Collaboration Application for Split Payment Tracking
Find Innovative SolutionsGenerate Solutions
Solution Overview
Problem
Conventional methods fail to efficiently manage and track split payments among group participants, leading to difficulties for the payer in keeping track of payments owed and repaid within a group setting.
Innovation Solution
A collaboration application that allows users to manage and track payments owed by participants in a group event by receiving transaction data, determining individual portions, and sending notifications, facilitating fund transfers between participants.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Productivity
If a single person pays for the total bill using their payment device, then the transaction can be completed efficiently, but it becomes difficult for the payer to keep track of payments owed by different people in the group
Solution Approach 1:
The patent introduces a collaboration application as an intermediary system between the payer and other participants. This application automatically tracks transaction data, calculates individual portions owed, and manages payment tracking without requiring manual intervention from the payer. The intermediary system resolves the contradiction by automating the information tracking function while maintaining efficient single-payment transaction completion.
2Ease of operation
If the collaboration application tracks and manages all payment information automatically, then the payer can easily track payments owed, but the system complexity increases
Solution Approach 1:
The collaboration application implements self-service functionality by automatically receiving transaction data, determining individual portions owed based on pre-configured rules, and generating notifications to participants. The system performs these functions autonomously without requiring complex manual configuration or intervention, thereby providing ease of operation while managing complexity through automation rather than manual processes.
3Adaptability or versatility
If different people repay using different payment methods, then each person can use their preferred method, but it becomes difficult for the payer to keep track of various repayment forms
Solution Approach 1:
The collaboration application provides a universal tracking system that handles multiple payment methods (cash, digital transfers, credit cards) through a single interface. The application consolidates diverse repayment information into a unified view, allowing the payer to track all payments owed regardless of the method used. This multi-functional approach maintains payment method flexibility while simplifying tracking complexity through centralized management.
Data Source
AI summary
Systems, apparatuses and methods for enabling a group of people to share the cost of an event, such as a meal, the purchase of a gift, or the rental of a car. Embodiments of the invention provide the tools needed to enable a group to participate in a shared event or activity, where one of the participants pays for the event or activity using their payment device and the other members of the group pay their portion of the cost to the participant who made the payment. Embodiments of the invention provide an ecosystem where a person can pay for an event, goods, or services using a single payment device (such as a credit or debit card) and then settle the amounts owed to them by other members of a group using the tools provided by the invention.