program offering creation
US20030135451A1 (en) * 2001-08-13 2003-07-17 Gresham Financial Services, Inc. Loan allocation according to lending frequency based preference
US20030144950A1 (en) * 2001-08-13 2003-07-31 Gresham Financial Services, Inc. Loan securitization pool having pre-defined requirements
US20030163414A1 (en) * 2001-08-13 2003-08-28 Gresham Financial Services, Inc. Management of multiple loan securitization pools
US20040035923A1 (en) * 2001-08-23 2004-02-26 Andrew Kahr Process for acquiring new borrowers by funding bill payment
US20030097270A1 (en) * 2001-11-16 2003-05-22 Musselwhite Eric Lee Methods, systems and articles of manufacture for providing financial accounts with incentives
US20030144943A1 (en) * 2002-01-28 2003-07-31 George Zivan Business method for defferring the payment of a broker's commission or fee
US20030172025A1 (en) * 2002-02-08 2003-09-11 Gallina Mike A. Computerized system and method for qualifying mortgage loan clients
US20040210531A1 (en) * 2002-02-11 2004-10-21 Total System Services, Inc. System and method for single event authorization control of transactions
US20030182230A1 (en) * 2002-02-14 2003-09-25 Zachary Pessin Apparatus and method of a distributed capital system
US20040162778A1 (en) * 2002-02-20 2004-08-19 Kramer Kevin L. System for providing an online account statement having hyperlinks
US20040024707A1 (en) * 2002-03-18 2004-02-05 Perre Anthony R. Dynamic merchant pricing model
US20030187796A1 (en) * 2002-03-26 2003-10-02 Amy Swift Systems for processing transponder-based transactions
US20030204421A1 (en) * 2002-04-29 2003-10-30 Value Benefits Insurance Agency, Inc. Integrated system and method for insurance products
US20030220863A1 (en) * 2002-05-24 2003-11-27 Don Holm System and method for varying electronic settlements between buyers and suppliers with dynamic discount terms
US20040111359A1 (en) * 2002-06-04 2004-06-10 Hudock John J. Business method for credit verification and correction
US20030229585A1 (en) * 2002-06-05 2003-12-11 Capital One Financial Corporation Systems and methods for marketing to existing financial account holders
US20030229589A1 (en) * 2002-06-07 2003-12-11 First Data Corporation Systems and methods for presenting payoff information to credit card customers
US20040030633A1 (en) * 2002-07-31 2004-02-12 Gavin Austin T. Systems and methods for school districts and municipalities to maximize interest earnings on their investments
US20040049452A1 (en) * 2002-09-09 2004-03-11 First Data Corporation Multiple credit line presentation instrument
US7472090B1 (en) * 2002-12-31 2008-12-30 Capital One Financial Corporation Method and system for providing a higher credit limit to a customer
US7904332B1 (en) * 2003-01-10 2011-03-08 Deere & Company Integrated financial processing system and method for facilitating an incentive program
US20040215556A1 (en) * 2003-01-10 2004-10-28 Merkley John Eugene Marketing of an agricultural input via electronic communications
US20040199470A1 (en) * 2003-04-02 2004-10-07 Byte Mage, L.L.C. Electronic transaction notification system and method
US20050283436A1 (en) * 2003-08-22 2005-12-22 Greer Richard E Point of sale purchase system
US20050080697A1 (en) * 2003-10-14 2005-04-14 Foss Sheldon H. System, method and apparatus for providing financial services
US7204412B2 (en) * 2003-10-14 2007-04-17 Compucredit Intellectual Property Holdings Corp. Iii Family stored value card program
US7469224B2 (en) * 2003-10-14 2008-12-23 Compucredit Intellectual Property Holdings Corp. Iii Real-time point-of-sale change-of-address processing
US20050114217A1 (en) * 2003-10-27 2005-05-26 First Data Corporation Methods and systems for processing transactions for integrated credit and stored-value programs
US20050091153A1 (en) * 2003-10-27 2005-04-28 First Data Corporation Methods and systems for managing integrated credit and stored-value programs
US20050165651A1 (en) * 2004-01-22 2005-07-28 Krishna Mohan Point of sale business transaction data gathering using portable memory device
US20050209938A1 (en) * 2004-03-19 2005-09-22 Czyzewski Nathan T Methods, systems, and articles of manufacture for providing financial accounts with conditions
US20050279824A1 (en) * 2004-06-16 2005-12-22 American Express Travel Related Services Company, Inc. System and method for calculating recommended charge limits
US8682757B2 (en) * 2004-08-25 2014-03-25 American Express Travel Related Services Company, Inc. Method and apparatus for processing financial transactions subject to different financing terms
US20070192235A1 (en) * 2004-08-25 2007-08-16 Julia Menichilli Method and apparatus for processing financial transactions subject to different financing terms
US8533030B1 (en) * 2004-08-30 2013-09-10 Jpmorgan Chase Bank, N.A. In-bound telemarketing system for processing customer offers
US20100153199A1 (en) * 2005-06-20 2010-06-17 Jpmorgan Chase Bank, N.A. Method and system for emulating a private label over an open network

