Online purchasing system supporting buyer affordability screening

• US 20010047307A1
• Filed: 03/14/2001
• Published: 11/29/2001
• Est. Priority Date: 03/21/2000
• Status: Active Grant

• Current Assignee: PayPal, Inc. (PayPal Holdings, Inc.)
• Original Assignee: Christopher C. Winslade, James D. Bennett
• Inventors: Bennett, James D., Winslade, Christopher C.
• Granted Patent: US 7,539,628 B2
• Time in Patent Office: Days
• US Class Current: 705/26
• CPC Class Codes: G06Q 20/20 Point-of-sale [POS] network systems
• CPC Class Codes: G06Q 30/02 Marketing; Price estimation or determination; Fundraising
• CPC Class Codes: G06Q 30/0207 Discounts or incentives, e.g. coupons or rebates
• CPC Class Codes: G06Q 30/0222 During e-commerce, i.e. online transactions
• CPC Class Codes: G06Q 30/0224 based on user history
• CPC Class Codes: G06Q 30/0235 constrained by time limit or expiration date
• CPC Class Codes: G06Q 30/0239 Online discounts or incentives
• CPC Class Codes: G06Q 30/0244 Optimization
• CPC Class Codes: G06Q 30/0251 Targeted advertisements
• CPC Class Codes: G06Q 30/0253 During e-commerce, i.e. online transactions
• CPC Class Codes: G06Q 30/0255 based on user history
• CPC Class Codes: G06Q 30/0257 User requested
• CPC Class Codes: G06Q 30/0261 based on user location
• CPC Class Codes: G06Q 30/0269 based on user profile or attribute
• CPC Class Codes: G06Q 30/0601 Electronic shopping [e-shopping]
• CPC Class Codes: G06Q 30/0605 Supply or demand aggregation
• CPC Class Codes: G06Q 30/0611 Request for offers or quotes
• CPC Class Codes: G06Q 30/0613 Third-party assisted
• CPC Class Codes: G06Q 30/0625 Directed, with specific intent or strategy
• CPC Class Codes: G06Q 30/0641 Shopping interfaces
• CPC Class Codes: G06Q 40/03 : Credit; Loans; Processing thereof
• CPC Class Codes: G06Q 40/04 : Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange
• CPC Class Codes: G06Q 40/08 : Insurance

Abstract

An online system uses, in various embodiments of the invention, credit report information, loan affordability screening and credit approval and management functionality to facilitate the purchase and finance of products online. The online system may include both sellers of products and lenders that offer financing to buyers seeking to purchase the products. The system may automatically obtain a buyer'"'"'s credit report information and use that information to determine if the buyer is pre-approved, for example, to obtain financing for a particular product or products. The system also enables use of buyer credit information to identify only those of a seller'"'"'s products for which the buyer is pre-approved, for example, to finance using one or more loans. The system then enables selection of an identified product or products for purchase, and selection of a loan, for example, for financing of the selected product or products. Credit approval (or pre-approval) may be performed automatically, and along with credit processing, may be performed completely online.

Claims

1. An online affordability-based purchasing system comprising:

product information regarding at least one product being offered for sale;

a first web server;

a computer, communicatively coupled to the first web server, running browser software used to review the product information; and

the computer responding to input of personal information about a buyer to cause credit report information of the buyer to be obtained from a second web server using at least a portion of the personal information, at least a portion of the credit report information of the buyer being used to determine at least a likelihood of the buyer being approved for financing of the at least one product.

2. The online affordability based purchasing system of

claim 1

further comprising at least one web page delivered by one of the first web server or a third web server to the computer that presents an interface for input of the personal information about the buyer.

3. The online affordability based purchasing system of

claim 1

wherein one of the first web server or a third web server obtains the credit report information of the buyer from the second web server, and wherein a software engine uses at least a portion of the credit report information of the buyer to determine the at least a likelihood of the buyer being approved for financing of the at least one product.

4. The online affordability based purchasing system of

claim 1

wherein the computer displays an indication of the at least a likelihood of the buyer being approved for financing of the at least one product.

5. The online affordability based purchasing system of

claim 4

wherein the indication comprises at least a pre-approval for financing with respect to at least one financing vehicle.

6. The online affordability based purchasing system of

claim 4

further comprising at least one web page delivered by one of the first web server or a third web server to the computer that presents the indication of the at least a likelihood of the buyer being approved for financing of the at least one product.

7. The online affordability based purchasing system of

claim 6

wherein the computer responds to input via the at least one web page by at least initiating purchase of the at least one product using financing.

8. The online affordability based purchasing system of

claim 6

wherein the computer responds to input via the at least one web page by selecting a financing vehicle and at least initiating purchase using the selected financing vehicle.

9. The online affordability based purchasing system of

claim 1

wherein the computer comprises one of a buyer, seller or lender computer.

10. An online affordability based purchasing system comprising:

at least one web page that contains personal information of a buyer;

a web server that responds to receipt of the at least one web page by obtaining, using at least a portion of the personal information, credit report information of the buyer; and

a software engine that determines, using at least a portion of the credit report information, at least a likelihood of the buyer being approved for financing of at least one product.

11. The online affordability based purchasing system of

claim 10

further comprising a computer communicatively coupled to the web server that receives input of the personal information.

