Event-Based Payment Allocation for Multi-Participant Cost Tracking
Find Innovative SolutionsGenerate Solutions
Solution Overview
Problem
Existing mobile payment services require a single person to make the initial payment for an event and manage the allocation among multiple parties, lacking efficiency and clarity in payment management.
Innovation Solution
An event-based payment processing system with an application server and payment allocation application that assigns a primary user, creates events, designates participants, and facilitates payment requests and transactions, utilizing algorithms for debt calculation and simplification, credit scoring, and OCR for automated event management.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If a single person makes the initial payment and manages allocation manually using existing mobile payment services, then payment transactions can be completed, but the complexity of payment management and tracking increases significantly
Solution Approach 1:
The patent introduces an event management system as an intermediary between users and payment services. This system automatically handles payment allocation, tracking, and coordination among multiple parties. The system generates event-specific payment requests, automatically calculates allocations based on event details, and provides centralized tracking of payment status, thereby eliminating the need for manual management while reducing operational complexity.
Solution Approach 2:
The system enables automated self-service functionality where the event management system automatically generates payment requests, calculates allocation amounts, and tracks payment status without requiring manual intervention. The system autonomously manages the entire payment workflow from event creation to payment reconciliation, reducing the burden on individual users.
2Productivity
If manual tracking and reminders are used to monitor payment status, then payment collection can be achieved, but time and effort are wasted on administrative tasks
Solution Approach 1:
The system implements automated feedback mechanisms that continuously monitor payment status and provide real-time updates to all relevant parties. The system automatically generates notifications when payments are received, when payments are overdue, and provides status updates to event organizers and participants. This automated feedback loop eliminates manual tracking while improving payment collection efficiency through timely reminders and transparent status visibility.
Solution Approach 2:
The system provides automated self-service tracking where the event management system autonomously monitors payment status, sends reminders to participants who haven't paid, and updates the payment ledger. This eliminates the need for manual administrative tasks while improving productivity through automated payment collection management.
3Loss of information
If existing mobile payment services are used for event cost splitting, then payments can be processed, but clarity in determining and tracking individual allocations is lost
Solution Approach 1:
The system segments the overall event cost into individual allocation components for each participant. It automatically calculates and assigns specific payment amounts to each user based on event details, providing clear breakdowns of who owes what to whom. This segmentation creates transparent, itemized payment allocations that are easily understood and tracked, eliminating confusion about individual shares.
Solution Approach 2:
The event management system acts as an intermediary that maintains a centralized ledger of all payment allocations. It automatically generates clear, itemized statements showing each participant's allocation, payment status, and outstanding balances. This intermediary system provides transparent visibility into payment distributions, eliminating information loss and making it easy for all parties to understand their financial obligations.
Data Source
AI summary
Systems and methods of event-based payment allocation are disclosed. An assigned primary user creates an event and designates participant users who are participants in the event. The primary user may also set parameters for the event, such as event cost, repayment terms, number of participants, and event duration. A payment request is transmitted to each participant user based at least on the event cost established by the primary user. Payments tendered by participant users are credited to the primary user.