Method, system, and storage medium for pre-screening customers for credit card approval at a point of sale

• US 20030078877A1
• Filed: 10/18/2001
• Published: 04/24/2003
• Est. Priority Date: 10/18/2001
• Status: Active Grant

• Current Assignee: Synchrony Bank (Synchrony Financial)
• Original Assignee: General Electric Company
• Inventors: Rocchi, Stefano, Beirne, Kenneth, Kirmani, Syed, Serra, Guy
• Granted Patent: US 7,546,266 B2
• Time in Patent Office: Days
• US Class Current: 705/38
• CPC Class Codes: G06Q 20/04 Payment circuits
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/403 Solvency checks
• CPC Class Codes: G06Q 20/4037 Remote solvency checks
• CPC Class Codes: G06Q 30/0215 Including financial accounts
• CPC Class Codes: G06Q 30/0238 at point-of-sale [POS]
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange
• CPC Class Codes: G07F 7/08 by coded identity card or credit card or other personal identification means without personal verification means G07F7/02

Abstract

An exemplary embodiment of the invention relates to a method, system and storage medium for pre-screening customers for a credit card at a point of sale. The method includes receiving the customer data at a point of sale system and, during a check out process: transmitting the customer data to a server; searching a database for the customer data; and based upon results of the searching, performing a credit worthiness check and providing said customer with an invitation to open a charge account. If the customer accepts the invitation, a charge account is opened before a payment method is selected whereby the customer can place the items selected for purchase on the new charge account while at the point of sale system. The system includes at least one point of sale system coupled to a communications link; a server coupled to the point of sale system via the communications link; a data storage device in communication with the server; and a link to a credit information server.

Claims

1. A method for pre-screening customer data by a selling entity for credit pre-approval determination of a customer at a point of sale location, comprising:

receiving said customer data at a point of sale system; and

during a check out process;

transmitting said customer data to a server;

searching a database for said customer data; and

based upon results of said searching;

performing a credit worthiness check; and

providing said customer with an invitation to open a charge account;

wherein if said customer accepts;

opening said charge account; and

if desired by said customer, executing a charge purchase during said check out process at said point of sale system.

2. The method of claim 1, further comprising:

holding said invitation open for a predetermined period of time; and

providing said customer with information on how to access said invitation at a future date.

3. The method of claim 1, wherein said customer data includes at least one of said customer'"'"'s:

name;

address;

telephone number;

social security number;

photo identification card; and

membership card relating to said selling entity.

4. The method of claim 1, wherein said searching a database for said customer data includes determining whether a membership status of said customer is active or inactive;

wherein further said credit worthiness check is performed on customer data with an active status.

5. The method of claim 1, wherein said searching a database for said customer data includes determining whether said customer has a current charge account with said selling entity.

6. The method of claim 1 wherein said credit worthiness check is performed by a credit bureau.

7. The method of claim 1, wherein said credit worthiness check is performed by a credit issuer.

8. The method of claim 1 wherein said credit worthiness check is a full bureau check.

9. The method of claim 1 wherein said credit worthiness check is a partial bureau check.

10. The method of claim 1 wherein said performing a credit worthiness check includes determining at least one of:

a credit account limit;

an annual percentage rate; and

an account type;

for customers who have met specified criteria for said credit pre-approval determination.

11. The method of claim 1, wherein said providing said customer with an invitation to open a charge account includes printing out said invitation and providing terms and conditions.

12. The method of claim 1, wherein said providing said customer with an invitation to open a charge account includes:

offering said customer an incentive to accept said invention through at least one of;

a discount off of a purchase; and

a reduced interest rate.

13. The method of claim 2, wherein said providing said customer information on how to access said invitation at a future date includes printing said information on a receipt at said point of sale system.

14. The method of claim 1, wherein data related to pre-approvals and declinations of invitations to open a charge account are transmitted to said server and customer records relating to said data are updated.

