Reimbursement process and processor for conducting a financial transaction

• US 7,464,859 B1
• Filed: 12/16/2005
• Issued: 12/16/2008
• Est. Priority Date: 12/17/2004
• Status: Expired due to Fees

• Current Assignee: Fred Hawkins
• Original Assignee: Fred Hawkins
• Inventors: Hawkins, Fred
• Primary Examiner(s): Lee; Seung H
• Application Number:
  US11/304,591
• Time in Patent Office: 1,096 Days
• Field of Search: 235/379, 235/375, 235/380, 235/382, 705/35, 705/39
• US Class Current: 235/379
• CPC Class Codes: G06Q 20/12 specially adapted for electronic shopping systems
• CPC Class Codes: G06Q 20/227 characterised in that multiple accounts are available, e.g. to the payer
• CPC Class Codes: G06Q 20/407 Cancellation of a transaction
• CPC Class Codes: G06Q 30/06 Buying, selling or leasing transactions
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes

Abstract

A purchase account is issued without association to a reimbursement account. The purchase account is registered, forming an association with the reimbursement account for reimbursement transactions. At least one purchase transaction is conducted by a user using the registered purchase account, including reimbursable and/or unallowable purchases. An obligation is created upon the user of the registered purchase account to pay for the at least one purchase transaction with funds associated with the user from an account other than the reimbursement account. Purchase transaction data associated with the at least one purchase transaction is collected and forwarded to a reimbursement processor. Purchases that are reimbursable from the purchase transaction data are identified using the reimbursement processor. Authorization for reimbursement is implemented when there are identified reimbursable purchases. The identified reimbursable purchases are associated with the reimbursement account based upon the association created between the registered purchase account and the reimbursement account.

Claims

1. A method of conducting a financial transaction, comprising the steps of:

issuing a purchase account with an absence of association to a reimbursement account;

registering the purchase account,

wherein an association with the reimbursement account is formed for reimbursement transactions;

conducting at least one purchase transaction by a user using the registered purchase account,

wherein the at least one purchase transaction comprises at least one of reimbursable and unallowable purchases,

wherein the at least one purchase transaction creates an obligation upon the user of the registered purchase account to pay for the at least one purchase transaction with funds associated with the user from an account other than the reimbursement account, and

wherein purchase transaction data associated with the at least one purchase transaction is collected;

forwarding the purchase transaction data to a reimbursement processor;

identifying purchases that are reimbursable from the purchase transaction data, using the reimbursement processor; and

implementing authorization for reimbursement when there are identified reimbursable purchases,

wherein the identified reimbursable purchases are associated with the reimbursement account based upon the association created between the registered purchase account and the reimbursement account.

2. The method of claim 1, further comprising:

identifying the purchase transaction data.

3. The method according to claim 2, wherein the step of identifying the purchase transaction data comprises:

receiving the forwarded purchase transaction data in the reimbursement processor in an encrypted format;

comparing the received encrypted format transaction data to a set of known encrypted format transaction data; and

determining or not the user based on the comparison between the received encrypted format transaction data and the set of known encrypted format data.

4. The method of claim 1, wherein the step of conducting is performed by the user at a registered vendor.

5. The method of claim 4, comprising the step of:

settling payment with the registered vendor for the at least one purchase transaction.

6. The method of claim 1, wherein the step of implementing authorization comprises the step of:

facilitating authorization for reimbursement to at least one settlement account for the identified reimbursable purchases.

7. The method of claim 1, comprising the step of:

registering the reimbursement account, at least one settlement account and at least one registered purchase account for a user.

8. The method of claim 1, comprising the step of:

re-affirming an agreement with the user, each time the registered purchase account is used, that reimbursable purchases made in connection with the registered purchase account will only be used for authorized purposes.

9. The method of claim 1, wherein the registered purchase account comprises a registered card.

10. The method of claim 9, comprising the step of:

affixing a decal to the registered card that enables compliance with regulations relating to purchases that initiate disbursements from the reimbursement account.

11. The method of claim 1, wherein the purchase transaction data is forwarded in a secure format.

12. The method of claim 11, comprising the step of:

encrypting the purchase transaction data using a hashing function associated with the registered purchase account.

13. The method of claim 1, comprising the step of:

storing the purchase transaction data associated with the at least one purchase transaction.

14. The method of claim 1, comprising the step of:

aggregating purchase transaction data associated with a plurality of purchase transactions from a plurality of registered purchase accounts associated with the user.

15. The method of claim 1, wherein the step of identifying comprises the step of:

applying business logic to identify purchases of the at least one purchase transaction that are reimbursable.