Non-Patent Citations (3)

* Cited by examiner, † Cited by third party
Title
"No-Interest Financing Can Cost You Plenty", 7/9/2000, http://www.oag.state.md.us/consumer/tip54.htm *
"The 6 Month LIBOR Mortgage Loan", 21512004, http://www.homefinance4you.com/LIBOR.html *
Coffey, Laura T., "Is trumpeted zero percent financing a good deal?", 5/20/2001, St. Petersburg Times, pg. 3.H *

Also Published As

Publication number Publication date
US8682757B2 (en) 2014-03-25
US20070192235A1 (en) 2007-08-16

Similar Documents

Publication Publication Date Title
US7165052B2 (en) Payment service method and system
US9721238B2 (en) Point of interaction loyalty currency redemption in a transaction
US8150764B2 (en) System, program product, and method to authorize draw for retailer optimization
US10262303B2 (en) Methods and systems for applying a rewards program promotion to payment transactions
US7392224B1 (en) System and method of operating a debit card reward program
CA2441547C (en) Hybrid credit card transaction system
US7096205B2 (en) Systems and methods for enrolling consumers in goods and services
US7886969B2 (en) Method and system for loading and reloading portable consumer devices
US6169974B1 (en) Method for closed loop processing of transactions utilizing bank card association
US8560440B2 (en) System and method for providing a credit card with multiple credit lines
RU2621609C2 (en) System and method for payment transaction in real time through the use of payment network
US7630937B1 (en) Method and system for processing a financial transaction
US7584126B1 (en) System and method for managing dedicated use of a credit account
US8121922B2 (en) Method and apparatus for providing and processing installment plans at a terminal
US8275704B2 (en) Systems and methods for authorizing an allocation of an amount between transaction accounts
CA2396006C (en) Automated system and method for monitoring financial transactions
US6941281B1 (en) Automated payment
US8321342B2 (en) Method and system to accept and settle transaction payments for an unbanked consumer
US20020123962A1 (en) System and method for providing a reaffirmation credit card including an increasing credit limit
US20020152116A1 (en) Method and system for generating fixed and/or dynamic rebates in credit card type transactions
US20050246289A1 (en) System and method for processing and for funding a transaction
US20080301050A1 (en) Real time account update
US20080120218A1 (en) Method and system for using payment history for conducting commercial transactions
US20090006203A1 (en) Payment account processing which conveys financial transaction data and non financial transaction data
US9530131B2 (en) Transaction processing using a global unique identifier

Legal Events

Date Code Title Description
AS Assignment

Owner name: AMERICAN EXPRESS TRAVEL RELATED SERVICES COMPANY,

Free format text: ASSIGNMENT OF ASSIGNORS INTEREST;ASSIGNORS:MENICHILLI, JULIA;WILLIAMS, MARQ;FLATBUSH, MARLA;SIGNING DATES FROM 20040317 TO 20041130;REEL/FRAME:032110/0326

AS Assignment

Owner name: III HOLDINGS 1, LLC, DELAWARE

Free format text: ASSIGNMENT OF ASSIGNORS INTEREST;ASSIGNOR:AMERICAN EXPRESS TRAVEL RELATED SERVICES COMPANY, INC.;REEL/FRAME:032722/0746

Effective date: 20140324

STCB Information on status: application discontinuation

Free format text: ABANDONED -- FAILURE TO RESPOND TO AN OFFICE ACTION

AS Assignment

Owner name: LIBERTY PEAK VENTURES, LLC, TEXAS

Free format text: ASSIGNMENT OF ASSIGNORS INTEREST;ASSIGNOR:III HOLDINGS 1, LLC;REEL/FRAME:045660/0060

Effective date: 20180315