Self-administered automatic payroll deduction
First Claim
1. A method for allowing an employee to self-administer automatic payroll deductions from his gross pay through a money management system, said method comprising the steps of:
- (a) registering an employee in said money management system, said employee employed by an employer having a payroll system with automatic payroll deduction capabilities;
(b) receiving at least one transaction request from said employee to facilitate a financial obligation to at least one vendor;
(c) arranging for payment of said financial obligation through said payroll system with automatic payroll deduction capabilities;
(d) directing said payroll system to withdraw funds from said employee'"'"'s gross pay using at least one automatic payroll deduction based on said financial obligation; and
(e) directing said payroll system to transfer said withdrawn funds to said at least one vendor.
1 Assignment
0 Petitions
Accused Products
Abstract
The present invention is directed to a method for allowing an employee (100) to self-administer automatic payroll deductions from his gross pay (120) through a money management system (130). Preferably, the employee (130) self-registers in the money management system via the web. Then the employee (100) may submit at least one transaction request to facilitate a financial obligation to at least one vendor (104). The system (130) then arranges for payment of the financial obligation and directs the payroll system (116) to withdraw funds from the employee'"'"'s gross pay (120) (using at least one automatic payroll deduction) and to transfer the withdrawn funds to the at least one vendor (104). In one preferred embodiment, the system (130) provides access to a lender-vendor (104a) to arrange financing for the financial obligation and to a credit-risk reducing feature (104b) such as insurance.
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Citations
21 Claims
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1. A method for allowing an employee to self-administer automatic payroll deductions from his gross pay through a money management system, said method comprising the steps of:
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(a) registering an employee in said money management system, said employee employed by an employer having a payroll system with automatic payroll deduction capabilities;
(b) receiving at least one transaction request from said employee to facilitate a financial obligation to at least one vendor;
(c) arranging for payment of said financial obligation through said payroll system with automatic payroll deduction capabilities;
(d) directing said payroll system to withdraw funds from said employee'"'"'s gross pay using at least one automatic payroll deduction based on said financial obligation; and
(e) directing said payroll system to transfer said withdrawn funds to said at least one vendor. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10)
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11. A self-administered automatic payroll deduction system, said system comprising:
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(a) at least one employee seeking to finance a financial obligation for the purchase of at least one good and/or service from at least one vendor using automatic payroll deductions withdrawn from gross pay;
(b) at least one employer employing said employee;
(c) at least one vendor providing said at least one good and/or service;
(d) at least one payroll system with automatic payroll deduction capabilities;
(e) a system website through which said at least one employee may submit employee registration request and at least one transaction request;
(f) said at least one transaction request identifying said at least one employee, said financial obligation, and said at least one vendor;
(g) means for processing said at least one transaction request;
(h) means for arranging for payment of said financial obligation through said at least one payroll system;
(i) means for directing said at least one payroll system to withdraw funds from said employee'"'"'s gross pay using at least one automatic payroll deduction based on said financial obligation; and
(j) means for directing said at least one payroll system to transfer said withdrawn funds to said at least one vendor. - View Dependent Claims (12, 13, 14, 15, 16, 17, 18, 19, 20, 21)
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Specification