16. The method of claim 15, wherein the step of applying business logic comprises the step of:

determining applicability of reimbursement of reimbursable purchases from unallowable purchases.

17. The method of claim 1, wherein the step of implementing authorization comprises the step of:

one of confirming, denying and delaying authorization of reimbursement.

18. The method of claim 17, comprising the step of:

requesting additional information from the user to implement authorization for reimbursement.

19. The method of claim 17, comprising the step of:

receiving authorization of reimbursement from a third-party entity.

20. The method of claim 1, comprising the step of:

forwarding reimbursable purchase data to a third-party entity.

21. The method of claim 1, comprising the step of:

storing an amount for reimbursement.

22. The method of claim 1, comprising the step of:

aggregating a total amount of reimbursement from a plurality of purchase transactions.

23. The method of claim 1, comprising the step of:

aggregating a total amount of reimbursement on purchase transactions from a plurality of registered purchase accounts associated with the user.

24. The method of claim 23, comprising the step of:

classifying purchase transactions from each of the plurality of registered purchase accounts associated with the user.

25. The method of claim 1, comprising the step of:

recording a reimbursed amount and purchase transaction data associated with the reimbursed amount.

26. The method of claim 1, comprising the step of:

recording a settlement transaction for the reimbursement.

27. The method of claim 1, wherein the reimbursement account comprises at least one of a healthcare spending account, a dependent care account, a flexible spending account and a transit account.

28. The method of claim 1, wherein the reimbursement account comprises at least one of a corporate expense account, a client expense account, and an employer'"'"'s expense account.

29. The method of claim 1, comprising the step of:

collecting reimbursement funds from a plurality of reimbursement accounts into at least one settlement account.

30. The method of claim 29, comprising the step of:

depositing funds from the plurality of reimbursement accounts into at least one registered purchase account.

31. The method of claim 1, comprising the step of:

issuing one of a check, draft and a transfer of funds from the reimbursement account into a payroll account.

32. The method of claim 1, comprising the step of:

providing reimbursement information to at least the user.

33. The method of claim 1, comprising the step of:

reversing a payment transaction for an unallowable purchase.

34. The method of claim 1, comprising the step of:

reversing a disbursement when the disbursement was made for unallowable purchases.

35. The method of claim 34, comprising the step of:

reporting information associated with disbursement for unallowable purchases.

36. The method of claim 1, wherein the registered purchase account comprises one of a credit card, a credit account, a debit card, a debit account, a customer loyalty card, a customer loyalty account and a vendor billing account.

37. The method of claim 36, comprising the step of:

identifying the one of the credit card, the credit account, the debit card, the debit account, the customer loyalty card, the customer loyalty account and the vendor billing account as the registered purchase account.

38. A method of conducting a financial transaction, comprising the steps of:

receiving purchase transaction data associated with at least one purchase transaction conducted by a user using a registered purchase account,

wherein the registered purchase account is issued with an absence of association to a reimbursement account,

wherein the at least one purchase transaction comprises at least one of reimbursable and unallowable purchases,

wherein the at least one purchase transaction creates an obligation upon the user of the registered purchase account to pay for the at least one purchase transaction with funds associated with the user from an account other than the reimbursement account,

wherein purchase transaction data associated with the at least one purchase transaction is collected, and

wherein, subsequent to the issuance of the registered purchase account, an association is created between the registered purchase account and the reimbursement account for reimbursement transactions;

identifying purchases that are reimbursable from the purchase transaction data; and

implementing authorization for reimbursement when there are identified reimbursable purchases,

wherein the identified reimbursable purchases are associated with the reimbursement account based upon the association between the registered purchase account and the reimbursement account.

39. A method of conducting a financial transaction, comprising the steps of:

collecting purchase transaction data associated with a user,

wherein the purchase transaction data is associated with at least one purchase transaction conducted by the user using a registered purchase account,

wherein the registered purchase account is issued with an absence of association to a reimbursement account,

wherein the at least one purchase transaction comprises at least one of reimbursable and unallowable purchases, and

wherein the at least one purchase transaction creates an obligation upon the user of the registered purchase account to pay for the at least one purchase transaction with funds associated with the user from an account other than the reimbursement account; and

providing the collected purchase transaction data for analysis,

wherein, subsequent to the issuance of the registered purchase account, an association is created between the registered purchase account and the reimbursement account for reimbursement transactions,

wherein purchases from the purchase transaction data are analyzed to determine reimbursable purchases and unallowable purchases,

wherein authorization for reimbursement is initiated when there are reimbursable purchases, and

wherein the reimbursable purchases are associated with the reimbursement account based upon the association between the registered purchase account and the reimbursement account.