12. The online affordability based purchasing system of

claim 11

wherein the web server communicates to the computer an indication of the at least a likelihood of the buyer being approved for financing of the at least one product.

13. The online affordability based purchasing system of

claim 11

wherein the web server communicates to the computer an indication of at least a pre-approval for financing with respect to at least one financing vehicle.

14. The online affordability based purchasing system of

claim 13

wherein the computer responds to input by at least initiating purchase of the at least one product using a selected financing vehicle.

15. The online affordability based purchasing system of

claim 11

further comprising product information regarding at least one product, and wherein the computer runs browser software used to review the product information via the web server.

16. The online affordability based purchasing system of

claim 10

wherein the at least one web page contains information regarding the at least one product.

17. A method of facilitating financing of at least one product being offered for sale online, the method comprising:

receiving, by a web server, at least one web page that contains personal information about a buyer;

obtaining, by the web server using at least a portion of the personal information, credit report information of the buyer; and

determining, by a software engine using at least a portion of the credit report information, at least a likelihood of the buyer being approved for financing of at least one product.

18. The method of

claim 17

wherein the personal information is received via a communication from a computer, and further comprising causing, by the web server, display on the computer of an indication of the at least a likelihood of the buyer being approved for financing of the at least one product.

19. The method of

claim 18

wherein the indication comprises at least a pre-approval for financing with respect to at least one financing vehicle, and further comprising receiving, by the web server, a communication from the computer to initiate purchase of the at least one product using a selected financing vehicle.

20. The method of

claim 17

wherein the at least one web page contains information regarding the at least one product.

21. An online affordability-based purchasing system comprising:

product information regarding at least one product being offered for sale;

a first web server;

a computer, communicatively coupled to the first web server, running browser software used to review the product information; and

the computer responding to input of personal information about a buyer to cause credit report information of the buyer to be obtained from a second web server using at least a portion of the personal information, at least a portion of the credit report information of the buyer being used to determine an amount the buyer can finance.

22. The online affordability based purchasing system of

claim 21

further comprising at least one web page delivered by one of the first web server or a third web server to the computer that presents an interface for input of the personal information about the buyer.

23. The online affordability based purchasing system of

claim 21

wherein one of the first web server or a third web server obtains the credit report information of the buyer from the second web server, and wherein a software engine uses at least a portion of the credit report information of the buyer to determine the amount the buyer can finance.

24. The online affordability based purchasing system of

claim 21

wherein the computer displays an indication of the amount the buyer can finance.

25. The online affordability based purchasing system of

claim 24

further comprising at least one web page delivered by one of the first web server or a third web server to the computer that presents the indication of the amount the buyer can finance.

26. The online affordability based purchasing system of

claim 21

wherein the computer comprises one of a buyer, seller or lender computer.

27. The online affordability based purchasing system of

claim 21

wherein the amount the buyer can finance comprises at least a tentative instant credit amount, and wherein the at least a tentative instant credit amount corresponds to the price of the at least one product.

28. The online affordability based purchasing system of

claim 21

wherein the amount the buyer can finance comprises at least a tentative instant credit amount, and wherein the at least a tentative instant credit amount is greater than the price of the at least one product.

29. The online affordability based purchasing system of

claim 21

wherein the amount the buyer can finance comprises at least a tentative instant credit amount, and wherein the determination of the at least a tentative instant credit amount does not involve consideration of the price of the at least one product.

30. An online affordability based purchasing system comprising:

at least one web page that contains personal information about a buyer;

a web server that responds to receipt of the at least one web page by obtaining, using at least a portion of the personal information, credit report information of the buyer; and

a software engine that determines, using at least a portion of the credit report information, an amount the buyer can finance.

31. The online affordability based purchasing system of

claim 30

further comprising a computer communicatively coupled to the web server that receives input of the personal information.

32. The online affordability based purchasing system of

claim 31

wherein the web server communicates to the computer an indication of the amount the buyer can finance.

33. The online affordability based purchasing system of

claim 31

further comprising product information regarding at least one product, and wherein the computer runs browser software used to review the product information via the web server.

34. The online affordability based purchasing system of

claim 30

wherein the amount the buyer can finance comprises at least a tentative instant credit amount, and wherein the at least a tentative instant credit amount corresponds to the price of at least one product being considered for purchase.

35. The online affordability based purchasing system of

claim 30

wherein the amount the buyer can finance comprises at least a tentative instant credit amount, and wherein the at least a tentative instant credit amount is greater than the price of at least one product being considered for purchase.

36. The online affordability based purchasing system of

claim 30

wherein the amount the buyer can finance comprises at least a tentative instant credit amount, and wherein the determination of the at least a tentative instant credit amount does not involve consideration of the price of a product being considered for purchase.

37. A method of facilitating financing of at least one product being offered for sale online, the method comprising:

receiving, by a web server, a web page that contains personal information of a buyer;

obtaining, by the web server using at least a portion of the personal information, credit report information of the buyer; and

determining, by a software engine using at least a portion of the credit report information, an amount the buyer can finance.

38. The method of

claim 37

wherein the personal information is received via a communication from a computer, and further comprising causing, by the web server, display on the computer of an indication of the amount for which the buyer can finance.

39. The method of

claim 37

further comprising receiving, by the web server, product information regarding at least one product being offered for sale.