CONSTRUCTION PAYMENT MANAGEMENT SYSTEM AND METHOD WITH DOCUMENT EXCHANGE FEATURES

• US 20080281735A1
• Filed: 04/03/2008
• Published: 11/13/2008
• Est. Priority Date: 06/29/2004
• Status: Active Grant

• Current Assignee: Textura LLC (Oracle Corporation)
• Original Assignee: Textura LLC (Oracle Corporation)
• Inventors: Eichhorn, William H., Allin, Patrick J., Cherry, Charles C., Niden, Howard
• Granted Patent: US 9,460,441 B2
• Time in Patent Office: Days
• US Class Current: 705/34
• CPC Class Codes: G06Q 10/06 Resources, workflows, human or project management; Enterprise or organisation planning; Enterprise or organisation modelling
• CPC Class Codes: G06Q 20/04 Payment circuits
• CPC Class Codes: G06Q 20/042 characterized in that the payment protocol involves at least one cheque
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/102 Bill distribution or payments
• CPC Class Codes: G06Q 20/40 Authorisation, e.g. identification of payer or payee, verification of customer or shop credentials; Review and approval of payers, e.g. check credit lines or negative lists
• CPC Class Codes: G06Q 30/00 Commerce
• CPC Class Codes: G06Q 30/04 Billing or invoicing
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 40/10 Tax strategies
• CPC Class Codes: G06Q 40/12 Accounting

Abstract

Systems and methods for managing a construction payment process. One construction of the system includes a computer readable memory and a software enabled user interface. A process is configured to display to a payee via the user interface an electronic notification of a pending payment and a request for an electronically signed document such as a lien waiver. The processor of this construction is further configured to receive the electronically signed document, store it to a computer readable memory, and initiate payment. In some constructions, the processor is further configured to display the electronically signed document to the payer only after payment has been initiated. In some constructions, the processor is further configured to verify that requirements are fulfilled before initiating payment.

Claims

1. A computer implemented method of effectuating a payment related to a construction project comprising:

electronically transmitting

an electronic notification to a payee of a pending payment and

a request for an electronically signed document from the payee;

receiving the electronically signed document from the payee;

storing the electronically signed document in a computer readable memory; and

initiating payment.

2. The method according to claim 1 further comprising creating a payment order prior to transmitting the electronic notification.

3. The method according to claim 2 further comprising matching the payment order to a project.

4. The method according to claim 1 further comprising releasing the electronically signed document to a payer only after payment has been initiated.

5. The method according to claim 1 wherein the act of initiating payment is executed by a computer processor automatically upon receipt of the electronically signed document from the payee.

6. The method according to claim 1 further comprising:

defining a list of required information that must be stored in the computer readable memory before payment will be initiated;

electronically transmitting a second notification to the payee identifying what required information is not currently stored in the computer readable memory; and

verifying that all required information is stored in the computer readable memory before initiating payment.

7. The method according to claim 6 wherein the list of required information includes at least one previously requested electronically signed document.

8. The method according to claim 1 further comprising:

creating a payee user record;

flagging the payee user record as noncompliant if a requested document is not stored in the computer readable memory; and

flagging the payee user record as compliant if all requested documents are stored in the computer readable memory.

9. The method according to claim 8 further comprising receiving a compliance setting from the payer designating whether to delay the act of initiating payment until the payee user record is flagged as compliant.

10. The method according to claim 1 further comprising:

receiving an electronic payment request from the payee;

displaying the payment request to the payer; and

receiving approval from the payer of the payment request,

wherein the act of creating a payment order is performed in response to receiving approval of the payment request.

11. The method according to claim 1 wherein the electronic notification of the pending payment includes an electronic invoice.

12. The method according to claim 1 wherein the act of initiating payment includes electronically communicating with an automated clearing house.

13. The method according to claim 1 wherein the act of initiating payment includes automatically effectuating an electronic funds transfer.

14. The method according to claim 1 wherein the act of initiating payment includes printing a check to be delivered to the payee.

15. The method according to claim 1 further comprising generating an electronic receipt and transmitting the receipt to the payee.

16. The method according to claim 1 further comprising generating an electronic payment record and transmitting the electronic payment record to the payer.

17. The method according to claim 1 wherein the payer is a general contractor.

18. The method according to claim 1 wherein the payee is a subcontractor or a vendor of building materials.

19. The method according to claim 1 wherein the electronically signed document is a lien waiver.

20. A construction payment management system comprising:

at least one computer readable memory;

a software enabled user interface; and

a processor configured to

display to a payee via the user interface an electronic notification of a pending payment and a request for an electronically signed document,

receive via the user interface an electronically signed document from the payee,

store the electronically signed document in the at least one computer readable memory, and

initiate a payment.

