Method and apparatus for providing and processing installment plans at a terminal

Abstract

According to some embodiments, a central controller receives a selection signal indicative of acceptance of an installment plan option for a transaction. The central controller determines an installment charge amount to include in at least two bills for a financial account. Thereafter, bills may be generated that reflect installment charges to be paid.

What is claimed is: 
     
         1 . A method, comprising:
 receiving, by a central controller in communication with at least one seller and comprising at least one processor, a purchase price of a transaction and a financial account identifier specifying a financial account used for the transaction;   transmitting, by the central controller, at least one installment plan option for the transaction;   receiving, by the central controller, a selection signal indicative of acceptance, by a user associated with the financial account, of one of the at least one installment plan options;   determining, by the central controller, an installment charge amount;   determining, by the central controller, a plurality of individual charges, each individual charge being for a respective purchase price of a purchase applied to the financial account; and   generating, by the central controller, a bill for the financial account, the bill including at least one installment charge amount, the at least one installment charge amount including the determined installment charge amount.   
     
     
         2 . The method of  claim 1 , in which the transaction comprises a past purchase by the user using the financial account. 
     
     
         3 . The method of  claim 1 , in which the transaction comprises a past credit card purchase by the user. 
     
     
         4 . The method of  claim 1 , further comprising:
 determining, by the central controller, the at least one installment plan option.   
     
     
         5 . The method of  claim 1 , in which transmitting comprises:
 transmitting the at least one installment plan option to the user.   
     
     
         6 . The method of  claim 1 , in which transmitting comprises:
 transmitting the at least one installment plan option via a point of sale terminal.   
     
     
         7 . The method of  claim 1 , in which determining the installment charge amount comprises calculating the installment charge amount. 
     
     
         8 . The method of  claim 1 , in which determining the installment charge amount comprises basing the installment charge amount on the purchase price, an interest rate, and a total number of installments to apply to the financial account. 
     
     
         9 . The method of  claim 1 , in which receiving a purchase price of a transaction and a financial account identifier specifying a financial account comprises:
 receiving the purchase price of the transaction and the financial account identifier specifying the financial account via a point of sale terminal.   
     
     
         10 . The method of  claim 1 , in which receiving a purchase price of a transaction and a financial account identifier specifying a financial account comprises:
 receiving the purchase price of the transaction and the financial account identifier specifying the financial account from a database of past credit card transactions.   
     
     
         11 . The method of  claim 1 , in which the generated bill further includes:
 a first payment amount due that is a minimum payment amount due without any installment charge amounts; and   a second payment amount due comprising a sum of the first payment amount and the at least one installment charge amount.   
     
     
         12 . A non-transitory computer readable medium storing instructions configured to direct a computing device to perform:
 receiving, by a central controller in communication with at least one seller and comprising at least one processor, a purchase price of a transaction and a financial account identifier specifying a financial account used for the transaction;   transmitting, by the central controller, at least one installment plan option for the transaction;   receiving, by the central controller, a selection signal indicative of acceptance, by a user associated with the financial account, of one of the at least one installment plan options;   determining, by the central controller, an installment charge amount;   determining, by the central controller, a plurality of individual charges, each individual charge being for a respective purchase price of a purchase applied to the financial account; and   generating, by the central controller, a bill for the financial account, the bill including at least one installment charge amount, the at least one installment charge amount including the determined installment charge amount.   
     
     
         13 . The non-transitory computer readable medium of  claim 12 , in which the transaction comprises a past purchase by the user using the financial account. 
     
     
         14 . An apparatus, comprising:
 a processor; and   a storage device operatively coupled to the processor, the storage device containing instructions configured to direct the processor to perform:   receiving a purchase price of a transaction and a financial account identifier specifying a financial account used for the transaction;   transmitting at least one installment plan option for the transaction;   receiving a selection signal indicative of acceptance, by a user associated with the financial account, of one of the at least one installment plan options;   determining an installment charge amount;   determining a plurality of individual charges, each individual charge being for a respective purchase price of a purchase applied to the financial account in one charge; and   generating a bill for the financial account, the bill including at least one installment charge amount, the at least one installment charge amount including the determined installment charge amount.   
     
     
         15 . The apparatus of  claim 14 , in which the transaction comprises a past purchase by the user using the financial account. 
     
     
         16 . The apparatus of  claim 14 , in which transmitting comprises:
 transmitting the at least one installment plan option to the user.   
     
     
         17 . The apparatus of  claim 14 , in which determining the installment charge amount comprises calculating the installment charge amount. 
     
     
         18 . The apparatus of  claim 14 , in which determining the installment charge amount comprises basing the installment charge amount on the purchase price, an interest rate, and a total number of installments to apply to the financial account. 
     
     
         19 . The apparatus of  claim 14 , in which receiving a purchase price of a transaction and a financial account identifier specifying a financial account comprises:
 receiving the purchase price of the transaction and the financial account identifier specifying the financial account from a database of past credit card transactions.   
     
     
         20 . The apparatus of  claim 14 , in which the generated bill further includes:
 a first payment amount due that is a minimum payment amount due without any installment charge amounts; and   a second payment amount due comprising a sum of the first payment amount and the at least one installment charge amount.