Method and System for Flexible Payment Processing

Abstract

A system and method are provided that include determining eligibility of customers for flexible payment status and allowing the customers to implement the flexible payment status. The determination for eligibility is based on customer identity, payment date, and payment due date. Flex accrual is calculated if the customer is eligible for flexible payment status. The flex accrual is based on the payment amount, payment date, and payment due date. The system communicates the flex accrual to the customer and the customer is able to utilize the flex accrual by making a late payment without penalty.

1 - 21 . (canceled) 
     
     
         22 . A computerized method for enhancing payment flexibility for customers, the method comprising:
 storing, in at least one computer storage medium, customer data and instructions;   accessing the at least one computer storage medium using at least one computer processor and executing stored instructions with the at least one computer processor to perform steps including;
 receiving payment notification upon payment of a credit bill by an identified customer, the payment notification including a payment amount and a payment date for the identified customer; 
 determining eligibility for flexible payment, the determination based on the customer identity, the payment date, and a payment due date; 
 calculating a flex accrual upon receipt of the payment from the customer when the customer is eligible for flexible payment status, the flex accrual based on the payment amount, the payment date, and the payment due date, wherein the flex accrual occurs only when the payment date is prior to the payment due date; 
 communicating the flex accrual to the customer when the customer is eligible for flexible payment status; and 
 allowing the identified customer to utilize the flex accrual by making a subsequent late payment in response to a subsequent credit bill without penalty when the customer is eligible for flexible payment status. 
   
     
     
         23 . The method of  claim 22 , wherein a number of days late and dollars paid are determined based on the flex accrual 
     
     
         24 . The method of  claim 23 , wherein calculating the flex accrual comprises calculating flex accrual units with a flex calculator as a product of a number of days early a payment is made and a number of dollars of the early payment. 
     
     
         25 . The method of  claim 22 , wherein determining eligibility for flexible payment status comprises determining whether the payment is received prior to an actual payment due date. 
     
     
         26 . The method of  claim 25 , wherein determining eligibility for flexible payment status further comprises determining whether the payment amount is for the entire account balance and denying eligibility of the payment is less than the entire account balance. 
     
     
         27 . The method of  claim 22 , further comprising providing a user interface for allowing the identified customer to pre-set late payment dates based on the flex accrual units. 
     
     
         28 . The method of  claim 27 , further comprising providing a calculator on the user interface for facilitating determining of permissible late payments. 
     
     
         29 . The method of  claim 22 , further comprising facilitating transfer of the flex units to an alternate credit account. 
     
     
         30 . The method of  claim 22 , further comprising receiving a late payment on a later date than a scheduled due date, determining if flex accrual is available, and utilizing the flex accrual to accept payment on the later date without penalty. 
     
     
         31 . The method of  claim 22 , further comprising automatically deducting scheduled early payments from a checking account of the identified customer for a predetermined number of months to guarantee flex accrual. 
     
     
         32 . The method of  claim 22 , further comprising storing and utilizing different flex accrual formulas for different customers, wherein a selected flex accrual formula for a particular customer corresponds to a customer eligibility level. 
     
     
         33 . A flexible payment processing computing system for determining and utilizing a flex accrual allowing customers to make payments on a flexible schedule, the system comprising:
 a payment information interface for receiving information upon receipt of a customer credit payment pertaining to a customer payment amount, a customer payment date, and a corresponding due date;   a computer storage medium storing instructions and customer identity information;   at least one computer processor, the computer processor accessing the stored instructions to perform steps including,
 determining eligibility for flex accrual, the determination based on the customer identity, the payment date, and the corresponding due date; 
 calculating the flex accrual upon receipt of the payment from the customer using a flex accrual calculator when the customer is eligible for flexible payment status, the flex accrual based on the payment amount, the payment date, and the payment due date, wherein the flex accrual occurs only when the payment date is prior to the payment due date; 
 providing a planning interface for utilizing the accumulated flex accrual allowing the customer to schedule late payments in advance based the accumulated flex accrual; and 
 facilitating transfer of the late payments without penalty. 
   