21. The construction payment management system according to claim 20 wherein the processor is further configured to create a payment order before displaying the electronic notification of the pending payment.

22. The construction payment management system according to claim 20 wherein the software enabled user interface is viewable on a display and editable through a keyboard, the display and the keyboard being remote from the construction payment management system and associated with the payee.

23. The construction payment management system according to claim 20 wherein the software enabled user interface is accessible on a plurality of networked computer terminals.

24. The construction payment management system according to claim 23 wherein the software enabled user interface is a web-based application accessible on a plurality of computer terminals connected to the Internet.

25. The construction payment management system according to claim 20 wherein the processor is further configured to match the payment order to a project.

26. The construction payment management system according to claim 20 wherein the processor is further configured to display the electronically signed document to a payer via the user interface only after payment has been initiated.

27. The construction payment management system according to claim 20 wherein the processor is configured to initiate payment automatically upon receipt of the electronically signed document.

28. The construction payment management system according to claim 20 wherein the processor is further configured to:

access a list denoting what data must be stored in the at least one computer readable memory before payment will be initiated;

display a second notification to the payee via the user interface describing what data from the list is not currently stored in the computer readable memory; and

verify that all data from the list is stored in the at least one computer readable memory before initiating payment.

29. The construction payment management system according to claim 28 wherein the list includes at least one previously requested electronically signed document.

30. The construction payment management system according to claim 20 wherein the processor is further configured to:

create a payee user record in the at least one computer readable memory;

flag the payee user record as noncompliant if a requested document is not stored in the at least one computer readable memory; and

flag the payee user record as compliant if all requested documents are stored in the at least one computer readable memory.

31. The construction payment management system according to claim 30 wherein the processor is further configured to receive a compliance setting from the payer designating whether to delay the act of initiating payment until the payee user record is flagged as compliant.

32. The construction payment management system according to claim 20 wherein the processor is further configured to:

receive an electronic payment request from the payee via the user interface;

display the payment request to the payer via the user interface; and

receive approval of the payment request from the payer via the user interface before creating the payment order.

33. The construction payment management system according to claim 20 wherein the electronic notification of the pending payment includes an electronic invoice.

34. The construction payment management system according to claim 20 further comprising a communication interface between the processor and an automated clearing house, wherein the processor is configured to initiate payment through the automated clearing house via the communication interface.

35. The construction payment management system according to claim 34 wherein the communication interface includes a telephone line.

36. The construction payment management system according to claim 34 wherein the communication interface includes an Internet connection.

37. The construction payment management system according to claim 20 further comprising an electronic interface between the processor and a bank, wherein the processor is configured to initiate payment by requesting an electronic funds transfer at the bank.

38. The construction payment management system according to claim 20 further comprising a printer, wherein the processor is configured to initiate payment by printing a check payable to the payee.

39. The construction payment management system according to claim 20 wherein the processor is configured to initiate payment by displaying payment instructions to the payer via the user interface.

40. The construction payment management system according to claim 20 wherein the processor is further configured to generate an electronic receipt and display the receipt to the payee via the user interface.

41. The construction payment management system according to claim 40 wherein the processor is further configured to store the electronic receipt in the at least one computer readable memory.

42. The construction payment management system according to claim 20 wherein the processor is further configured to generate an electronic payment record and display the electronic payment record to the payer via the user interface.

43. The construction payment management system according to claim 42 wherein the processor is further configured to store the electronic payment record in the at least one computer readable memory.

44. The construction payment management system according to claim 20 wherein the payer is a general contractor.

45. The construction payment management system according to claim 20 wherein the payee is a subcontractor or a supply vendor.

46. The construction payment management system according to claim 20 wherein the electronically signed document is a lien waiver.

47. A construction payment management system comprising:

at least one computer readable memory;

a software enabled user interface; and

a processor configured to

create a payment order,

display to a payee via the user interface an electronic notification of a pending payment and a request for an electronically signed document,

receive an electronically signed document from the payee via the user interface,

store the electronically signed document in the at least one computer readable memory and temporarily prevent a payer from accessing the electronically signed document,

receive confirmation from the payer via the user interface that payment has been initiated, and

allow the payer to access the electronically signed document.

48. A computer implemented method of effectuating a payment in a construction project comprising:

creating a payment order;

electronically transmitting an electronic notification to a payee of a pending payment and a request for an electronically signed document from the payee;

receiving an electronically signed document from the payee;

storing the electronically signed document in a computer readable memory;

temporarily preventing a payer from accessing the electronically signed document;

receiving confirmation from the payer that payment has been initiated, and

allowing the payer to access the electronically signed document.

49. The method according to claim 48, further comprising initiating payment by check.

50. The method according to claim 48, further comprising initiating payment by wire transfer.