Method and Apparatus to Evaluate and Provide Funds in Online Environments
First Claim
1. A computer implemented method, the method comprising:
- establishing, using electronic computer hardware, that a party owes a monetary amount to a cash provider with repayment terms, the repayment terms comprising periodic payment dates and respective payment amounts to be made automatically using an electronic payment system;
determining, using electronic computer hardware, that on a payment date of the periodic payment dates an account associated with the party does not contain a respective payment amount; and
initiating an electronic transfer of funds, transferring as much funds from the account to the cash provider as needed to satisfy the respective payment amount which includes automatically transferring additional funds in the account as they become available until the respective payment amount is satisfied.
8 Assignments
0 Petitions
Accused Products
Abstract
A method, apparatus, and computer readable storage to implement a lending or cash advance system that can be (but is not required to be) integrated with an online commerce site. Sellers on the online commerce site can click a button or tab in their web browser that is visiting the online commerce site and information known to the online commerce site is automatically shared with a potential cash provider. The information can include sales data related to the seller'"'"'s business on the online commerce site that can be applied to a formula used by a cash provider to evaluate the risk associated with lending the seller cash. A financial account used by the seller can rapidly receive the cash loan (if approved) and payments received by the seller from buyers would go into this financial account which is then used to automatically pay the cash provider back at agreed upon terms.
61 Citations
10 Claims
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1. A computer implemented method, the method comprising:
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establishing, using electronic computer hardware, that a party owes a monetary amount to a cash provider with repayment terms, the repayment terms comprising periodic payment dates and respective payment amounts to be made automatically using an electronic payment system; determining, using electronic computer hardware, that on a payment date of the periodic payment dates an account associated with the party does not contain a respective payment amount; and initiating an electronic transfer of funds, transferring as much funds from the account to the cash provider as needed to satisfy the respective payment amount which includes automatically transferring additional funds in the account as they become available until the respective payment amount is satisfied. - View Dependent Claims (2, 3, 4)
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5. A computer implemented method, the method comprising:
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establishing, using electronic computer hardware, that a party owes a monetary amount to a cash provider with repayment terms, the repayment terms comprising periodic payment dates and respective payment amounts to be made automatically using an electronic payment system; determining, using electronic computer hardware, that on a payment date of the periodic payment dates an account associated with the party does not contain a respective payment amount; and initiating an electronic transfer of funds, transferring as much funds from the account to the cash provider as needed to satisfy the monetary amount which includes automatically transferring additional funds in the account as they become available until the monetary amount is satisfied. - View Dependent Claims (6, 7, 8)
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9. A computer implemented method, the method comprising:
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establishing, using electronic computer hardware, that a seller on an e-commerce web site owes a monetary amount to a cash provider with repayment terms based on a factoring agreement, the repayment terms comprising designated customer(s) of the seller, periodic payment dates and respective payment amounts, and an account associated with the seller; waiting until a periodic payment date having a respective payment amount; executing code on a computer to determine a repayment amount wherein the repayment amount equals the funds received from the designated customer(s) for a respective period except if the funds received from the designated customer(s) for the respective period exceed the respective payment amount then the repayment amount equals the respective payment amount; and automatically initiating an electronic transfer of funds of the repayment amount from the account to the cash provider. - View Dependent Claims (10)
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Specification