     
     
         34 . The system of  claim 33 , further comprising communicating with the customers eligible for flexible payment status to provide flex accrual information determined by the flex accrual calculator. 
     
     
         35 . The system of  claim 33 , wherein the flex accrual calculator calculates the flex accrual by calculating flex accrual units as a product of a number of days early a payment is made and a number of dollars of the early payment. 
     
     
         36 . The system of  claim 33 , further comprising determining eligibility for flexible payment status by determining whether the payment is received prior to an actual payment due date. 
     
     
         37 . The system of  claim 36 , wherein determining eligibility for flexible payment status further comprises determining whether the payment amount is for the entire account balance and denying eligibility of the payment is less than the entire account balance. 
     
     
         38 . The system of  claim 37 , further comprising a calculator on the user interface for facilitating determining of permissible late payments. 
     
     
         39 . The system of  claim 33 , further comprising a redemption engine facilitating transfer of the flex units to an alternate credit account. 
     
     
         40 . The system of  claim 39 , wherein the redemption engine receives a late payment on a later date than a scheduled due date, determines if flex accrual is available, and utilizes the flex accrual to accept payment on the later date without penalty. 
     
     
         41 . The system of  claim 33 , wherein the planning interfaces provides for automatic deduction of scheduled early payments from a checking account of the customer for a predetermined number of months to guarantee flex accrual. 
     
     
         42 . The system of  claim 33 , further comprising a database storing and utilizing different flex accrual formulas for different customers, wherein a selected flex accrual formula for a particular customer corresponds to a customer eligibility level. 
     
     
         43 . A flexible payment processing computing method for determining and utilizing a flex accrual allowing customers to make payments on a flexible schedule, the method comprising:
 receiving information through a payment information interface upon receipt of a customer credit payment pertaining to a customer payment amount, a customer payment date, and a corresponding due date;   storing instructions and customer identity information in a computer storage medium;   using a computer processor to access the stored instructions, received information, and stored information to perform steps including,
 determining eligibility for flex accrual, the determination based on the customer identity, the payment date, and the corresponding due date; 
 calculating the flex accrual upon receipt of the payment from the customer using a flex accrual calculator when the customer is eligible for flexible payment status, the flex accrual based on the payment amount, the payment date, and the payment due date, wherein the flex accrual occurs only when the payment date is prior to the payment due date; 
 providing a planning interface for utilizing the accumulated flex accrual allowing the customer to schedule late payments in advance based the accumulated flex accrual; and 
 facilitating transfer of the late payments without penalty. 
   
     
     
         44 . The method of  claim 43 , further comprising communicating with the customers eligible for flexible payment status to provide flex accrual information determined by the flex accrual calculator. 
     
     
         45 . The method of  claim 43 , wherein the flex accrual calculator calculates the flex accrual by calculating flex accrual units as a product of a number of days early a payment is made and a number of dollars of the early payment. 
     
     
         46 . The method of  claim 43 , further comprising determining eligibility for flexible payment status by determining whether the payment is received prior to an actual payment due date. 
     
     
         47 . The method of  claim 46 , wherein determining eligibility for flexible payment status further comprises determining whether the payment amount is for the entire account balance and denying eligibility of the payment is less than the entire account balance. 
     
     
         48 . The method of  claim 47 , further comprising providing a calculator on the user interface for facilitating determining of permissible late payments. 
     
     
         49 . The method of  claim 43 , further comprising facilitating transfer of the flex units to an alternate credit account. 
     
     
         50 . The method of  claim 49 , further comprising receiving a late payment on a later date than a scheduled due date, determining if flex accrual is available, and utilizing the flex accrual to accept payment on the later date without penalty. 
     
     
         51 . The method of  claim 43 , wherein the planning interface provides for automatic deduction of scheduled early payments from a checking account of the customer for a predetermined number of months to guarantee flex accrual. 
     
     
         52 . The method of  claim 43 , further comprising storing and utilizing different flex accrual formulas for different customers, wherein a selected flex accrual formula for a particular customer corresponds to a customer eligibility level.