System, Program Product, And Method To Authorize Draw For Retailer Optimization
First Claim
1. A system to advance funds to a customer of a retailer, the system comprising:
- a computer associated with a financial institution defining a financial institution computer, the financial institution computer having memory and being associated with the electronic communications network; and
computer program product associated with the financial institution computer, stored on a tangible computer memory media, and operable on a computer, the computer program product comprising a set of instructions that, when executed by the computer, cause the computer to perform the operations of;
establishing a line of credit attached to a customer account at the financial institution for a customer of a retailer responsive to customer underwriting data and predetermined qualification parameters to thereby convert customer underwriting data into line of credit data, the line of credit being optimized for the retailer,determining whether to advance funds from the line of credit for a customer transaction,advancing funds in one or more preselected loan increments to the customer account to thereby convert line of credit data into a value associated with the customer account to thereby fund the customer transaction, a cumulative amount of the one or more preselected loan increments being less than a total available line of credit for the customer having an established line of credit with the financial institution,decrementing the total available line of credit by the cumulative amount of the one or more preselected loan increments provided for the customer transaction and by a predetermined customer fee amount for each of the one or more preselected loan increments, anddetermining a value of a retailer fee to be paid by the retailer, the retailer fee having a predetermined amount for each of the one or more preselected loan increments.
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Accused Products
Abstract
A line of credit optimized for a retailer and attached to a customer account at a financial institution is established for a customer of the retailer. A financial institution computer determines whether to advance funds through the line of credit for a transaction, then advances funds in one or more preselected loan increments to the customer account, up to a total available line of credit for the customer. The financial institution computer decrements the total available line of credit by the amount provided for the customer transaction and by a predetermined customer fee for each of the loan increments. The computer determines a value of a retailer fee to be paid by the retailer, involving a predetermined amount for each of the loan increments. The customer fee amount can be zero or discounted for customer transactions with the retailer. The retailer fee can be a rebate to the customer.
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Citations
20 Claims
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1. A system to advance funds to a customer of a retailer, the system comprising:
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a computer associated with a financial institution defining a financial institution computer, the financial institution computer having memory and being associated with the electronic communications network; and computer program product associated with the financial institution computer, stored on a tangible computer memory media, and operable on a computer, the computer program product comprising a set of instructions that, when executed by the computer, cause the computer to perform the operations of; establishing a line of credit attached to a customer account at the financial institution for a customer of a retailer responsive to customer underwriting data and predetermined qualification parameters to thereby convert customer underwriting data into line of credit data, the line of credit being optimized for the retailer, determining whether to advance funds from the line of credit for a customer transaction, advancing funds in one or more preselected loan increments to the customer account to thereby convert line of credit data into a value associated with the customer account to thereby fund the customer transaction, a cumulative amount of the one or more preselected loan increments being less than a total available line of credit for the customer having an established line of credit with the financial institution, decrementing the total available line of credit by the cumulative amount of the one or more preselected loan increments provided for the customer transaction and by a predetermined customer fee amount for each of the one or more preselected loan increments, and determining a value of a retailer fee to be paid by the retailer, the retailer fee having a predetermined amount for each of the one or more preselected loan increments. - View Dependent Claims (2, 3, 4, 5, 6, 7)
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8. A program product stored in one or more tangible computer readable media and readable by a computer so that the program product operates to perform the following set of instructions when read by the computer:
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establishing a line of credit attached to a customer account at a financial institution for a customer of a retailer responsive to customer underwriting data and predetermined qualification parameters to thereby convert customer underwriting data into line of credit data, the line of credit being optimized for the retailer; determining whether to advance funds through the line of credit for a customer transaction; advancing funds in one or more preselected loan increments to the customer account to thereby convert line of credit data into a value associated with the customer account to thereby fund the customer transaction, a cumulative amount of the one or more preselected loan increments being less than a total available line of credit for the customer having an established line of credit with the financial institution; decrementing the total available line of credit by the cumulative amount of the one or more preselected loan increments provided for the customer transaction and by a predetermined customer fee amount for each of the one or more preselected loan increments; and determining a value of a retailer fee to be paid by the retailer, the retailer fee having a predetermined amount for each of the one or more preselected loan increments. - View Dependent Claims (9, 10, 11, 12, 13, 14)
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15. A computer-implemented method of advancing funds to a customer of a retailer, the method comprising:
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establishing a line of credit attached to a customer account at a financial institution for a customer of a retailer responsive to customer underwriting data and predetermined qualification parameters to thereby convert customer underwriting data into line of credit data, the line of credit being optimized for the retailer; determining whether to advance funds through the line of credit for a customer transaction; advancing funds in one or more preselected loan increments to the customer account to thereby convert line of credit data into a value associated with the customer account to thereby fund the customer transaction, a cumulative amount of the one or more preselected loan increments being less than a total available line of credit for the customer having an established line of credit with the financial institution; decrementing the total available line of credit by the cumulative amount of the one or more preselected loan increments provided for the customer transaction and by a predetermined customer fee amount for each of the one or more preselected loan increments; and determining a value of a retailer fee to be paid by the retailer, the retailer fee having a predetermined amount for each of the one or more preselected loan increments. - View Dependent Claims (16, 17, 18, 19, 20)
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Specification