Credit card billing system for identifying expenditures on a credit card account

• US 6,032,134 A
• Filed: 11/18/1998
• Issued: 02/29/2000
• Est. Priority Date: 11/18/1998
• Status: Expired due to Term

• Current Assignee: Steven I. Weissman
• Original Assignee: Steven I. Weissman
• Inventors: Weissman, Steven I.
• Primary Examiner(s): Voeltz, Emanuel Todd
• Assistant Examiner(s): Morgan, George D.
• Application Number:
  US09/195,132
• Time in Patent Office: 468 Days
• Field of Search: 705/16, 705/17, 705/18, 705/35, 705/39, 705/26, 705/42, 705/40
• US Class Current: 705/40
• 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 20/102 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 20/24 Credit schemes, i.e. "pay after"
• CPC Class Codes: G06Q 20/385 using an alias or single-use codes
• CPC Class Codes: G06Q 20/405 Establishing or using transaction specific rules
• CPC Class Codes: G06Q 30/04 Billing or invoicing
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes

Abstract

A data processing system and method are provided for allocating all charged transactions, accrued interest attributable to each charged transaction, and payments made by respective credit cardholders, to sub-accounts specifically designated by the cardholder. In particular, at the point of purchase, the cardholder specifies one or more designated sub-accounts to which the charge is to be allocated. The data processing system allocates to each designated sub-account all charges specified, as well as all interest charges that accrue as to each designated sub-account to which the interest charges are attributable. As each periodic payment is made by the cardholder, the cardholder has the capability of specifying the designated sub-account or portion thereof which is being paid. The data processing system allocates each payment to the designated sub-account(s) specified by the cardholder and calculates interest charges allocable to each designated sub-account as adjusted by each payment by the cardholder. The data processing system also tracks and calculates all charges and payments on a cumulative basis (i.e., without regard to the sub-accounts) so that monthly or other period billing statements will reflect cumulative charges for the billing period, and prior outstanding account balances and credits. The system also calculates and generates a breakdown of new charges to each sub-account for the billing period, as well as cumulative outstanding balances on each sub-account.

Claims

1. A data processing system for managing and producing statements for a credit card account of a cardholder, comprising:

first means provided at points of purchase for entering charge data including data identifying one or more sub-accounts, designated by the cardholder, to which charged transactions are to be allocated;

second means for processing data for said credit card account including each of said designated sub-accounts;

third means for storing said data on a storage medium;

fourth means for processing said data, said processing including;

(i) allocating said charged transactions to said one or more designated sub-accounts; and

(ii) allocating interest accruals among said one or more designated sub-accounts to which said interest accruals are attributable;

fifth means for processing said data, said processing including allocating payments made by the cardholder to said one or more designated sub-accounts; and

sixth means for processing periodic statements, said processing including;

(i) calculating said charged transactions, said interest accruals, and said payments made by the cardholder;

(ii) allocating said calculated charged transactions, said calculated interest accruals and said calculated payments to said one or more designated sub-accounts; and

(iii) generating the periodic statements including a report showing said calculated charged transactions, said calculated interest accruals, and said calculated payments on both a sub-account basis and a cumulative basis for the credit card account.

2. A data processing system as recited in claim 1 wherein said first means comprises:

a charge slip having means thereon for entering said designated one or more sub-accounts.

3. A data processing system as recited in claim 1 wherein said first means comprises:

means for electronically entering said designated one or more sub-accounts.

4. A data processing system as recited in claim 1 wherein said sixth means further comprises:

means for identifying said charge data including said charged transactions and said payments according to specified time periods; and

means for retrieving said charge data according to said specified time periods.

5. A data processing system as recited in claim 1 wherein said sixth means further comprises:

means for calculating a total of said charged transactions, said interest accruals and credits for the entire credit card account on a cumulative basis.

6. A data processing system as recited in claim 5 wherein said sixth means further comprises:

means for calculating a total of said charged transactions, said interest accruals and said credits for each of said one or more designated sub-accounts over a specified period.

7. A data processing system as recited in claim 6 wherein said second means further comprises:

means for retrieving from said storage medium said data for each of said one or more designated sub-accounts;

means for correcting and updating said data for each of said one or more designated sub-accounts;

means for inputting and storing on said storage medium data regarding increases or decreases in said credit card account data and said data for each of said one or more designated sub-accounts;

means for retrieving said data from said storage medium including said credit card account data and data for each of said one or more designated sub-accounts, said means for retrieving being structured to permit retrieval of said data according to specified billing periods, total charges, and credits for said credit card account and for each of said one or more designated sub-accounts;

means for calculating and processing said data on a daily basis to obtain aggregate year-end reports showing a total of said charged transactions and said credits for said credit card account and for each of said one or more designated sub-accounts; and

means for storing the data regarding said aggregate year-end report on said storage medium.

8. A method for managing and producing statements for a credit card account of a cardholder, said method comprising the steps of:

designating, at points of purchase, one or more expenditure groupings on a single credit card account to which expenditures made at the points of purchase are to be allocated in accordance with the accounting needs of the cardholder;

transmitting data, including said expenditures and each of said designated expenditure groupings, from the points of purchase to a processing location;

processing said data, including said expenditures, for said credit card account including each of said designated expenditure groupings;

storing said data on a storage medium;

processing said data including the further steps of;

(i) allocating said expenditures to said one or more designated expenditure groupings;

(ii) allocating interest accruals among said one or more designated expenditure groupings to which said interest accruals are attributable;

processing said data including allocating payments made by the cardholder to said one or more designated expenditure groupings; and

processing periodic statements including the further steps of;

(i) calculating said expenditures, said interest accruals, and said payments made by the cardholder;

(ii) allocating said calculated expenditures, said calculated interest accruals, and said calculated payments to said one or more designated expenditure groupings; and

(iii) generating the periodic statements including providing a report showing said calculated expenditures, said calculated interest accruals, and said calculated payments on both an expenditure grouping basis and a cumulative basis for the credit card account.

9. The method as recited in claim 8 wherein said step of designating further includes the step of:

identifying said one or more expenditure groupings on a charge slip.

10. The method as recited in claim 8 wherein said step of designating further includes the step of:

electronically entering data identifying said one or more expenditure groupings.

11. The method as recited in claim 8 further including the steps of:

identifying said data including said expenditures and said payments according to specified time periods; and

retrieving said data according to said specified time periods.

12. The method as recited in claim 8 wherein said step of processing periodic statements further includes the step of:

calculating a total of said expenditures, said interest accruals, and credits for the entire credit card account on a cumulative basis.

13. The method as recited in claim 12 wherein said step of processing periodic statements further includes the step of:

calculating a total of said expenditures, said interest accruals, and said credits for each of said one or more designated expenditure groupings over a specified period.

14. The method as recited in claim 13 wherein said step of processing data for said credit card account includes the further steps of:

retrieving from said storage medium said data for each of said one or more designated expenditure groupings;

correcting and updating said data for each of said one or more designated expenditure groupings;

inputting and storing on said storage medium data regarding increases or decreases in said credit card account data and said data for each of said one or more designated expenditure groupings;

retrieving said data from said storage medium including said credit card account data and data for each of said one or more designated expenditure groupings, said step of retrieving further including retrieving said data according to specified billing periods, total charges, and credits for said credit card account and for each of said one more designated expenditure groupings;

calculating and processing said data on a daily basis to obtain aggregate year-end reports showing a total of said expenditures and said credits for said credit card account and for each of said one or more designated expenditure groupings; and

storing the data regarding said aggregate year-end report on said storage medium.