Online purchasing system supporting buyer affordability screening

• US 7,539,628 B2
• Filed: 03/14/2001
• Issued: 05/26/2009
• Est. Priority Date: 03/21/2000
• Status: Expired due to Fees

• Current Assignee: PayPal, Inc. (PayPal Holdings, Inc.)
• Original Assignee: Christopher C. Winslade, James D. Bennett
• Inventors: Bennett, James D., Winslade, Christopher C.
• Primary Examiner(s): RUDY, ANDREW J
• Application Number:
  US09/808,717
• Publication Number:
  US 20010047307A1
• Time in Patent Office: 2,995 Days
• Field of Search: 705/26, 705/27, 705/38, 705/35, 705/37, 235/375, 235/383, 235/385
• US Class Current: 705/26.41
• CPC Class Codes: G06Q 20/20 Point-of-sale [POS] network systems
• CPC Class Codes: G06Q 30/02 Marketing; Price estimation or determination; Fundraising
• CPC Class Codes: G06Q 30/0207 Discounts or incentives, e.g. coupons or rebates
• CPC Class Codes: G06Q 30/0222 During e-commerce, i.e. online transactions
• CPC Class Codes: G06Q 30/0224 based on user history
• CPC Class Codes: G06Q 30/0235 constrained by time limit or expiration date
• CPC Class Codes: G06Q 30/0239 Online discounts or incentives
• CPC Class Codes: G06Q 30/0244 Optimization
• CPC Class Codes: G06Q 30/0251 Targeted advertisements
• CPC Class Codes: G06Q 30/0253 During e-commerce, i.e. online transactions
• CPC Class Codes: G06Q 30/0255 based on user history
• CPC Class Codes: G06Q 30/0257 User requested
• CPC Class Codes: G06Q 30/0261 based on user location
• CPC Class Codes: G06Q 30/0269 based on user profile or attribute
• CPC Class Codes: G06Q 30/0601 Electronic shopping [e-shopping]
• CPC Class Codes: G06Q 30/0605 Supply or demand aggregation
• CPC Class Codes: G06Q 30/0611 Request for offers or quotes
• CPC Class Codes: G06Q 30/0613 Third-party assisted
• CPC Class Codes: G06Q 30/0625 Directed, with specific intent or strategy
• CPC Class Codes: G06Q 30/0641 Shopping interfaces
• CPC Class Codes: G06Q 40/03 : Credit; Loans; Processing thereof
• CPC Class Codes: G06Q 40/04 : Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange
• CPC Class Codes: G06Q 40/08 : Insurance

Abstract

An online system uses, in various embodiments of the invention, credit report information, loan affordability screening and credit approval and management functionality to facilitate the purchase and finance of products online. The online system may include both sellers of products and lenders that offer financing to buyers seeking to purchase the products. The system may automatically obtain a buyer'"'"'s credit report information and use that information to determine if the buyer is pre-approved, for example, to obtain financing for a particular product or products. The system also enables use of buyer credit information to identify only those of a seller'"'"'s products for which the buyer is pre-approved, for example, to finance using one or more loans. The system then enables selection of an identified product or products for purchase, and selection of a loan, for example, for financing of the selected product or products. Credit approval (or pre-approval) may be performed automatically, and along with credit processing, may be performed completely online.

Claims

1. An online affordability-based purchasing system comprising:

a first web server including product information regarding at least one product being offered for sale on the first web server;

a computer, communicatively coupled to the first web server, running browser software presenting the product information of the at least one product being offered for sale online; and

the computer responding to online input of personal information about a buyer causing credit report information of the buyer to be obtained from a second web server using at least a portion of the personal information of the buyer, at least one of the personal information and at least a portion of the credit report information of the buyer being used by a software engine to determine at least a likelihood of the buyer being approved for financing of the at least one product being offered for sale online.

2. The online affordability based purchasing system of claim 1 further comprising at least one web page delivered by one of the first web server or a third web server to the computer that presents an interface for input of the personal information about the buyer.

3. The online affordability based purchasing system of claim 1 wherein one of the first web server or a third web server obtains the credit report information of the buyer from the second web server, and wherein a software engine uses at least a portion of the credit report information of the buyer to determine the at least a likelihood of the buyer being approved for financing of the at least one product.

4. The online affordability based purchasing system of claim 1 wherein the computer displays an indication of the at least a likelihood of the buyer being approved for financing of the at least one product.

5. The online affordability based purchasing system of claim 4 wherein the indication comprises at least a pre-approval for financing with respect to at least one financing vehicle.

6. The online affordability based purchasing system of claim 4 further comprising at least one web page delivered by one of the first web server or a third web server to the computer that presents the indication of the at least a likelihood of the buyer being approved for financing of the at least one product.

7. The online affordability based purchasing system of claim 6 wherein the computer responds to input via the at least one web page by at least initiating purchase of the at least one product using financing.

