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SELECTIVE ESCROW OF FUNDS BASED ON TRANSACTION RECEIPTS

  • US 20140006192A1
  • Filed: 06/29/2012
  • Published: 01/02/2014
  • Est. Priority Date: 06/29/2012
  • Status: Abandoned Application
First Claim
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1. A computer-implemented method performed by at least one computer system for segregating funds associated with transactions of a seller to provide a source of funds available for payment to a payee, the method comprising:

  • (a) storing data relating to a seller;

    (b) determining a sales amount corresponding to one or more transactions of the seller associated with a closeout period;

    (c) determining an escrow amount based on the sales amount and a tax rate applicable to the one or more transactions; and

    (d) transmitting an instruction to an electronic funds processor (EFP) to direct the EFP to credit an escrow account with the escrow amount when the sales amount equals or exceeds the escrow amount.

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