System and method for implementing financing on demand service

• US 20050144126A1
• Filed: 12/26/2003
• Published: 06/30/2005
• Est. Priority Date: 12/26/2003
• Status: Abandoned Application

• Current Assignee: International Business Machines Corporation
• Original Assignee: International Business Machines Corporation
• Inventors: Vogt, Jane E., Crescenzo, Paul F., Commodore, Norris, Guimond, Mary J.
• Application Number:
  US10/746,402
• Publication Number:
  US 20050144126A1
• Time in Patent Office: Days
• US Class Current: 705/40
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/102 Bill distribution or payments
• CPC Class Codes: G06Q 99/00 Subject matter not provided for in other groups of this subclass

Abstract

A computer system, a service, a computer program product, and an associated method combine the ease of credit card purchases over the Internet with the flexibility of traditional leasing. The financing on demand system is a financing e-utility that prepackages customer entitlement processes, such as credit approvals, lease structures and rates, terms, and conditions with secure electronic delivery and legally enforceable document archiving, such as e-signatures. The system provides the advantage to the merchant of reducing internal administration costs, speeding up current business processes, and enhancing the ease of conducting business with end users and vendors alike. It produces secure legal enforceable documents that meet financing company requirements. Merchants provide the software for the financing on demand system to customers by software token, CD ROM, or smart card media. The system has no fixed credit limits or payment structures, is completely encrypted and secure, and uses non-proprietary open standards architecture in inputs/outputs to permit convenient integration to any vendor'"'"'s Web site.

Claims

1. A method for automatically customizing the implementation of a financing on demand transaction over a network, to provide enhanced ease of product sales through greatly expanded credit access and financial structuring that is prearranged for each customer in addition to accelerated invoice settlement, the method comprising:

automatically generating a customer'"'"'s entitlement;

automatically creating a master agreement transaction based on the customer'"'"'s entitlement;

automatically notifying a financing company and a merchant of a customer'"'"'s credit approval;

automatically posting a corresponding invoice on a network when a customer transaction is approved; and

automatically notifying the customer that the invoice has been posted for the customer'"'"'s approval.

2. The method according to claim 1, wherein generating the customer'"'"'s entitlement comprises generating terms and conditions on a periodic basis.

3. The method according to claim 2, wherein generating the terms and conditions on a periodic basis comprising generating the terms and conditions on a quarterly basis.

4. The method according to claim 1, wherein the customer'"'"'s entitlement comprises a customer'"'"'s credit limit.

5. The method according to claim 1, wherein the customer'"'"'s entitlement comprises a customer'"'"'s financing terms and conditions.

6. The method according to claim 1, wherein the customer'"'"'s entitlement comprises a customer'"'"'s desire to obtain a supplemental payment.

7. The method according to claim 1, wherein the customer'"'"'s entitlement comprises a customer'"'"'s payment tracking.

8. The method according to claim 1, wherein the customer'"'"'s entitlement comprises a customer'"'"'s payment statement preference.

9. The method according to claim 1, wherein the master agreement transaction is created by a financing company.

10. The method according to claim 1, wherein a finance on demand server posts the corresponding invoice on the network.

11. The method according to claim 9, wherein automatically creating the master agreement transaction comprises generating secure legal enforceable documents that meet the financing company'"'"'s contracting and securitization requirements.

12. The method according to claim 1, further comprising the customer approving a rate supplement and a delivery confirmation prior to purchasing a product;

and

wherein the customer acceptance of the delivery confirmation initiates an equipment lease and permits the customer to execute a settlement of a merchant'"'"'s invoice.

13. The method according to claim 12, further comprising displaying to the customer a detailed supplement that indicates how the customer'"'"'s invoice will be financed on a periodic basis.