8. The online affordability based purchasing system of claim 6 wherein the computer responds to input via the at least one web page by selecting a financing vehicle and at least initiating purchase using the selected financing vehicle.

9. The online affordability based purchasing system of claim 1 wherein the computer comprises one of a buyer, seller or lender computer.

10. An online affordability based purchasing system comprising:

at least one web page that contains personal information of a buyer;

a web server offering at least one product for sale that responds to receipt of the at least one web page by obtaining online, using at least a portion of the personal information, credit report information of the buyer; and

a software engine that determines, using at least a portion of the credit report information, at least a likelihood of the buyer being approved for financing of the at least one product being offered for sale online.

11. The online affordability based purchasing system of claim 10 further comprising a computer communicatively coupled to the web server that receives input of the personal information.

12. The online affordability based purchasing system of claim 11 wherein the web server communicates to the computer an indication of the at least a likelihood of the buyer being approved for financing of the at least one product.

13. The online affordability based purchasing system of claim 11 wherein the web server communicates to the computer an indication of at least a pre-approval for financing with respect to at least one financing vehicle.

14. The online affordability based purchasing system of claim 13 wherein the computer responds to input by at least initiating purchase of the at least one product using a selected financing vehicle.

15. The online affordability based purchasing system of claim 11 further comprising product information regarding at least one product, and wherein the computer runs browser software used to review the product information via the web server.

16. The online affordability based purchasing system of claim 10 wherein the at least one web page contains information regarding the at least one product.

17. A method of facilitating financing of at least one product being offered for sale online, the method comprising:

offering for sale the at least one product on a web server;

receiving online, by the web server, at least one web page that contains personal information about a buyer;

obtaining online, by the web server using at least a portion of the personal information, credit report information of the buyer;

determining, by a software engine using at least a portion of the credit report information, at least a likelihood of the buyer being approved for financing of at least one product being offered for sale online;

allowing the buyer to purchase the at least one product.

18. The method of claim 17 wherein the personal information is received via a communication from a computer, and further comprising causing, by the web server, display on the computer of an indication of the at least a likelihood of the buyer being approved for financing of the at least one product.

19. The method of claim 18 wherein the indication comprises at least a pre-approval for financing with respect to at least one financing vehicle, and further comprising receiving, by the web server, a communication from the computer to initiate purchase of the at least one product using a selected financing vehicle.

20. The method of claim 17 wherein the at least one web page contains information regarding the at least one product.

21. An online affordability-based purchasing system comprising:

a first web server including product information regarding at least one product being offered for sale on the first web server;

a computer, communicatively coupled to the first web server, running browser software used to review the product information of the at least one product being offered for sale online;

the computer responding to input of personal information about a buyer to cause credit report information of the buyer to be obtained online from a second web server using at least a portion of the personal information;

at least a portion of the credit report information of the buyer being used by a software engine to determine an amount the buyer can finance.

22. The online affordability based purchasing system of claim 21 further comprising at least one web page delivered by one of the first web server or a third web server to the computer that presents an interface for input of the personal information about the buyer.

23. The online affordability based purchasing system of claim 21 wherein one of the first web server or a third web server obtains the credit report information of the buyer from the second web server.

24. The online affordability based purchasing system of claim 21 wherein the computer displays an indication of the amount the buyer can finance.

25. The online affordability based purchasing system of claim 24 further comprising at least one web page delivered by one of the first web server or a third web server to the computer that presents the indication of the amount the buyer can finance.

26. The online affordability based purchasing system of claim 21 wherein the computer comprises one of a buyer, seller or lender computer.

27. The online affordability based purchasing system of claim 21 wherein the amount the buyer can finance comprises at least a tentative instant credit amount, and wherein the at least a tentative instant credit amount corresponds to the price of the at least one product.

28. The online affordability based purchasing system of claim 21 wherein the amount the buyer can finance comprises at least a tentative instant credit amount, and wherein the at least a tentative instant credit amount is greater than the price of the at least one product.

29. The online affordability based purchasing system of claim 21 wherein the amount the buyer can finance comprises at least a tentative instant credit amount, and wherein the determination of the at least a tentative instant credit amount does not involve consideration of the price of the at least one product.

30. An online affordability-based purchasing system comprising:

a first web server including product information regarding at least one product being offered for sale on the first web server;

a second web server including credit report information of the buyer;

a computer, communicatively coupled to the first web server, running browser software reviewing review the product information of the at least one product being offered for sale online; and

the computer responding to input of personal information about a buyer to cause credit report information of the buyer to be obtained from a second web server using at least a portion of the personal information of the buyer, at least one of the personal information and at least a portion of the credit report information of the buyer being used by a software engine to determine at least a likelihood of the buyer being approved for financing of the at least one product being offered for sale online.