Bill Pay Platform for Splitting Shared Payment Requests
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Solution Overview
Problem
Current methods lack an efficient and user-friendly solution for recipients of bills to forward or split payments among multiple individuals, leading to burdensome tasks and potential critical situations if payments are not made on time.
Innovation Solution
A method and system that allows recipients to forward requests for payment through a Bill Pay platform, enabling them to split bills with other payers by sending requests for full or partial payments, using proxy data to identify and validate payers, and facilitating payment confirmations.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If the recipient of a bill forwards the bill to multiple persons for sharing payment, then the payment responsibility is distributed among multiple payers, but the process becomes burdensome and time-consuming for the recipient
Solution Approach 1:
The patent introduces a Bill Pay platform as an intermediary between the Biller and multiple Payers. The platform receives the RFP from the Biller, manages the distribution to multiple Payers, tracks payment status, and coordinates the collection process. This mediator eliminates the need for the recipient to manually contact and collect payments from each person, as the platform automates the entire coordination process.
Solution Approach 2:
The Bill Pay platform performs multiple functions: it acts as a receiver of RFPs from Billers, a distributor to multiple Payers, a tracker of payment status, a notifier to relevant parties, and a coordinator of the payment process. This multi-functional system replaces the need for the recipient to perform multiple separate tasks of contacting, tracking, and collecting payments from individual persons.
2Ease of operation
If the recipient of the bill is the sole contact person for the issuer, then the recipient can receive the bill directly from the Biller, but the recipient must take full responsibility for payment even when others share the cost
Solution Approach 1:
The Bill Pay platform serves as an intermediary that connects the Biller to multiple Payers. The platform receives the RFP from the Biller and manages the distribution and collection process, thereby distributing the payment responsibility across multiple Payers while maintaining a single point of contact for the Biller. This eliminates the need for the recipient to bear full responsibility while preserving direct communication with the Biller.
Solution Approach 2:
The patent segments the payment responsibility from the receipt responsibility. The recipient receives the bill through the platform but can forward it to multiple Payers for payment. The platform then segments the collection task by distributing the RFP to individual Payers and tracking their payment status separately, thus dividing the full responsibility into shared obligations.
3Adaptability or versatility
If the recipient forwards the bill to others for payment sharing, then the payment burden is reduced, but the recipient must remind overdue payers which is cumbersome
Solution Approach 1:
The Bill Pay platform implements an automated feedback mechanism that monitors payment status in real-time. When a Payer fails to pay by the deadline, the platform automatically generates and sends reminder notifications to that Payer. This feedback loop eliminates the need for the recipient to manually track and remind overdue payers, as the system automatically identifies and notifies defaulting Payers.
Solution Approach 2:
The platform enables self-service by automatically managing the reminder process. Instead of requiring the recipient to actively monitor and remind Payers, the system autonomously tracks payment deadlines and sends reminders to overdue Payers without human intervention. This self-service capability frees the recipient from the cumbersome task of manual follow-up.
4Reliability
If the bill is not paid before the deadline, then the utility interrupts service provisioning, but the recipient cannot pay if other persons have not paid their shares
Solution Approach 1:
The Bill Pay platform performs preliminary actions by establishing a centralized payment coordination system before the payment deadline. The platform receives the RFP in advance, identifies all responsible Payers, and prepares the distribution mechanism. This preliminary setup enables the recipient to forward the bill to multiple Payers and potentially cover their shares if others default, preventing service interruption by ensuring payment can be made even if not all Payers contribute.
Solution Approach 2:
The platform acts as a mediator that facilitates the recipient's ability to pay on behalf of other Payers. By centralizing the payment process, the platform allows the recipient to make a single payment that can cover multiple Payers' shares if they have not paid. This intermediary function protects service continuity by enabling the recipient to fulfill the payment obligation even when other responsible parties fail to contribute.
Data Source
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AI summary
A method for processing a request for payment (RFP) among one or more payers, wherein the RFP is associated with an outstanding bill, said RFP being issued by a Biller (20), said method comprising: sending (120), by a Biller (20) or a Biller service provider (25), the RFP to a Bill Pay platform (10); forwarding (130), by the Bill Pay platform (10), the RFP to a first Payer (A); receiving (140), by the first Payer (A), the RFP; sending (150), by the first Payer (A), a request to the Bill Pay Platform (10) to forward the RFP to a second Payer (B) for full or partial payment; receiving (160), by the Bill Pay platform (10), the first request to forward the RFP to the second Payer (B)); and forwarding (170), by the Bill Pay platform (10), the RFP to the second Payer (B).