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Bar coded bill payment system and method

a bar code and bill payment technology, applied in the field of bar code bill payment system and method, can solve the problem that postmark may influence the way billers view the system

Inactive Publication Date: 2002-09-12
PAYSCAN AMERICA
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  • Summary
  • Abstract
  • Description
  • Claims
  • Application Information

AI Technical Summary

Benefits of technology

[0025] It is contemplated that the retail industry should provide advertising as they promote the affinity pull they already wish to impart upon the consumer marketspace. The community of consumer billers should provide cooperation because of the potential of this system to reduce what are now very expensive embedded collection costs. Consumers need another way to pay their bills more efficiently than the U.S. Post Office mail can do so today, especially for those without bank accounts or those who desire to use credit for bill payments, and clearly for those who are late. A system consistent with the present invention therefore benefits billers, consumers and retailers who participate, and may be inexpensively and easily established and maintained.Further Payment Aspects of the Present Invention

Problems solved by technology

The power of an "electronic" postmark may impact the way billers view this system.

Method used

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  • Bar coded bill payment system and method
  • Bar coded bill payment system and method
  • Bar coded bill payment system and method

Examples

Experimental program
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Effect test

example 1

[0156] Payment for Mobile Telephone Service

[0157] A client procures a mobile phone subscription from a well-known national vendor. The client gives his place of employment as his cell phone billing address. As a new customer, he is assigned a total credit limit and an accrued monthly limit. When this client subsequently leaves his place of employment, he forgets about changing his mobile phone billing address and continues to use his mobile phone regularly, until one day his mobile phone stops working. When he calls the customer service office to inquire about the matter, he finds out that his mobile phone usage is well within his credit limits but that the reason for his mobile phone being disconnected is that bill payment is overdue by ten days. The company does not accept credit card payments and only accepts a check payment for the total past due amount. The company restores his service ten days after receiving and processing his check.

[0158] With an enhanced bill payment networ...

example 2

[0159] Payment for Internet-based Auction

[0160] The business model for the Internet-based auction (e.g., eBay) is very basic in concept, a meeting place for bringing together Internet buyers and sellers, wherein an electronic framework displays sellers' goods and services. When a sale is completed between a seller and a buyer, the online auction house charges a sales commission. It is the responsibility of the seller and the buyer to establish a lowest common denominator payment exchange method. Individuals selling items, are generally not equipped to process Mastercard or VISA credit or debit cards. If the seller accepts a personal check payment from the buyer, shipment of the sold item is delayed until the buyer check clears. A buyer can mitigate a seller shipment delay if he is willing to go out and purchase a money order to send to the seller. If the buyer and seller wish to use a third-party payment clearinghouse, (e.g., Billpoint or PayPal), then both must register personal fi...

example 3

[0163] Automobile Insurance Payment

[0164] Insurance companies have varying grace periods within which to pay their insurance premiums, beyond which the policy is irrevocably canceled. If one cannot or chooses not to pay the entire annual premium on its anniversary date, an installment plan of smaller payments may alternatively be offered. If a premium payment is not received, a cancellation notice is sent toward the end of the payment grace period specifying a "hard" cancellation date. If a policy is canceled due to non-payment, depending on the prior payment history, the insurance carrier may not want to reissue another insurance policy because of a previous poor payment record. Therefore, given the gravity of the possible consequences, time is of the essence when it comes to paying insurance premiums on time--whether for car insurance, home insurance or personal life insurance. Mailed late payments may not be delivered and processed in time. Depending on company policy, even in-pe...

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PUM

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Abstract

A system and method for payment is provided, wherein consumers pay their bills at supermarkets, large retail chain, or other stores and receive immediate credit from billers for their payments. Payments are made using a bar code printed on the bill or sent to the consumer, e.g., by fax or email. The biller receives good payment funds, deposited directly into his bank account, and error-free electronic payment data for consumer bill payments by the very next business day. The biller backdates the received bill payments to the time and date the consumer actually paid, regardless of the time that the payment data takes to post to the biller's accounts receivable system. In another aspect, a method for person-to-person money transfers is provided, wherein a bar coded deposit slip, card, or other printout permits a sender to remit finds directly into a receiver's bank account, and such funds are quickly accessible for withdrawal at a nearby automated teller machine, or for a debit card purchase.

Description

[0001] This application is a continuation-in-part application under 37 C.F.R .sctn.1.53(b) of application Ser. No. 09 / 737,011, filed Dec. 14, 2000.BACKGROUND OF THE INVENTION[0002] The present invention relates to a system and method for performing financial transactions, and more particularly, to a payment system and method using bar code identification.Traditional Bill Payment Paradigm[0003] The current paradigm of the bill payment cycle for goods and services rendered has improved only in incremental steps since the beginning of time. In ancient times, most goods and services were exchanged between individuals, using the common currency of the realm or by a mutually agreed upon barter arrangement. Extension of credit for goods and services was generally limited to the affluent and wealthy. When payment was due, handwritten invoices were hand delivered. Sometime later, cash payment would be remitted in person. Most trade occurred at the local level between individuals, exchanging ...

Claims

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Application Information

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IPC IPC(8): G06Q20/04G06Q20/10G06Q20/14G06Q20/38G06Q30/04G06Q40/00
CPCG06Q20/04G06Q20/10G06Q20/102G06Q20/14G06Q20/385G06Q30/04G06Q40/00G06Q20/042
Inventor MEYER, JOHNKROUSE, LOU
Owner PAYSCAN AMERICA
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