15. The method of claim 1, wherein said opening said charge account includes providing said customer with a charge card.

16. The method of claim 1, wherein said opening said charge account includes performing a fraud check, said fraud check including verifying said customer'"'"'s identity.

17. A storage medium encoded with machine-readable computer program code for pre-screening customer data by a selling entity for credit pre-approval determination of a customer at a point of sale location, the storage medium including instructions for causing the selling entity to implement a method comprising:

receiving said customer data at a point of sale system; and

during a check out process;

transmitting said customer data to a server;

searching a database for said customer data; and

based upon results of said searching;

performing a credit worthiness check; and

providing said customer with an invitation to open a charge account;

wherein if said customer accepts;

opening said charge account; and

if desired by said customer, executing a charge purchase during said check out process at said point of sale system.

18. The storage medium of claim 17, further comprising:

holding said invitation open for a predetermined period of time; and

providing said customer with information on how to access said invitation at a future date.

19. The storage medium of claim 17, wherein said customer data includes at least one of said customer'"'"'s:

name;

address;

telephone number;

social security number;

photo identification card; and

membership card relating to said selling entity.

20. The storage medium of claim 17, wherein said searching a database for said customer data includes determining whether a membership status of said customer is active or inactive;

wherein further said credit worthiness check is performed on customer data with an active status.

21. The storage medium of claim 17, wherein said searching a database for said customer data includes determining whether said customer has a current charge account with said selling entity.

22. The storage medium of claim 17 wherein said credit worthiness check is performed by a credit bureau.

23. The storage medium of claim 17, wherein said credit worthiness check is performed by a credit issuer.

24. The storage medium of claim 17 wherein said credit worthiness check is a full bureau check.

25. The storage medium of claim 17 wherein said credit worthiness check is a partial bureau check.

26. The storage medium of claim 17 wherein said performing a credit worthiness check includes determining at least one of:

a credit account limit;

an annual percentage rate; and

an account type;

for customers who have met specified criteria for said credit pre-approval determination.

27. The storage medium of claim 17, wherein said providing said customer with an invitation to open a charge account includes printing out said invitation and providing terms and conditions.

28. The storage medium of claim 17, wherein said providing said customer with an invitation to open a charge account includes:

offering said customer an incentive to accept said invention through at least one of;

a discount off of a purchase; and

a reduced interest rate.

29. The storage medium of claim 18, wherein said providing said customer information on how to access said invitation at a future date includes printing said information on a receipt at said point of sale system.

30. The storage medium of claim 17, wherein data related to pre-approvals and declinations of invitations to open a charge account are transmitted to said server and customer records relating to said data are updated.

31. The storage medium of claim 17, wherein said opening said charge account includes providing said customer with a charge card.

32. The storage medium of claim 17, wherein said opening said charge account includes performing a fraud check, said fraud check including verifying said customer'"'"'s identity.

33. A system for pre-screening customer data by a selling entity for credit pre-approval determination of a customer at a point of sale location, comprising:

a selling entity including;

at least one point of sale system coupled to a communications link;

a server coupled to said at least one point of sale system via said communications link;

a data storage device in communication with said server; and

a link to a credit information server;

wherein said customer data is processed and said credit pre-approval determination is made prior to said customer selecting a payment method.

34. The system of claim 33, wherein said point of sale system:

receives said customer data;

transmits said customer data to said server;

processes check out activities;

receives credit pre-approval determination information from said server;

prints out data related to said credit pre-approval determination information; and

if desired by a pre-approved customer, an account number is generated and a charge purchase is executed for merchandise selected by said customer.

35. The system of claim 33, wherein said server:

accesses customer records relating to said pre-approval determination; and

if customer data stored in said customer records meets specified criteria, transmits said customer to said credit information server for a credit worthiness check.

36. The system of claim 33, wherein said link to a credit information server includes a dedicated telephone line.

37. The system of claim 33, wherein said link to a credit information server includes an Internet connection.