Installment purchase card and related systems and methods for making informed consumer purchases
OwnerPhillip Dominick Manciniinventor
Life of this patent
Estimating the term…
Abstract
Systems and methods for making installment based credit purchase. A consumer may access a network interface to see how a contemplated purchase will affect their existing obligations on the account under a variety of repayment options. When approving a purchase request from a retailer, the system will determine if the purchase qualifies for installment repayment based on price and type of product/service. If the purchase qualifies and if the consumer's account will support the purchase, the user will be presented with a variety of repayment options. The purchase will be authorized at the selected repayment option.
Claims18
A method of providing information corresponding to a contemplated credit purchase comprising:
- receiving purchase information from a consumer at a centralized data processing system via a network-based account interface, the purchase information comprising at least a purchase price of a contemplated purchase;
- receiving an identification input corresponding to the consumer at the centralized data processing system that uniquely identifies the consumer;
- correlating by a computer the unique identifier to an account associated with the consumer;
- automatically determining if the contemplated purchase qualifies for installment repayment;
- automatically generating by the computer a plurality of installment repayment scenarios corresponding to an installment-based credit account of the consumer with the centralized data processing system, the repayment scenarios based on the purchase price of the contemplated purchase an any existing repayment obligations of the consumer on the credit account corresponding to purchases already made by the consumer;
- and
- transmitting the plurality of repayment scenarios to the consumer from the centralized data processing system to the network-based account interface.
A credit instrument application process comprising:
- receiving income information from an applicant at a credit application computer server;
- receiving a social security number from an applicant;
- automatically performing a credit record check based at least in part on the social security number;
- and automatically by a computer approving the applicant for a credit instrument having a maximum monthly installment payment limit based at least in part on the income information and existing monthly obligations as evidenced by the credit record check, the credit instrument comprising an installment loan-based credit card configured to permit the applicant to make credit purchases that are repaid on an installment basis.
A method for performing online commerce comprising:
- providing a hyperlink to a credit account server on a web page associated with a product or service sold by a retailer;
- in response to selection of the hyperlink by a consumer, receiving an automated request for a contemplated purchase scenario;
- at the credit account server computer, the requesting including an indication of an item or service to be purchased and a cost associated with the item or service;
- receiving identification information corresponding to the consumer that uniquely identifies the consumer;
- correlating the consumer to a credit account of the consumer based on the identification information;
- confirming that the contemplated purchase exceeds a minimum dollar amount and is not a consumption purchase and therefore qualifies for installment repayment;
- automatically generating a plurality of repayment scenarios with the credit account server computer that assume the purchase of the product or service is financed with the credit account, each of the plurality of repayment scenarios providing a simple interest-based monthly payment amount that includes all existing simple interest monthly repayment obligations of the consumer on the credit account for purchases already made by the consumer;
- transmitting the plurality of repayment scenarios from the credit account server computer to the consumer in a web browser interface;
- receiving a selection of one of the plurality of repayment scenarios from the consumer;
- and
- providing a link to return to the web page to purchase the product or service under one of the plurality of repayment scenarios.
Dependencies are inferred from the claim text.