Automated Payment Plan Setup Using Future Earnings Data
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Solution Overview
Problem
Individuals with inconsistent earnings, such as those in commission-based professions, face difficulties in paying regular bills due to unpredictable income schedules, leading to late fees and delinquent bills, which becomes more prevalent in the gig-based economy.
Innovation Solution
A verification platform that determines a payment plan based on future earnings by accessing employer systems or electronic messaging accounts, processing data to identify an earnings amount and date, and causing a payment account to pay bills accordingly, reducing the need for human intervention and enabling centralized management of multiple payment plans.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If manual payment plan setup is used for individuals with inconsistent earnings, then payment plans can be customized to match earnings schedules, but processing resources are consumed and human intervention is required
Solution Approach 1:
The system automatically determines payment plans by accessing employer systems and electronic messaging accounts to retrieve earnings data, eliminating the need for manual setup and human intervention while still customizing plans to match individual earnings schedules
Solution Approach 2:
The verification platform acts as an intermediary between users, employers, and bill collectors, automatically gathering earnings information and determining appropriate payment plans without requiring direct human intervention in each case
2Productivity
If automated verification platform is used to determine payment plans, then processing resources are conserved and productivity increases, but system complexity increases
Solution Approach 1:
The verification platform performs multiple functions including accessing employer systems, retrieving earnings data, determining payment plans, and coordinating with bill collectors, consolidating these capabilities into a single automated system that handles diverse payment scenarios
Solution Approach 2:
The system proactively accesses employer systems and retrieves earnings data before payment is needed, determining payment plans in advance based on future earnings projections, which simplifies the actual payment execution process
3Reliability
If payment plans are not set up proactively, then system operation is simpler, but late fees increase and revenue consistency deteriorates
Solution Approach 1:
The system determines payment plans in advance by analyzing future earnings data before bills become delinquent, proactively setting up payment schedules that ensure timely payment and consistent revenue collection without requiring complex crisis management procedures
Solution Approach 2:
The system continuously monitors earnings data from employer systems and adjusts payment plans based on actual earnings patterns, using feedback from earnings information to optimize payment schedules and maintain revenue consistency
Data Source
AI summary
A device may receive, from a user device, an input that indicates a request to set up a payment plan associated with a bill. The device may send to the user device an instruction for a user to send access information that permits access to a system associated with an employment account of the user. The device may receive from the user device the access information and obtain data related to future earnings of the user from the system using the access information. The device may process the data to identify an earnings amount and an earnings date. The device may determine, based on the earnings amount and the earnings date, the payment plan, wherein the payment plan indicates a payment amount and a payment date, and cause a payment account associated with the user to pay the bill according to the payment plan.