Electronic factoring
First Claim
Patent Images
1. A method of electronic factoring, the method comprising:
- providing an electronic platform for guaranteeing payment of receivables;
receiving application information from a plurality of buyers, wherein the application information is input into a profile database upon the electronic platform;
assigning each of the buyers a credit limit; and
electronically receiving transaction information that describes a transaction between one of the buyers and a vendor, wherein as part of the transaction the buyer is obligated to pay the vendor a receivable;
electronically accessing the electronic platform for verification of credit availability for the transaction;
electronically sending the vendor a guarantee of compensation to the vendor; and
automatically assigning ownership of the receivable of the vendor to a financing institution.
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Abstract
The present invention is a method and system for electronic factoring. An electronic platform is provided for guaranteeing payment of receivables. Information from users is input into a profile database upon the electronic platform and is accessible by all users. The buyers are assigned a credit limit and are able to purchase from vendors within that credit limit. The payments for these purchases are guaranteed by a guaranteeing financial institution with is aligned with the platform.
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Citations
17 Claims
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1. A method of electronic factoring, the method comprising:
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providing an electronic platform for guaranteeing payment of receivables;
receiving application information from a plurality of buyers, wherein the application information is input into a profile database upon the electronic platform;
assigning each of the buyers a credit limit; and
electronically receiving transaction information that describes a transaction between one of the buyers and a vendor, wherein as part of the transaction the buyer is obligated to pay the vendor a receivable;
electronically accessing the electronic platform for verification of credit availability for the transaction;
electronically sending the vendor a guarantee of compensation to the vendor; and
automatically assigning ownership of the receivable of the vendor to a financing institution. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11)
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12. A method of electronic factoring, the method comprising:
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assigning buyers a credit limit;
storing the assigned credit limit in a guaranteeing platform;
verifying a selected buyer'"'"'s identification as a member of the guaranteeing platform;
verifying the buyer'"'"'s credit amount when the buyer attempts to make a purchase;
subtracting the purchase amount from the buyer'"'"'s available credit limit upon making a verified purchase;
notifying the vendor of the purchase order;
reassigning the receivable to a guaranteeing financial institution via the guaranteeing platform;
billing the buyer for the purchase order; and
forwarding payment to the vendor.
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13. An electronic factoring system for guaranteeing payment of receivables, said system comprising:
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a profile database upon the electronic platform for inputting information from buyers;
means for assigning the buyers a credit limit;
means for storing the assigned credit limit in the electronic platform;
means for receiving transaction information from a vendor, wherein the transaction information identifies a transaction between at least one of the buyers and a vendor, and wherein the buyer is obligated to pay the vendor a receivable;
means for authorizing the transaction, wherein the means for authorizing uses at least in part the stored assigned credit limit; and
means for assigning ownership of the receivable.
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14. An electronic factoring system for guaranteeing payment of receivables, said system comprising:
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means for assigning a buyer a credit limit;
means for storing the assigned credit limit in a guaranteeing platform;
means for verifying the buyer'"'"'s identification as a member of the guaranteeing platform;
means for verifying the buyer'"'"'s credit amount when the buyer attempts to make a purchase;
means for subtracting the purchase amount from the buyer'"'"'s available credit limit upon making a verified purchase;
means for notifying the vendor of the purchase order;
means for reassigning the receivable to a guaranteeing financial institution via the guaranteeing platform;
means for billing the buyer for the purchase order; and
means for forwarding payment to the vendor.
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15. A method of electronic factoring, the method comprising:
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providing an electronic platform for guaranteeing payment of receivables;
inputting information from buyers into a profile database upon the electronic platform;
assigning each of the buyers a credit limit; and
electronically receiving transaction information that describes a transaction between one of the buyers and a vendor, wherein in the transaction the vendor obtains a receivable from the buyer;
electronically accessing the electronic platform for verification of credit availability for the transaction;
electronically sending the vendor a guarantee of compensation to the vendor; and
insuring the vendor for receipt of the receivable.
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16. A system comprising:
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a vendor device configured to read membership information from a membership card and configured to receive a transaction amount from a user that is indicative of a receivable that is owed a vendor by a buyer; and
an electronic platform configured to receive the membership information and the transaction amount from the vendor device, wherein the electronic platform uses the membership information to determine a credit limit that is associated with the buyer, and wherein the electronic platform automatically assigns the receivable and transmits to the vendor device an authorization message upon determining that the transaction amount is within the determined credit limit.
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17. A system comprising:
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a vendor device configured to read membership information from a membership card and configured to receive a transaction amount from a user that is indicative of a receivable that is owed a vendor by a buyer; and
an electronic platform configured to receive the membership information and the transaction amount from the vendor device, wherein the electronic platform uses the membership information to determine a credit limit that is associated with the buyer, and wherein the electronic platform automatically insures receipt of the receivable and transmits to the vendor device an authorization message upon determining that the transaction amount is within the determined credit limit.
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Specification