Method and apparatus for providing and processing installment plans at a terminal

1. A method, comprising:

receiving, by a central controller in communication with at least one seller and comprising at least one processor, a purchase price of a transaction and a financial account identifier specifying a financial account used for the transaction;

transmitting, by the central controller, at least one installment plan option for the transaction;

receiving, by the central controller, a selection signal indicative of acceptance, by a user associated with the financial account, of one of the at least one installment plan options;

determining, by the central controller, an installment charge amount to include in at least two generated bills for the financial account;

determining, by the central controller, a plurality of individual charges, each individual charge being for a respective purchase price of a purchase applied to the financial account in one charge; and

generating, by the central controller, a bill for the financial account, the bill including:

the plurality of individual charges for the respective purchase prices, and

at least one installment charge amount, the at least one installment charge amount including the determined installment charge amount.

2. The method of claim 1 , in which the transaction comprises a past purchase by the user using the financial account.

3. The method of claim 1 , in which the transaction comprises a past credit card purchase by the user.

4. The method of claim 1 , further comprising:

determining, by the central controller, the at least one installment plan option.

5. The method of claim 1 , in which transmitting comprises:

transmitting the at least one installment plan option to the user.

6. The method of claim 1 , in which transmitting comprises:

transmitting the at least one installment plan option via a point of sale terminal.

7. The method of claim 1 , in which determining the installment charge amount comprises calculating the installment charge amount.

8. The method of claim 1 , in which determining the installment charge amount comprises basing the installment charge amount on the purchase price, an interest rate, and a total number of installments to apply to the financial account.

9. The method of claim 1 , in which receiving a purchase price of a transaction and a financial account identifier specifying a financial account comprises:

receiving the purchase price of the transaction and the financial account identifier specifying the financial account via a point of sale terminal.

10. The method of claim 1 , in which receiving a purchase price of a transaction and a financial account identifier specifying a financial account comprises:

receiving the purchase price of the transaction and the financial account identifier specifying the financial account from a database of past credit card transactions.

11. The method of claim 1 , in which the generated bill further includes:

a first payment amount due that is a minimum payment amount due without any installment charge amounts; and

a second payment amount due comprising a sum of the first payment amount and the at least one installment charge amount.

12. A non-transitory computer readable medium storing instructions configured to direct a computing device to perform:

receiving, by a central controller in communication with at least one seller and comprising at least one processor, a purchase price of a transaction and a financial account identifier specifying a financial account used for the transaction;

transmitting, by the central controller, at least one installment plan option for the transaction;

receiving, by the central controller, a selection signal indicative of acceptance, by a user associated with the financial account, of one of the at least one installment plan options;

determining, by the central controller, an installment charge amount to include in at least two generated bills for the financial account;

determining, by the central controller, a plurality of individual charges, each individual charge being for a respective purchase price of a purchase applied to the financial account in one charge; and

generating, by the central controller, a bill for the financial account, the bill including:

the plurality of individual charges for the respective purchase prices, and

at least one installment charge amount, the at least one installment charge amount including the determined installment charge amount.

13. The non-transitory computer readable medium of claim 12 , in which the transaction comprises a past purchase by the user using the financial account.

14. An apparatus, comprising:

a processor; and

a storage device operatively coupled to the processor, the storage device containing instructions configured to direct the processor to perform:

receiving a purchase price of a transaction and a financial account identifier specifying a financial account used for the transaction;

transmitting at least one installment plan option for the transaction;

receiving a selection signal indicative of acceptance, by a user associated with the financial account, of one of the at least one installment plan options;

determining an installment charge amount to include in at least two generated bills for the financial account;

determining a plurality of individual charges, each individual charge being for a respective purchase price of a purchase applied to the financial account in one charge; and

generating a bill for the financial account, the bill including:

the plurality of individual charges for the respective purchase prices, and

at least one installment charge amount, the at least one installment charge amount including the determined installment charge amount.

15. The apparatus of claim 14 , in which the transaction comprises a past purchase by the user using the financial account.

16. The apparatus of claim 14 , in which transmitting comprises:

transmitting the at least one installment plan option to the user.

17. The apparatus of claim 14 , in which determining the installment charge amount comprises calculating the installment charge amount.

18. The apparatus of claim 14 , in which determining the installment charge amount comprises basing the installment charge amount on the purchase price, an interest rate, and a total number of installments to apply to the financial account.

19. The apparatus of claim 14 , in which receiving a purchase price of a transaction and a financial account identifier specifying a financial account comprises:

receiving the purchase price of the transaction and the financial account identifier specifying the financial account from a database of past credit card transactions.

20. The apparatus of claim 14 , in which the generated bill further includes:

a first payment amount due that is a minimum payment amount due without any installment charge amounts; and

a second payment amount due comprising a sum of the first payment amount and the at least one installment charge amount.