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ELECTRONIC FACTORING

  • US 20070226136A1
  • Filed: 06/01/2007
  • Published: 09/27/2007
  • Est. Priority Date: 11/23/1998
  • Status: Abandoned Application
First Claim
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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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