Method, apparatus and program for customizing credit accounts

• US 6,374,230 B1
• Filed: 08/02/1999
• Issued: 04/16/2002
• Est. Priority Date: 03/12/1997
• Status: Expired due to Term

• Current Assignee: PayPal, Inc. (PayPal Holdings, Inc.)
• Original Assignee: Walker Digital LLC (Walker Innovation Inc. (f/k/a Patent Properties, Inc.))
• Inventors: Jorasch, James A., Walker, Jay S.
• Primary Examiner(s): Peeso, Thomas R.
• Application Number:
  US09/365,644
• Time in Patent Office: 988 Days
• Field of Search: 705/1, 705/3, 705/17, 705/26, 705/27, 705/35
• US Class Current: 705/35
• 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 20/18 involving self-service terminals [SST], vending machines, kiosks or multimedia terminals
• 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 30/02 Marketing; Price estimation or determination; Fundraising
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof
• CPC Class Codes: G07F 19/20 Automatic teller machines [ATMs]

Abstract

An apparatus, method, and program for customizing credit accounts and calculating an appropriate price for this customization. Customers with existing credit accounts and parameters of their accounts, in exchange for a fee to be collected by the credit issuser. The fee may depend on the particular set of parameters selected by the customer.

Claims

1. A method for negotiating parameters of a credit account, the method comprising:

receiving a request for a desired credit account, the request including at least a first requested account parameter;

comparing the at least first requested account parameter with a set of available parameters to calculate a price for a proposed credit account responsive to the request; and

submitting a proposal to a customer, the proposal including the price for the proposed credit account.

2. The method of claim 1, further comprising:

receiving a customer acceptance of the proposal.

3. The method of claim 1, further comprising:

receiving a customer denial of the proposal.

4. The method of claim 1, wherein the request further comprises a set of customer information.

5. The method of claim 4, wherein the price for the proposed credit account is calculated based on the at least one available account parameter and the set of customer information.

6. The method of claim 4, wherein the set of customer information comprises an account identifier that specifies a pre-existing credit account.

7. The method of claim 1, wherein the price for the proposed credit account is calculated based on the at least one available account parameter.

8. The method of claim 1, wherein the price for the proposed credit account includes a monetary inducement to the customer.

9. The method of claim 1, wherein the first requested account parameter is selected from at least the following parameters:

(i) a desired credit limit;

(ii) a desired interest rate; and

(iii) a desired time period.

10. The method of claim 4, further comprising retrieving customer parameters corresponding to the customer information.

11. The method of claim 4, further comprising retrieving credit history information for a person identified by the customer information, the method further comprising the step of:

calculating the price based upon the credit history information.

12. A data processing apparatus for negotiating terms of a credit account with a customer, wherein the customer requests a desired credit account having at least a first customer-selected account parameter, comprising:

a memory storing a program;

a processor in communication with the memory;

wherein the processor is directed by the program to;

compare the at least first customer-selected account parameter with a set of available parameters to calculate a price for a proposed credit account responsive to the customer request; and

forward a proposal to the customer, the proposal including the price for the proposed credit account, wherein the price is based in part upon the at least first customer-selected parameter.

13. An apparatus for negotiating terms of a credit account with a customer, wherein the customer requests a desired credit account, comprising:

means for receiving a customer message containing information regarding the desired credit account including at least a first customer-selected account parameter;

means for comparing the at least first customer-selected account parameter with a set of available parameters to calculate a price for a proposed credit account having the at least first customer-selected account parameter; and

means for forwarding a proposal to the customer, the proposal including a price for the proposed credit account;

wherein the price is based in part upon the at least first customer-selected parameter.

14. A computer-readable medium storing computer-readable instructions that direct a microprocessor to:

receive a request for a desired credit account from a customer, the request including at least a first requested account parameter;

compare the at least first requested account parameter with a set of available parameters to calculate a price for a proposed credit account having the at least first requested account parameter; and

submit a proposal to the customer, the proposal including the price for the proposed credit account.