Future check financing method

• US 20060015428A1
• Filed: 10/21/2004
• Published: 01/19/2006
• Est. Priority Date: 07/19/2004
• Status: Active Grant

• Current Assignee: Adam Friedman
• Original Assignee: Adam Friedman
• Inventors: Friedman, Adam
• Granted Patent: US 7,774,269 B2
• Time in Patent Office: Days
• US Class Current: 705/35
• CPC Class Codes: G06Q 20/042 characterized in that the payment protocol involves at least one cheque
• CPC Class Codes: G06Q 20/204 comprising interface for record bearing medium or carrier for electronic funds transfer or payment credit
• CPC Class Codes: G06Q 20/22 Payment schemes or models
• CPC Class Codes: G06Q 20/24 Credit schemes, i.e. "pay after"
• CPC Class Codes: G06Q 30/04 Billing or invoicing
• CPC Class Codes: G06Q 30/06 Buying, selling or leasing transactions
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof
• CPC Class Codes: G07F 7/04 by paper currency

Abstract

A Future Check Financing Method is disclosed. The method enables purchasers and others to present future-dated checks (or other payment vehicles) at the point of sale for purchases. The potential recipient of the future-dated payment vehicles and/or a check guarantee entity is able to make a lending decision based solely on the presenter'"'"'s check writing history. The recipient of future-dated checks under the method will receive full payment (typically minus service charges) nearly immediately after completing the transaction with the presenter, rather than when all future-dated payment vehicles become payable. The check writing history may include negative check writing history for the presenter, but also may include positive check writing history for the presenter.

Claims

1. A future financing method comprising:

presenting a recipient a plurality of checks from a presenter;

obtaining an average monthly balance of a bank account associated with said plurality of checks;

calculating the number of checks to accept for future payment based on a purchase price and said average monthly balance of said bank account;

accepting said plurality of checks from said presenter;

selling said plurality of checks to a check guarantee entity; and

,

receiving payment for said checks from said check guarantee entity.

2. The future financing method of claim 1 further comprising:

redeeming a first check selected from said plurality of checks by said check guarantee entity; and

,

paying said check guarantee entity by a financial institution.

3. The future financing method of claim 1 wherein receiving payment further comprises paying a financial institution a financial institution service charge and paying said check guarantee entity a check guarantee service charge.

4. The future financing method of claim 2 wherein said paying said check guarantee entity comprises paying said check guarantee entity with an amount minus a financial institution service charge.

5. A future financing method comprising:

presenting a recipient a plurality of cash instruments from a presenter;

obtaining an average monthly balance of a bank account associated with said plurality of cash instruments;

calculating the number of cash instruments to accept for future payment based on a purchase price and said average monthly balance of said bank account;

accepting said plurality of cash instruments from said presenter;

selling said plurality of cash instruments to a check guarantee entity; and

,

receiving payment for said cash instruments from said check guarantee entity.

6. The future financing method of claim 5 further comprising:

redeeming a first cash instrument selected from said plurality of cash instruments by said check guarantee entity; and

,

paying said check guarantee entity by a financial institution.

7. The future financing method of claim 5 wherein receiving payment further comprises paying a financial institution a financial institution service charge and paying said check guarantee entity a check guarantee service charge.

8. The future financing method of claim 6 wherein said paying said check guarantee entity comprises paying said check guarantee entity with an amount minus a financial institution service charge.

9. A future financing method comprising:

presenting a recipient a plurality of checks from a presenter;

obtaining an average monthly balance of a bank account associated with said plurality of checks;

calculating the number of checks to accept for future payment based on a purchase price and said average monthly balance of said bank account;

accepting said plurality of checks from said presenter;

selling said plurality of checks to a third party; and

,

receiving payment for said checks from said third party.

10. The future financing method of claim 9 further comprising:

redeeming a first check selected from said plurality of checks by said third party; and

,

paying said third party by a financial institution.

11. The future financing method of claim 9 wherein receiving payment further comprises paying a financial institution a financial institution service charge and paying said third party a check guarantee service charge.

12. The future financing method of claim 10 wherein said paying said third party comprises paying said third party with an amount minus a financial institution service charge.

13. A future financing method comprising:

presenting a recipient a plurality of cash instruments from a presenter;

obtaining an average monthly balance of a bank account associated with said plurality of cash instruments;

calculating the number of cash instruments to accept for future payment based on a purchase price and said average monthly balance of said bank account;

accepting said plurality of cash instruments from said presenter;

selling said plurality of cash instruments to a third party; and

,

receiving payment for said cash instruments from said third party.

14. The future financing method of claim 13 further comprising:

redeeming a first cash instrument selected from said plurality of cash instruments by said third party; and

,

paying said third party by a financial institution.

15. The future financing method of claim 13 wherein receiving payment further comprises paying a financial institution a financial institution service charge and paying said third party a check guarantee service charge.

16. The future financing method of claim 14 wherein said paying said third party comprises paying said third party with an amount minus a financial institution service charge.