PAYMENT CONVERGENCE SYSTEM AND METHOD

• US 20070094047A1
• Filed: 05/01/2006
• Published: 04/26/2007
• Est. Priority Date: 06/20/2002
• Status: Active Grant

• Current Assignee: Cardtek International Limited
• Original Assignee: Robert Sager
• Inventors: Sager, Robert
• Granted Patent: US 8,600,770 B2
• Time in Patent Office: Days
• US Class Current: 705/2
• CPC Class Codes: G06Q 10/10 Office automation; Time management
• CPC Class Codes: G06Q 20/02 involving a neutral party, e.g. certification authority, notary or trusted third party [TTP]
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/102 Bill distribution or payments
• CPC Class Codes: G06Q 20/204 comprising interface for record bearing medium or carrier for electronic funds transfer or payment credit
• CPC Class Codes: G06Q 20/357 Cards having a plurality of specified features
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

A method and system is provided for convergence of multiple independent applications into a single payment vehicle. In the context of a medical procedure, the invention provides for the convergence of medical/dental insurance with at least one secondary payment source to effect payment for the entire procedure. Through the instant invention insurance benefit information can be determined and funds blocked, then secondary payment source(s) can be utilized to effect payment of the insurance co-payment amount. The use of Smart Card technology enables the convergence at the point of sale of information about multiple applications/payment sources (i.e. insurance plan and secondary payment plan) that are processed to determine the amount of payment to be received from each source.

Claims

1. A payment convergence system comprising:

a portable storage medium;

a primary payment source information stored on said storage medium;

at least one secondary payment source information stored on said storage medium; and

a convergence information stored on said storage medium, said convergence information comprising instructions readable by a point of sale terminal accessing said storage medium while said storage medium is located at the location of said point of sale terminal, said instructions being used by said point of sale terminal for determining appropriate combination and order of utilization of said primary payment source information and said secondary payment source information to provide a single payment vehicle by communicating electronically through said point of sale terminal with said primary payment source and said at least one secondary payment source.

2. The system as claimed in claim 1 wherein said instructions are stored as data on said storage medium.

3. The system as claimed in claim 2 wherein at least a portion of said instructions are contained on said storage medium through the significance of the storage locations of said primary payment source information and said at least one secondary payment source information.

4. The system as claimed in claim 3 wherein at least a portion of said instructions are stored in a point of sale terminal.

5. The system as claimed in claim 2 wherein said storage medium comprises a Smart Card.

6. The system as claimed in claim 1 wherein said instructions comprise instructions for first processing said primary payment source information to determine a primary payment amount and then processing said at least one secondary payment source information to obtain payment of a secondary payment amount which comprises a remainder of a transaction total due after payment of said primary payment amount.

7. A method of providing payment for a medical/dental procedure comprising the steps of:

storing insurance policy information and consumer credit instructions on a portable storage medium, said consumer credit instructions including order information;

determining a procedure cost;

obtaining said insurance policy information and said consumer credit instructions from said storage medium via a point of sale terminal while said storage medium is located at the location of said point of sale terminal;

utilizing said order information to determine an order for utilizing said insurance policy information and information regarding a consumer credit vehicle;

analyzing by said point of sale terminal a primary payment amount to be provided by an insurance policy for the procedure and a co-payment amount based upon said insurance policy information; and

assigning electronically for payment the co-payment amount to said consumer credit vehicle through said point of sale terminal by utilization of said consumer credit instructions.

8. The method as claimed in claim 7 wherein said consumer credit vehicle is selected from the group consisting of a first party payment source, a third party payment source, and any combination thereof.

9. A method of providing payment for transaction comprising the steps of:

storing primary payment source information and consumer credit instructions on a portable storage medium, said consumer credit instructions including order information;

determining a transaction cost;

obtaining said primary payment source information and said consumer credit instructions from said storage medium via a point of sale terminal while said storage medium is located at the location of said point of sale terminal;

utilizing said order information to determine an order for utilizing said primary payment source information and information regarding a consumer credit vehicle;

analyzing by said point of sale terminal a primary payment amount to be provided by said primary payment source for the transaction and a remainder; and

assigning electronically for payment the remainder amount to said consumer credit vehicle through said point of sale terminal by utilization of said consumer credit instructions.

10. The method as claimed in claim 9 wherein said consumer credit vehicle is selected from the group consisting of a first party payment source, a third party payment source, and any combination thereof.