14. A computer program product having instruction codes embedded on a medium for automatically customizing the implementation of a financing on demand transaction over a network, to provide enhanced ease of product sales through greatly expanded credit access and financial structuring that is prearranged for each customer in addition to accelerated invoice settlement, the computer program product comprising:

a first set of instruction codes for automatically generating a customer'"'"'s entitlement;

a second set of instruction codes for automatically creating a master agreement transaction based on the customer'"'"'s entitlement;

a third set of instruction codes for automatically notifying a financing company and a merchant of a customer'"'"'s credit approval;

a fourth set of instruction codes for automatically posting a corresponding invoice on a network when a customer transaction is approved; and

a fifth set of instruction codes for automatically notifying the customer that the invoice has been posted for the customer'"'"'s approval.

15. The computer program product according to claim 14, wherein the first set of instruction codes generates terms and conditions on a periodic basis.

16. The computer program product according to claim 14, wherein the customer'"'"'s entitlement comprises a customer'"'"'s credit limit.

17. The computer program product according to claim 14, wherein the customer'"'"'s entitlement comprises a customer'"'"'s financing terms and conditions.

18. The computer program product according to claim 14, wherein the customer'"'"'s entitlement comprises a customer'"'"'s desire to obtain a supplemental payment.

19. The computer program product according to claim 14, wherein the customer'"'"'s entitlement comprises a customer'"'"'s payment tracking.

20. The computer program product according to claim 14, wherein the customer'"'"'s entitlement comprises a customer'"'"'s payment statement preference.

21. The computer program product according to claim 14, wherein a finance on demand server posts the corresponding invoice on the network.

22. The computer program product according to claim 14, wherein the master agreement transaction comprises secure legal enforceable documents that meet a financing company'"'"'s contracting and securitization requirements.

23. The computer program product according to claim 14, further comprising a sixth set of instruction codes for displaying to the customer a detailed supplement that indicates how the customer'"'"'s invoice will be financed on a periodic basis.

24. A system for automatically customizing the implementation of a financing on demand transaction over a network, to provide enhanced ease of product sales through greatly expanded credit access and financial structuring that is prearranged for each customer in addition to accelerated invoice settlement, the system comprising:

means for automatically generating a customer'"'"'s entitlement;

means for automatically creating a master agreement transaction based on the customer'"'"'s entitlement;

means for automatically notifying a financing company and a merchant of a customer'"'"'s credit approval;

means for automatically posting a corresponding invoice on a network when a customer transaction is approved; and

means for automatically notifying the customer that the invoice has been posted for the customer'"'"'s approval.

25. The system according to claim 24, wherein the first means generates terms and conditions on a periodic basis.

26. The system according to claim 24, wherein the customer'"'"'s entitlement comprises a customer'"'"'s credit limit.

27. The system according to claim 24, wherein the customer'"'"'s entitlement comprises a customer'"'"'s financing terms and conditions.

28. The system according to claim 24, wherein the customer'"'"'s entitlement comprises a customer'"'"'s desire to obtain a supplemental payment.

29. The system according to claim 24, wherein the customer'"'"'s entitlement comprises a customer'"'"'s payment tracking.

30. The system according to claim 24, wherein the customer'"'"'s entitlement comprises a customer'"'"'s payment statement preference.

31. The system according to claim 24, wherein a finance on demand server posts the corresponding invoice on the network.

32. The system according to claim 24, wherein the master agreement transaction comprises secure legal enforceable documents that meet a financing company'"'"'s contracting and securitization requirements.

33. The system according to claim 24, further comprising a sixth means for displaying to the customer a detailed supplement that indicates how the customer'"'"'s invoice will be financed on a periodic basis.

34. A financing on demand service for automatically customizing the implementation of a transaction over a network, the service comprising:

automatically generating a customer'"'"'s entitlement;

automatically creating a master agreement transaction; and

automatically notifying a financing company and a merchant of a customer'"'"'s credit approval,

to provide enhanced ease of product sales through greatly expanded credit access and financial structuring that is prearranged for each customer in addition to accelerated invoice settlement,

35. A service model for automatically customizing the implementation of a financing on demand transaction over a network, the service comprising:

an automatic generation of a customer'"'"'s entitlement;

an automatic creation of a master agreement transaction; and

an automatic notification of a financing company and a merchant of a customer'"'"'s credit approval,

to provide enhanced ease of product sales through greatly expanded credit access and financial structuring that is prearranged for each customer in addition to accelerated invoice settlement,