Subscription-based payment
First Claim
1. A method for automatically processing a recurring transfer request from a stored value fund with an online system, the method comprising:
- determining a handler associated with a payor;
transferring money from the handler to the stored value fund;
informing the payor that a payee accepts payment from the online system;
receiving subscription type information which includes at least two of a per-request payment cap, a fixed payment amount, a limit on payment per time period, a limit on the number of payments in the time period, and a time period;
receiving pay-out instructions that include at least two of a payor identifier, a payee identifier, a transfer amount, a payment description; and
transferring the transfer amount from the stored value fund to the payee automatically.
9 Assignments
0 Petitions
Accused Products
Abstract
According to the invention, a method for automatically processing a recurring transfer request from a stored value fund with an online system is disclosed. A handler associated with a payor is determined and money is transferred from that handler to the stored value fund. In one step, the payor is informed that a payee accepts payment from the online system. Subscription type information is received, which includes at least two of a per-request payment cap, a fixed payment amount, a limit on payment per time period, a limit on the number of payments in the time period, and a time period. Pay-out instructions are also received and include at least two of a payor identifier, a payee identifier, a transfer amount, a payment description. The transfer amount is automatically sent from the stored value fund to the payee.
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Citations
27 Claims
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1. A method for automatically processing a recurring transfer request from a stored value fund with an online system, the method comprising:
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determining a handler associated with a payor; transferring money from the handler to the stored value fund; informing the payor that a payee accepts payment from the online system; receiving subscription type information which includes at least two of a per-request payment cap, a fixed payment amount, a limit on payment per time period, a limit on the number of payments in the time period, and a time period; receiving pay-out instructions that include at least two of a payor identifier, a payee identifier, a transfer amount, a payment description; and transferring the transfer amount from the stored value fund to the payee automatically. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14)
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15. A method for automatically processing a transfer request from a stored value fund with an online system, the method comprising:
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determining a handler associated with a payor; transferring money from the handler to the stored value fund; informing the payor that a payee accepts payment from the online system; receiving subscription type information which includes at least one of a per-request payment cap, a fixed payment amount, a limit on payment per time period, a limit on the number of payments in the time period, and a time period; receiving pay-out instructions that include at least two of a payor identifier, a payee identifier, a transfer amount, a payment description; and transferring the transfer amount from the stored value fund to a second handler associated with the payee automatically. - View Dependent Claims (16, 17, 18, 19, 20)
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21. A method for automatically processing a transfer request from a stored value fund with an online system, the method comprising:
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determining a handler associated with a payor; transferring money from the handler to the stored value fund; informing the payor that a payee accepts payment from the online system; receiving subscription type information which includes at least one of a per-request payment cap, a fixed payment amount, a limit on payment per time period, a limit on the number of payments in the time period, and a time period; receiving pay-out instructions that include at least two of a payor identifier, a payee identifier, a transfer amount, a payment description; sending notification to the payor after receiving the pay-out instructions; waiting a period of time between the sending step and the second-listed transferring step; transferring the transfer amount from the stored value fund to the payee; and canceling the second-listed transferring step if the payor declines within the period of time. - View Dependent Claims (22, 23, 24, 25, 26, 27)
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Specification