Method for paying an obligation
First Claim
Patent Images
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.
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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.
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Citations
27 Claims
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1. A method for paying an obligation to a lender, comprising:
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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. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10)
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11. A method for collecting a payment on an obligation, comprising:
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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 - View Dependent Claims (12, 13, 14, 15, 16, 17)
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18. A method for paying an obligation made by a merchant to a lender, comprising:
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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. - View Dependent Claims (19, 20, 21, 22, 23, 24)
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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:
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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. - View Dependent Claims (26, 27)
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Specification