Method and system for transferring money in business-to-business internet transactions

• US 7,574,389 B2
• Filed: 10/30/2007
• Issued: 08/11/2009
• Est. Priority Date: 05/12/2000
• Status: Expired due to Fees

• Current Assignee: Western Union
• Original Assignee: Western Union
• Inventors: Humberto, Portillo C., Anuszewski, William E.
• Primary Examiner(s): Hamilton; Lalita M
• Application Number:
  US11/928,749
• Publication Number:
  US 20080059367A1
• Time in Patent Office: 651 Days
• Field of Search: 705/35, 705/39
• US Class Current: 705/35
• CPC Class Codes: G06Q 20/02 involving a neutral party, e.g. certification authority, notary or trusted third party [TTP]
• CPC Class Codes: G06Q 20/04 Payment circuits
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/102 Bill distribution or payments
• CPC Class Codes: G06Q 20/40 Authorisation, e.g. identification of payer or payee, verification of customer or shop credentials; Review and approval of payers, e.g. check credit lines or negative lists
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03

Abstract

A method for enabling two businesses to complete a transaction that includes payment from one business (the buyer) to another business (the seller). A payment enabler operates the money transfer service over a computer network of nodes, such as the Internet. Typically, the buyer and the seller use the money transfer service of the payment enabler to consummate a transaction that they have arranged over the computer network through a business-to-business transaction facilitator that enables businesses to arrange deals over the computer network. During registration with the payment enabler, a buyer typically provides information about a bank account from which the seller will be paid, and the seller typically provides information about a bank account for receiving the funds from the buyer. The payment enabler facilitates payments for transactions between businesses by enabling the employees of a business registered with the payment enabler to direct the various phases of the payment process on behalf of the business for which those employees work. A super user employee, identified by the business during registration with the payment enabler, has the power to register other employees of the business with the payment enabler and to specify the privileges that the payment enabler should grant each employee to act on behalf of the business.

Claims

1. A computer-implementable method for providing a business-to-business payment service through a computer server, comprising:

receiving at the server notification of an amount owed from a first business to a second business per an agreed upon transaction;

verifying that a first employee of the first business has been granted a privilege to authorize payment of the amount owed on behalf of the first business by;

receiving from a remote super user employee of the first business a command to grant the first employee a privilege to authorize payments up to a specified limit on behalf of the first business,

storing in a database a record that indicates that the first employee has been granted the privilege to authorize payments up to the specified limit on behalf of the first business,

finding the record in the database, and

determining by the server that the amount owed is not greater than the specified limit;

receiving from a remote computer of the first employee of the first business a command to pay the second business the amount owed;

ordering by the server a first transfer of the amount owed from a bank account of the first business into a first intermediary bank account through direct debit of the bank account of the first business; and

ordering by the server a second transfer of the amount owed from a second intermediary bank account to a bank account of the second business via a direct deposit into the bank account of the second business.

2. The method of claim 1, wherein the first intermediary bank account comprises the second intermediary bank account.

3. A computer-implementable method for providing a business-to-business payment service through a computer server, comprising:

receiving at the server notification of an amount owed from a first business to a second business per an agreed upon transaction;

enabling a remote super user employee of the first business to register other employees of the first business to interact with the server on behalf of the first business;

verifying by the server that a first employee of the first business has been granted a privilege to authorize payment of the amount owed on behalf of the first business;

receiving from a remote computer of the first employee of the first business a command to pay the second business the amount owed;

ordering by the server a first transfer of the amount owed from a bank account of the first business into a first intermediary bank account through direct debit of the bank account of the first business; and

ordering by the server a second transfer of the amount owed from a second intermediary bank account to a bank account of the second business via a direct deposit into the bank account of the second business.

4. The method of claim 3, further comprising enabling the remote super user employee of the first business to specify privileges that the server should grant each of the other employees to act on behalf of the first business.

5. The method of claim 4, wherein the privileges are selected from the group consisting of a privilege to provide the server with the transaction details, a privilege to confirm the transaction details without binding the first business to complete payment using the server, the privilege to authorize payment on behalf of the first business up to a specified limit, and a privilege to inquire about a transaction status.

6. The method of claim 4, wherein the other employees of the first business comprise the first employee of the first business.

7. The method of claim 3, wherein the first intermediary bank account comprises the second intermediary bank account.

8. The method of claim 3, wherein receiving at the server the notification of the amount owed from the first business to the second business per the agreed upon transaction comprises receiving the notification of the amount owed from an online transaction facilitator through which the first business and the second business have arranged the transaction.

9. The method of claim 3, wherein receiving at the server the notification of the amount owed from the first business to the second business per the agreed upon transaction comprises:

verifying that a second employee of the first business has been granted a privilege to provide the server with transaction details; and

receiving from a remote computer of the second employee of the first business the notification of the amount owed.

10. The method of claim 3, wherein the bank account of the first business and the bank account of the second business are located in different countries.

11. The method of claim 3, wherein the bank account of the first business and the bank account of the second business are located in different countries, and further comprising assuming a foreign exchange risk that arises because the first transfer and the second transfer are in different currencies.

12. The method of claim 3, wherein the bank account of the first business and the bank account of the second business are located in identical countries, ordering the first transfer amount owed comprises ordering the first transfer over an automated clearinghouse network, and ordering the second transfer of the amount owed comprises ordering the second transfer over the automated clearinghouse network.

13. The method of claim 3, further comprising establishing a secure network connection with the remote computer of the first employee of the first business through a mutual verification of digital certificates.

14. The method of claim 3, further comprising:

verifying that a second employee of the first business has been granted a privilege to confirm transaction details without binding the first business to complete payment using the server; and

receiving from a remote computer of the second employee of the first business a confirmation of the transaction.

15. The method of claim 14, further comprising determining if a predetermined number of calendar days have passed, from when the server received the notification of the amount owed, without receiving the confirmation of the transaction.

16. The method of claim 3, further comprising:

offering a second employee of the first business a plurality of settlement options for completing both the first transfer and the second transfer; and

receiving from a remote computer of the second employee a selection of one of the settlement options.

17. A computer system for providing a business-to-business payment service, comprising:

a payment enabler computer server in communication with at least one network connection, and comprising memory, the memory comprising at least one program module, wherein the payment enabler computer server is operable to execute the at least one program module for;

receiving at the payment enabler computer server notification of an amount owed from a first business to a second business per an agreed upon transaction;

enabling a remote user employee of the first business to register other employees of the first business to interact with the payment enabler computer server on behalf of the first business;

verifying that a first employee of the first business has been granted a privilege to authorize payment of the amount owed on behalf of the first business;

receiving from a remote computer of the first employee of the first business a command to pay the second business the amount owed;

ordering a first transfer of the amount owed from a bank account of the first business into a first intermediary bank account through direct debit of the bank account of the first business; and

ordering a second transfer of the amount owed from a second intermediary bank account to a bank account of the second business via a direct deposit into the bank account of the second business.

18. The system of claim 17, wherein the payment enabler computer server is further operable to execute the at least one program module for enabling the remote super user employee of the first business to specify privileges that the server should grant each of the other employees to act on behalf of the first business.

19. The system of claim 18, wherein the privileges are selected from the group consisting of a privilege to provide the server with the transaction details, a privilege to confirm the transaction details without binding the first business to complete payment using the server, the privilege to authorize payment on behalf of the first business up to a specified limit, and a privilege to inquire about a transaction status.

20. The system of claim 18, wherein the other employees of the first business comprise the first employee of the first business.

21. The system of claim 17, wherein the first intermediary bank account comprises the second intermediary bank account.