Automated Bill Splitting System for Transaction Reimbursement
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Solution Overview
Problem
Coordinating reimbursement among multiple parties for a transaction settled by one individual can be cumbersome, requiring inefficient communication of necessary information.
Innovation Solution
A method and system for splitting a transaction, where transaction information is received, followed by split request information based on user input. This information is used to send a split request to other parties, who input their payer account identifier and actual payment amount, ultimately leading to a payment request being sent to their accounts.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Productivity
If one individual settles the entire transaction with the merchant, then the transaction can be completed efficiently with a single payment, but coordinating reimbursement with other parties becomes cumbersome and time-consuming
Solution Approach 1:
The system performs preliminary actions by automatically generating reimbursement requests and distributing them to all relevant parties immediately after the transaction is completed. This eliminates the need for manual coordination later, as all parties receive their reimbursement requests in advance with pre-calculated amounts based on their participation in the transaction.
Solution Approach 2:
The patent introduces a payment processing system as an intermediary between the paying individual and other parties. This intermediary automatically manages the reimbursement workflow, including calculating shares, distributing requests, collecting payments, and reconciling accounts, thereby eliminating the need for direct coordination between all parties.
2Adaptability or versatility
If manual communication is used to coordinate reimbursement information, then flexibility in negotiation is maintained, but the process becomes cumbersome and complex
Solution Approach 1:
The payment processing system performs multiple functions within a single unified platform: it calculates reimbursement amounts, generates and distributes requests, collects payments from multiple parties, tracks transaction status, and reconciles accounts. This multi-functional approach eliminates the need for separate communication channels and coordination steps while maintaining flexibility through configurable settings.
3Ease of operation
If automated payment requests are sent to multiple parties, then reimbursement coordination is simplified, but the system requires sophisticated information processing and communication capabilities
Solution Approach 1:
The system enables self-service by automatically performing all reimbursement coordination tasks without requiring manual intervention from the paying individual. The system autonomously calculates reimbursement amounts based on transaction data, generates personalized requests for each party, tracks payments as they are received, and reconciles accounts automatically, thereby simplifying the user experience while managing system complexity internally.
Data Source
AI summary
Disclosed herein are aspects for splitting a transaction. An example aspect begins by receiving transaction information specifying a transaction. The aspect continues by receiving split request information corresponding to the transaction. The split request information specifies how to split the transaction with one or more other parties. Next, the aspect sends, by a first user device, a split request to a second user device based on the split request information. The split request comprises input fields for each of the respective one or more other parties. These input fields include respective payer account identifier and actual payment amount fields. The aspect continues by receiving, based on an input from a user interface of the second user device, the payer account identifier and the actual payment amount. Lastly, the aspect sends a payment request to a payer account corresponding to the payer account identifier for the actual payment amount.