40. The method of claim 39, comprising the step of:

providing incentives to the user based on the analysis of the collected purchase transaction data.

41. A method of conducting a financial transaction, comprising the steps of:

providing a registered purchase account to a user by a third-party entity,

wherein the registered purchase account is issued with an absence of association to a reimbursement account,

wherein the user uses the registered purchase account to conduct purchase transactions,

wherein the purchase transactions comprise at least one of reimbursable and unallowable purchases, and

wherein the purchase transactions create an obligation upon the user of the registered purchase account to pay for the purchase transactions with funds associated with the user from an account other than the reimbursement account;

collecting purchase transaction data associated with the purchase transactions on behalf of the third-party entity;

analyzing purchase transactions from the purchase transaction data to determine reimbursable purchases and unallowable purchases,

wherein, subsequent to the issuance of the registered purchase account, an association is created between the registered purchase account and the reimbursement account for reimbursement transactions,

wherein authorization for reimbursement is initiated when there are reimbursable purchases, and

wherein the reimbursable purchases are associated with the reimbursement account based upon the association between the registered purchase account and the reimbursement account; and

forwarding information associated with the analyzed purchase transaction data to the third-party entity.

42. A method of conducting a financial transaction, comprising the steps of:

obtaining a registered purchase account by a user,

wherein the registered purchase account is issued with an absence of association to a reimbursement account;

conducting purchase transactions using the registered purchase account,

wherein the purchase transactions comprise at least one of reimbursable and unallowable purchases,

wherein the purchase transactions create an obligation upon the user of the registered purchase account to pay for the purchase transactions with funds associated with the user from an account other than the reimbursement account,

wherein purchase transaction data associated with the purchase transactions conducted by the user is collected,

wherein, subsequent to the issuance of the registered purchase account, an association is created between the registered purchase account and the reimbursement account for reimbursement transactions,

wherein purchase transactions from the collected purchase transaction data are analyzed to determine reimbursable purchases and unallowable purchases,

wherein authorization for reimbursement is initiated when there are reimbursable purchases, and

wherein the reimbursable purchases are associated with the reimbursement account based upon the association between the registered purchase account and the reimbursement account.

43. A system for conducting a financial transaction, comprising:

a purchase transaction data collector,

wherein a registered purchase account is issued with an absence of association to a reimbursement account,

wherein at least one purchase transaction is conducted by a user using the registered purchase account,

wherein the at least one purchase transaction comprises at least one of reimbursable and unallowable purchases,

wherein the at least one purchase transaction creates an obligation upon the user of the registered purchase account to pay for the at least one purchase transaction with funds associated with the user from an account other than the reimbursement account,

wherein the purchase transaction data collector is configured to collect purchase transaction data associated with the at least one purchase transaction, and

wherein, subsequent to the issuance of the registered purchase account, an association is created between the registered purchase account and the reimbursement account for reimbursement transactions; and

a reimbursement processor in communication with the purchase transaction data collector,

wherein the reimbursement processor is configured to receive the purchase transaction data from the purchase transaction data collector,

wherein the reimbursement processor is configured to identify purchases that are reimbursable from the purchase transaction data,

wherein the reimbursement processor is configured to implement authorization for reimbursement when there are identified reimbursable purchases, and

wherein the identified reimbursable purchases are associated with the reimbursement account based upon the association between the registered purchase account and the reimbursement account.

44. A system for conducting a financial transaction, comprising:

means collecting purchase transaction data associated with a user,

wherein the purchase transaction data is associated with at least one purchase transaction conducted by the user using a registered purchase account,

wherein the registered purchase account is issued with an absence of association to a reimbursement account,

wherein the at least one purchase transaction comprises at least one of reimbursable and unallowable purchases,

wherein the at least one purchase transaction creates an obligation upon the user of the registered purchase account to pay for the at least one purchase transaction with funds associated with the user from an account other than the reimbursement account,

wherein, subsequent to the issuance of the registered purchase account, an association is created between the registered purchase account and the reimbursement account for reimbursement transactions; and

means for analyzing the collected purchase transaction data,

wherein the purchase transaction data analyzing means is configured to analyze purchases from the purchase transaction data to determine reimbursable purchases and unallowable purchases,

wherein authorization for reimbursement is initiated when there are reimbursable purchases, and

wherein the reimbursable purchases are associated with the reimbursement account based upon the association between the registered purchase account and the reimbursement account.