System and method for repaying an obligation
First Claim
1. A method for repaying an obligation comprising:
- (a) periodically receiving into a merchant designated account an entirety of funds resulting from merchant sales made with a card product;
(b) computing a first amount related to terms of an obligation;
(c) applying the first amount to the obligation;
(d) transferring the amount remaining in the merchant designated account after applying the first amount to the obligation to a bank account accessible by the merchant; and
(e) if the obligation is not satisfied, repeating steps (a) through (d).
7 Assignments
0 Petitions
Accused Products
Abstract
A method for repaying an obligation comprises periodically receiving into a merchant designated account an entirety of funds resulting from merchant sales made with a card product. A first amount related to the terms of the obligation is computed and the first amount is applied to the obligation. The amount remaining in the merchant designated account after applying the first amount to the obligation is transferred to a bank account accessible by the merchant. The steps are repeated until the obligation is satisfied. A system for repaying the obligation is in communication with an unmodified retail payment system. The system for repaying the obligation comprises at least one merchant designated account in communication with a network of the retail payment system, a master account in communication with the at least one merchant designated account, and an obligation processor in communication with the at least one merchant designated account and the master account.
57 Citations
28 Claims
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1. A method for repaying an obligation comprising:
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(a) periodically receiving into a merchant designated account an entirety of funds resulting from merchant sales made with a card product; (b) computing a first amount related to terms of an obligation; (c) applying the first amount to the obligation; (d) transferring the amount remaining in the merchant designated account after applying the first amount to the obligation to a bank account accessible by the merchant; and (e) if the obligation is not satisfied, repeating steps (a) through (d). - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15)
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16. A method for repaying an obligation comprising:
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(a) providing an obligation to a merchant, the providing comprising determining if the obligation should be provided, at least in part by analyzing a card product transaction history of the merchant, the providing further comprising, if the obligation should be provided, depositing money into a bank account accessible by the merchant; (b) periodically receiving into a merchant designated account an entirety of funds resulting from merchant sales made with a card product; (c) computing a first amount related to terms of an obligation, the computing comprising periodically varying the first amount; (d) applying the first amount to the obligation, the applying comprising transferring the first amount from the merchant designated account to a master account; (e) transferring the entirety of funds minus the first amount to a bank account accessible by the merchant; and (f) if the obligation is not satisfied, repeating steps (b) through (e).
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17. A system for repaying an obligation, the system in communication with a retail payment system, the system for repaying an obligation comprising:
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at least one merchant designated account in communication with a network of the retail payment system; a master account in communication with the at least one merchant designated account; and an obligation processor in communication with the at least one merchant designated account and the master account. - View Dependent Claims (18, 19, 20, 21, 22, 23, 24, 25, 26, 27)
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28. A system for repaying an obligation, the system in communication with a retail payment system, the system for repaying an obligation comprising:
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at least one merchant designated account in communication with a network of the retail payment system; a master account in communication with the at least one merchant designated account; and an obligation processor in communication with the at least one merchant designated account and the master account, the obligation processor comprising, means for monitoring deposits into the merchant designated account; means for determining a first amount to remove from the merchant designated account associated with the merchant according to the merchant'"'"'s obligation; means for directing the first amount to be transferred out of the merchant designated account and to the master account; and means for transferring the funds remaining in the merchant designated account, after the first amount is transferred, into a bank account accessible by the merchant.
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Specification