A central controller receives from a POS terminal a purchase price and a
financial account identifier. The financial account identifier specifies
a financial account, such as a credit card account. The central
controller, in turn, generates one or more installment plan identifiers
defining installment plans for payment of the purchase price. The
installment plan identifiers are based on the purchase price and/or the
financial account identifier. For example, certain accounts or certain
high purchase prices may merit preferred installment plans. The
installment plan identifiers are transmitted to the POS terminal. A
purchaser at the POS terminal selects whether he would like to pay for
his purchase in installments and, if so, using which installment plan.
The POS terminal generates a selection signal indicative of whether to
accept any of the installment plans, and transmits the selection signal
to the central controller. The central controller receives the selection
signal. If the selection signal indicates acceptance of any installment
plan, use of the accepted installment plan for the financial account is
authorized. Thereafter, bills are generated which reflect installment
charges to be paid.