Method for paying an obligation

• US 20080195534A1
• Filed: 02/12/2007
• Published: 08/14/2008
• Est. Priority Date: 02/12/2007
• Status: Abandoned Application

• Current Assignee: Credit Cash LLC
• Original Assignee: Credit Cash LLC
• Inventors: Landis, Dean, Ricchiuti, James
• Application Number:
  US11/705,835
• Publication Number:
  US 20080195534A1
• Time in Patent Office: Days
• US Class Current: 705/39
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes

Abstract

A method for paying an obligation to a lender including the steps of: generating transaction settlement proceeds based on sales made by a merchant; depositing the transaction settlement proceeds in a first bank account, the first bank account being controlled by the lender; sweeping the deposited transaction settlement proceeds to a second bank account; and applying at least a portion of the swept transaction settlement proceeds in the lender'"'"'s second bank account as a payment on the obligation.

Claims

1. A method for paying an obligation to a lender, comprising:

generating transaction settlement proceeds based on sales made by a merchant;

depositing the transaction settlement proceeds in a first bank account, the first bank account being controlled by the lender;

sweeping the deposited transaction settlement proceeds to a second bank account; and

applying at least a portion of the swept transaction settlement proceeds in the second bank account as a payment on the obligation.

2. The method of claim 1, further comprising depositing the remaining portion of the swept transaction settlement proceeds from the second bank account into the merchant'"'"'s operating bank account.

3. The method of claim 1, wherein the first bank account is owned by the merchant.

4. The method of claim 1, wherein the transaction settlement proceeds comprise credit card sales proceeds, charge card sales proceeds or smart card sales proceeds.

5. The method of claim 4, wherein the step of generating transaction settlement proceeds comprises processing the sales through a card processor.

6. The method of claim 5, wherein the step of depositing the transaction settlement proceeds in the first bank account is done automatically by the processor.

7. The method of claim 1, wherein the step of sweeping is performed on a periodic basis.

8. The method of claim 7, wherein the periodic basis is daily.

9. The method of claim 2, wherein the remaining portion of the swept transaction settlement proceeds is deposited in the merchant'"'"'s operating bank account through an automatic clearing house transfer.

10. The method of claim 2, wherein the remaining portion of the swept transaction settlement proceeds is deposited in the merchant'"'"'s operating bank account by a wire transfer.

11. A method for collecting a payment on an obligation, comprising:

sweeping deposited transaction settlement proceeds based on sales made by a merchant to a first bank account; and

applying at least a portion of the swept transaction settlement proceeds as a payment on the obligation

12. The method of claim 11, further comprising depositing a remaining portion of the swept transaction settlement proceeds in the merchant'"'"'s operating bank account.

13. The method of claim 11, wherein the step of sweeping is performed on a periodic basis.

14. The method of claim 13, wherein the periodic basis is daily.

15. The method of claim 12, wherein the remaining portion of the swept transaction settlement proceeds is deposited in the merchant'"'"'s operating bank account through an automatic clearing house transfer.

16. The method of claim 12, wherein the remaining portion of the swept transaction settlement proceeds is deposited in the merchant'"'"'s operating bank account by a wire transfer.

17. The method of claim 11, wherein the transaction settlement proceeds comprise credit card sales proceeds, charge card sales proceeds or smart card sales proceeds.

18. A method for paying an obligation made by a merchant to a lender, comprising:

generating transaction settlement proceeds based on sales made by a merchant;

depositing the transaction settlement proceeds in the merchant'"'"'s operating bank account; and

automatically deducting at least a portion of the transaction settlement proceeds from the merchant'"'"'s operating bank account as a payment on the obligation to the lender'"'"'s bank account.

19. The method of claim 18, wherein the transaction settlement proceeds comprise credit card sales proceeds, charge card sales proceeds or smart card sales proceeds.

20. The method of claim 19, wherein the step of generating transaction settlement proceeds comprises processing the sales through a card processor.

21. The method of claim 20, wherein the step of depositing the transaction settlement proceeds in the merchant'"'"'s bank account is done automatically by the card processor.

22. The method of claim 20, wherein the step of automatically deducting at least a portion of the transaction settlement proceeds comprises determining an amount of funds to be deducted based on the transaction settlement proceeds generated by the processor.

23. The method of claim 20, wherein the step of automatically deducting at least a portion of the transaction settlement proceeds comprises determining an amount of funds to be deducted based on the transaction settlement proceeds deposited in the merchant'"'"'s bank account.

24. The method of claim 18, wherein the step of automatically deducting at least a portion of the transaction settlement proceeds comprises initiating an automated clearing house transfer from the merchant'"'"'s operating account to the lender'"'"'s bank account.

25. A computer readable medium having computer executable instructions for performing a method for paying an obligation to a lender, the method comprising the steps of:

calculating an amount of funds swept into a first bank account to be applied as a payment on the obligation; and

separating the funds into a first portion intended as the payment on the obligation and a second portion intended for a second bank account.

26. The computer readable medium of claim 25, further comprising placing the first portion and second portion of the funds into a queue for manual distribution.

27. The computer readable medium of claim 25, wherein the first bank account is owned by the lender.