Browse Prior Art Database

Automatic Budget Categorization of Electronic Payments

IP.com Disclosure Number: IPCOM000123828D
Original Publication Date: 1999-May-01
Included in the Prior Art Database: 2005-Apr-05
Document File: 1 page(s) / 38K

Publishing Venue

IBM

Related People

Gilbreath, CD: AUTHOR

Abstract

A program is disclosed to enhance Point Of Sale equipment, so the customer can get a detailed picture of where he is spending his "electronic" cash.

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This is the abbreviated version, containing approximately 84% of the total text.

Automatic Budget Categorization of Electronic Payments

   A program is disclosed to enhance Point Of Sale equipment,
so the customer can get a detailed picture of where he is spending
his "electronic" cash.

   Electronic forms of payment such as Credit Card, Debit
Card, ACH, etc, do not contain enough information in the transaction
to allow the consumer to always know how their "electronic" Cash is
being used.  The Consumer who shops at a multipurpose store may buy
in several different budget categories (i.e, Grocery, Clothing,
gifts, etc) and while they know the total amount of money spent they
have no quick way of discerning or tracking spending to certain
budget categories.

   By enhancing Point of Sale equipment, detailed data
about the purchases could be sent as part of the "electronic"
transaction.  Banks or other financial institutions could use the
data in the "electronic" transactions to automatically budget the
purchases and present the spending to the consumer according to
budget category on a regular interval.  The power of this solution
is that the consumer can get a detailed picture of where he is
spending his "electronic" cash with little to no effort on his part.

   Data about each purchase could be gotten from inventory
codes or some similar item tracking mechanism.  Stores that do not
have the updated point of sale equipment could still use the hilevel
Merchant identification code or Standard identification code.

   Combining the detailed elec...