Systems and/or methods for simplifying payment systems, and payment instruments implementing the same

• US 20070168282A1
• Filed: 01/16/2007
• Published: 07/19/2007
• Est. Priority Date: 01/13/2006
• Status: Abandoned Application

• Current Assignee: Advanced Payment Products LLC
• Original Assignee: Advanced Payment Products LLC
• Inventors: Giordano, Joseph A.
• Application Number:
  US11/653,374
• Publication Number:
  US 20070168282A1
• Time in Patent Office: Days
• US Class Current: 705/40
• CPC Class Codes: G06Q 20/102 Bill distribution or payments
• CPC Class Codes: G06Q 20/20 Point-of-sale [POS] network systems
• 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 20/227 characterised in that multiple accounts are available, e.g. to the payer
• CPC Class Codes: G06Q 20/341 Active cards, i.e. cards including their own processing means, e.g. including an IC or chip
• CPC Class Codes: G06Q 20/3572 Multiple accounts on card
• CPC Class Codes: G07F 7/1008 Active credit-cards provided with means to personalise their use, e.g. with PIN-introduction/comparison system

Abstract

The exemplary embodiments described herein relate to systems and/or methods for simplifying payment systems, and payment instruments implementing the same. In particular, certain exemplary embodiments relate to a single payment device (e.g., a card) with multiple magnetic strips, a single payment device being linked to multiple accounts, a single payment device having a button required before transmission of payment information, and/or a single payment device being linked to a sub-account (e.g., a petty cash account).

Claims

1. A payment instrument comprising a card on which at least two account identifiers are disposed, each said account identifier being disposed proximate to an edge of the card.

2. The payment instrument of claim 1, wherein the account identifiers are magnetic strips.

3. The payment instrument of claim 1, wherein the payment instrument comprises two account identifiers disposed on one side of the card proximate to each opposing edge of the card.

4. The payment instrument of claim 1, wherein the payment instrument comprises two account identifiers disposed on opposing sides of the card proximate to a one edge of the card.

5. The payment instrument of claim 1, wherein the payment instrument comprises four account identifiers, two account identifiers being disposed on a first side of the card proximate to each opposing edge of the first side of the card, and two account identifiers being disposed on a second side of the card proximate to each opposing edge of the second side of the card.

6. The payment instrument of claim 1, wherein each account identifier is associated with a single account.

7. A product system operable to route a transaction in dependence on a payment type selected by a user at a point-of-sale after the user presents a single payment instrument at the point-of-sale, wherein:

when the payment type is indicative of a credit transaction, the product system is configured to route the transaction by posting the transaction to a billing system as a credit card transaction; and

,

when the payment type is indicative of a debit transaction, the product system is configured to route the transaction by identifying a debit account and a bank associated with the debit account and debiting the identified debit account in accordance with procedures of the identified bank.

8. The product system of claim 7, wherein the product system is further configured to identify a first debit account and a first bank associated with the first debit account from among a plurality of debit accounts associated with one or more banks, each debit account being accessible by the user, the first debit account associated with the first bank being the debit account to be debited by the product system.

9. A single payment instrument for use with the product system of claim 7.

10. A method of routing a payment transaction, the method comprising:

receiving a payment type at a point-of-sale; and

,

routing the payment transaction in dependence on the selected payment type;

wherein

when the selected payment type is a credit, posting the payment transaction to a billing system as a credit card transaction; and

,

when the selected payment type is a debit;

identifying a debit account and a bank associated with the debit account; and

,

debiting the identified bank account in accordance with procedures of the identified bank.

11. The method of claim 10, further comprising receiving an authorization to process the payment transaction.

12. The method of claim 10, further comprising receiving an input indicating the credit or debit account to be charged from among a plurality of credit and/or debit accounts associated with a payment instrument presented at the point-of-sale.

13. A method of routing a payment transaction initiated by a user at a point-of-sale, the method comprising:

receiving details of the payment transaction from a point-of-sale system;

determining whether the payment transaction details match one or more criteria specified by the user in advance of the payment transaction; and

,

when there is a match, charging a sub-account of a main account associated with a payment instrument presented by the user at the point-of-sale, and

when there is not a match, charging the main account associated with the payment instrument presented by the user.

14. The method of claim 13, further comprising when the sub-account drops below a threshold level of funds, replenishing the sub-account with funds from the main account.

15. The method of claim 13, wherein the criteria includes one or more of an amount of the payment transaction initiated by the user, a identification number input by the user at the point-of-sale, a number of payment transactions initiated by the user, and a time period during which a payment transaction may be initiated by the user.

16. The method of claim 13, wherein the sub-account is a petty cash account.

17. A payment instrument associated with an bank account, comprising:

a transmitter for wirelessly transmitting information about the bank account to a point-of-sale system to complete a payment transaction, and

transmission enabling logic circuitry having a first state indicative of enabled transmission and a second state indicative of disabled transmission;

wherein the transmitter is configured to transmit the bank account information in dependence on the state of the transmission enabling logic circuitry.

18. The payment instrument of claim 17, further comprising a button, and wherein the transmission enabling logic circuitry enables transmission of the bank account information only when the button is depressed.

19. The payment instrument of claim 17, further comprising a button, and wherein the transmission enabling logic circuitry enables transmission of the bank account information only within a predetermined time interval of when the button is depressed.

20. The payment instrument of claim 17, further comprising a switch, and wherein the transmission enabling logic circuitry enables transmission of the bank account information only when the switch is turned on.