INVOICELESS TRADING AND SETTLEMENT METHOD AND SYSTEM
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Abstract
Methods and systems consistent with the present invention overcome the shortcomings of existing trading systems by providing an invoiceless trading system that creates incentives for customers to pay suppliers within a predetermined period of time, such as a settlement period. Specifically, the invoiceless trading system enables a customer to obtain a discount on orders placed with suppliers in return for an immediate payment (e.g., within 24 hours) by the customer. The supplier receives payment within the predetermined period of time, and the customer receives additional cash benefits by providing an early payment to the supplier. To communicate with and transfer funds between customers and suppliers, the invoiceless trading system may use an electronic gateway and a settlement bank. In addition to creating an incentive to embrace e-commerce, both customers and suppliers avoid the need to manually process orders and use invoices to complete transactions.
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Citations
39 Claims
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1-10. -10. (canceled)
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11. A method for receiving a discount comprising:
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establishing an incentive amount and a settlement period with a supplier; placing an order with the supplier; transmitting a payment message to a settlement bank, the payment message comprising instructions for paying the supplier for the order within the settlement period; and paying a customer payment to a third party after a discounted payment has been paid to the supplier by the settlement bank; wherein the discounted payment is less than a cost of the order by at least the incentive amount; and wherein the customer payment is no less than the discounted payment plus an interest fee. - View Dependent Claims (12, 13, 14, 15, 16, 17, 18, 19, 20)
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21. A method for facilitating payment comprising:
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transmitting an order message from a customer to a supplier; and transmitting a payment message from the customer to a settlement party; wherein the payment message sets forth an incentive amount and includes instructions for paying a payment to the supplier; and wherein the customer receives the incentive amount by enabling the supplier to receive a discounted payment within a settlement period. - View Dependent Claims (22, 23, 24, 25, 26, 27, 28, 29)
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30. An electronic trading and settling system comprising:
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a database; and an electronic gateway for facilitating communication between a customer, a supplier and a settlement party; wherein the electronic gateway runs software programmed to; transmit an order message from the customer to the supplier; and transmit a payment message from the customer to the settlement party; wherein the payment message sets forth an incentive amount and includes instructions for paying a payment to the supplier. - View Dependent Claims (31, 32, 33, 34, 35, 36, 37)
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38. A method for facilitating payment comprising:
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receiving instructions from a customer to pay a supplier for an order; and transmitting a payment message to a settlement party authorizing a funds provider to settle an account with the supplier on behalf of the customer; wherein the customer receives an incentive if the supplier receives a discounted payment with a settlement period. - View Dependent Claims (39)
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Specification