Waterfall prioritized payment processing
First Claim
1. A computer-implemented method of prioritized processing of payments for recurring bills, the payments from a payor to a payee, the method comprising:
- storing, in at least one non-transitory computer memory, executable instructions for a server device or client computer and a plurality of payment source options, the payment source options being stored in a payor waterfall database and including multiple source accounts for payments of recurring bills;
accessing, using at least one computer processor, the at least one non-transitory computer memory and executing the instructions to perform multiple steps including;
facilitating creation of priority rules for prioritizing the payment source options for payment from the payor, wherein each of said multiple source accounts is selectable as a primary payment source having a first priority and a secondary payment source having a second priority to be usable for future payments from the payor and storing the priority rules in the at least one non-transitory computer memory;
communicating with the payor over a computer or telephone network to establish charge distribution rules for distributing a single payment across at least two of the prioritized plurality of payment source options according to the priority rules, wherein at least one of the charge distribution rules requires distributing the single payment across multiple payment source options even when the primary payment source has sufficient funds to satisfy a payment due;
identifying a payment due for a recurring bill from the payor;
submitting a transaction request for the single payment due against the prioritized plurality of payment sources; and
processing the transaction against the prioritized plurality of payment sources in the order of their priority, as set forth by the priority rules and the charge distribution rules stored in the payor waterfall and accessible to the at least one computer processor, until one of said payment source options satisfies the single payment due, wherein the transition from one payment source to another is automatically executed by the at least one computer processor in accordance with the priority rules and charge distribution rules, thereby providing a waterfall payment process enabling a payment due from the payor for the recurring bills to be satisfied for the payee using a plurality of prioritized payment sources.
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Accused Products
Abstract
The invention comprises a system and method for “waterfall” type payment processing using multiple alternative payment sources. A payor provides account information for multiple payment sources, such as a bank checking account, savings account, first credit card account, second credit card account, and so forth. The multiple payment sources are prioritized so that one is a primary payment source, another is a secondary payment source, another is a tertiary payment source, and so forth. After setting up the waterfall payment arrangement, when a bill becomes due a payee or third party payment administrator submits transactions against the payment sources in their order of priority until the payment is satisfied. Other variations and enhancements are disclosed.
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Citations
33 Claims
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1. A computer-implemented method of prioritized processing of payments for recurring bills, the payments from a payor to a payee, the method comprising:
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storing, in at least one non-transitory computer memory, executable instructions for a server device or client computer and a plurality of payment source options, the payment source options being stored in a payor waterfall database and including multiple source accounts for payments of recurring bills; accessing, using at least one computer processor, the at least one non-transitory computer memory and executing the instructions to perform multiple steps including; facilitating creation of priority rules for prioritizing the payment source options for payment from the payor, wherein each of said multiple source accounts is selectable as a primary payment source having a first priority and a secondary payment source having a second priority to be usable for future payments from the payor and storing the priority rules in the at least one non-transitory computer memory; communicating with the payor over a computer or telephone network to establish charge distribution rules for distributing a single payment across at least two of the prioritized plurality of payment source options according to the priority rules, wherein at least one of the charge distribution rules requires distributing the single payment across multiple payment source options even when the primary payment source has sufficient funds to satisfy a payment due; identifying a payment due for a recurring bill from the payor; submitting a transaction request for the single payment due against the prioritized plurality of payment sources; and processing the transaction against the prioritized plurality of payment sources in the order of their priority, as set forth by the priority rules and the charge distribution rules stored in the payor waterfall and accessible to the at least one computer processor, until one of said payment source options satisfies the single payment due, wherein the transition from one payment source to another is automatically executed by the at least one computer processor in accordance with the priority rules and charge distribution rules, thereby providing a waterfall payment process enabling a payment due from the payor for the recurring bills to be satisfied for the payee using a plurality of prioritized payment sources. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16)
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17. A computerized system for prioritized processing of payments for recurring bills, the payments from a payor to a payee, the system comprising:
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at least one non-transitory computer memory storing executable instructions for a server device or client computer and a plurality of payment source options, the payment source options being stored in a payor waterfall database and including multiple source accounts for payments of recurring bills; at least one computer processor accessing the at least one non-transitory computer memory and executing the instructions to perform multiple steps including; facilitating creation of priority rules for prioritizing the payment source options for payment from the payor, wherein each of said multiple source accounts is selectable as a primary payment source having a first priority and a secondary payment source having a second priority to be usable for future payments from the payor and storing the priority rules in the at least one non-transitory computer memory; communicating with the payor over a computer or telephone network to establish charge distribution rules for distributing a single payment across at least two of the prioritized plurality of payment source options according to the priority rules, wherein at least one of the charge distribution rules requires distributing the single payment across multiple payment source options even when the primary payment source has sufficient funds to satisfy a payment due; identifying a payment due for a recurring bill from the payor; submitting a transaction request for the payment due against the prioritized plurality of payment sources; and processing the transaction against the prioritized plurality of payment sources in the order of their priority, as set forth by the priority rules and the charge distribution rules stored in the payor waterfall database and accessible to the at least one computer processor, until one of said payment source options satisfies the payment due, wherein the transition from one payment source to another is automatically executed by the at least one computer processor in accordance with the priority rules and charge distribution rules, thereby providing a waterfall payment process enabling a single payment due from the payor for the recurring bills to be satisfied for the payee using a plurality of prioritized payment sources. - View Dependent Claims (18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32)
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33. A computer-implemented method of prioritized processing of payments for recurring bills, the payments from a payor to a payee, the method comprising:
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storing, in at least one non-transitory computer memory, executable instructions for a server device or client computer and a plurality of payment source options, the payment source options being stored in a payor waterfall database and including multiple source accounts for payments of recurring bills; accessing, using at least one computer processor, the at least one non-transitory computer memory and executing the instructions to perform multiple steps including; facilitating creation of priority rules for prioritizing the payment source options for payment from the payor, wherein each of said multiple source accounts is selectable as a primary payment source having a first priority and a secondary payment source having a second priority to be usable for future payments from the payor and storing the priority rules in the at least one non-transitory computer memory; communicating with the payor, the payor using a mobile device over a computer or telephone network to establish charge distribution rules for distributing a single payment across at least two of the prioritized plurality of payment source options according to the priority rules, wherein at least one of the charge distribution rules requires distributing the single payment across multiple payment source options even when the primary payment source has sufficient funds to satisfy a payment due; identifying a payment due for a recurring bill from the payor by presenting information to the payor prior to submitting a transaction; providing the payor with recommendations for using the multiple payment source accounts; submitting the transaction request for the single payment due against the prioritized plurality of payment sources after receiving approval from the payor; and processing the transaction against the prioritized plurality of payment sources in the order of their priority, as set forth by the priority rules and the charge distribution rules stored in the payor waterfall database and accessible to the at least one computer processor, until one of said payment source options satisfies the single payment due, wherein the transition from one payment source to another is automatically executed by the at least one computer processor in accordance with the priority rules and charge distribution rules, thereby providing a waterfall payment process enabling a payment due from the payor for the recurring bills to be satisfied for the payee using a plurality of prioritized payment sources.
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Specification