Customizable payment system and method

a payment system and payment method technology, applied in the field of customizable payment system and method, can solve the problems of excessive time that may be required for delivering physical documents, excessive overhead costs involved in delivering physical documents, and inefficient conventional methods of billing and payment, so as to prevent errors and/or fraudulent transactions, facilitate payments, and reduce the effect of misapplication

Inactive Publication Date: 2006-12-14
PAYFORMANCE CORP
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  • Summary
  • Abstract
  • Description
  • Claims
  • Application Information

AI Technical Summary

Benefits of technology

The present invention relates to a system where multiple people can participate in a secure way to make purchases or receive payments without any mistakes or frauds. It checks if they're really who they were supposed to be doing business with and helps ensure they don't have anything wrong about how much money they took up. Additionally, it keeps track of all receipts from different payors and sends notifications when there are no more than one receiving payment. Overall, this technology ensures fairness between buyers and sellers while maintaining security measures.

Problems solved by technology

The technical problem addressed in this patent text relates to the difficulty of efficiently collecting and managing invoices and payments during healthcare transactions, particularly when there are multiple parties involved. This makes it difficult for healthcare providers to keep track of their accounts receivable and pay them accordingly. Additionally, current methods require significant manual documentation and storage, making it challenging for healthcare providers to manage large numbers of paper documents.

Method used

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  • Customizable payment system and method
  • Customizable payment system and method
  • Customizable payment system and method

Examples

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Embodiment Construction

[0033] The invention disclosed herein may be beneficially applied to diverse business entities across numerous service and manufacturing industries such as the health care industry, the automotive industry, the food services industry, or any other manufacturing or service industries, such as the financial institutions associated with the payment process (including banks, credit unions, brokerages and insurance companies).

[0034] One embodiment of the invention is depicted in FIG. 1. FIG. 1 shows a payer 110 in communication via a link 160 with a customized account processing center (CAPC) 120. FIG. 1 also shows a bank or other financial institution 140 in communication via the link 168 with the CAPC 120. FIG. 1 also shows a payee 130 in communication via the link 165 with the CAPC 120. FIG. 1 also shows a database 150 which is accessible and communicatively coupled to the CAPC 120. It should be noted that the communication links 160, 165 and 168 can be any of a number of types communic

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Abstract

The invention provides a system and method for facilitating secure payments to a payee. In accordance with the invention, a payee can enroll and/or register with a customized account processing center (CAPC). The CAPC can include payment information about the payee, such as the payee's account number and the payee's preferred payment format. When a payee is registered and elects payment via electronic funds transfer, the CAPC issues instructions to the bank to transfer funds from the payer's bank account to the payee's bank account which may be at the same bank or at a different bank. The CAPC can also create a detailed record of payment histories which are accessible to the payee. The CAPC also can send a notification to the payee when a payment is made.

Description

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Claims

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Application Information

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Owner PAYFORMANCE CORP
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