Process for acquiring new borrowers by funding bill payment
First Claim
1. A process for acquiring new borrowers by a lender, comprising the steps of:
- sending a document to a holder of a first account by issuer of the account, wherein the issuer is a billor, with the document, providing an offer, by the lender, of credit for one or more of;
paying an amount due on the first account, paying amounts to be due and general use;
accepting, by the payor, the offer; and
debiting the amount due to a new account issued by the lender;
so that the payor and the lender establish a relationship independent of the billor.
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Accused Products
Abstract
The invention provides a process for acquiring new borrowers by a lender, in which the lender arranges with a billor to offer credit to selected payors to pay amounts due on their accounts with the billor. The lender selects from the payors according to criteria based on information from external sources, and their payment history with the billor. Billing documents, such as billing statements, to the targeted payors are customized to include an offer of credit from the lender. A means is provided with the billing document for the payor to accept the offer readily and easily, whereupon the lender debits the amount of the bill to a newly opened credit account for the payor. Terms of the new account may be determined in the selection process, depend on the data used in that process. In a preferred embodiment, the payor agrees to pay all future amounts due the billor through the newly opened account. In this way, using the established relationship between the billor and the payor, a new, independent relationship is established between the payor and the lender. The lender may then issue a credit card or provide other credit access to the payor and will be free to solicit the payor for other credit products and services.
75 Citations
44 Claims
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1. A process for acquiring new borrowers by a lender, comprising the steps of:
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sending a document to a holder of a first account by issuer of the account, wherein the issuer is a billor, with the document, providing an offer, by the lender, of credit for one or more of;
paying an amount due on the first account, paying amounts to be due and general use;
accepting, by the payor, the offer; and
debiting the amount due to a new account issued by the lender;
so that the payor and the lender establish a relationship independent of the billor. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22)
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23. A computer program product for acquiring new borrowers by a lender, said computer program product comprising a computer usable storage medium having computer readable computer code means embodied in the medium, the computer code means comprising computer readable program code means for:
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sending a document to a holder of a first account by issuer of the account, wherein the issuer is a billor, with the document, providing an offer, by the lender, of credit for one or more of;
paying an amount due on the first account, paying amounts to be due and general use;
accepting, by the payor, the offer; and
debiting the amount due to a new account issued by the lender;
so that the payor and the lender establish a relationship independent of the billor. - View Dependent Claims (24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44)
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Specification