Payment entity for account payables processing using multiple payment methods

• US 8,311,914 B2
• Filed: 02/13/2008
• Issued: 11/13/2012
• Est. Priority Date: 10/30/2007
• Status: Active Grant

• Current Assignee: Visa USA, Inc. (Visa, Inc.)
• Original Assignee: Visa USA, Inc. (Visa, Inc.)
• Inventors: Marchetti, John N., Mullen, Matthew
• Primary Examiner(s): NGUYEN, TIEN C
• Application Number:
  US12/030,804
• Publication Number:
  US 20090112660A1
• Time in Patent Office: 1,735 Days
• Field of Search: 705/14.1, 705 30- 45, 705/7
• US Class Current: 705/35
• CPC Class Codes: G06Q 20/227 characterised in that multiple accounts are available, e.g. to the payer
• CPC Class Codes: G06Q 30/04 Billing or invoicing
• CPC Class Codes: G06Q 30/06 Buying, selling or leasing transactions
• 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 begins by receiving an accounts payable data file from a client device. The method continues by determining whether a payables profile of a client associated with the client device is to be modified based on the accounts payable data file. The method continues by determining a level of service of the client when the payables profile is not to be modified. The method continues processing payment transactions for accounts payable contained in the accounts payable data file on behalf of the client in accordance with the payables profile via a wide area network when the level of service is a first level of service.

Claims

1. A method comprising:

receiving, by a payment entity device that is configured to facilitate payment and reconciliation of accounts payable, an accounts payable data file from a client device that is operated by a client that pays a plurality of creditors, wherein the accounts payable data file includes a plurality of accounts payable entries, and wherein each of the plurality of accounts payable entries has associated creditor information;

determining a payment scheme, by the payment entity device, for each of the plurality of accounts payable entries in response to the received accounts payable data file and a payables profile for the client;

determining, by the payment entity device, whether the client device is associated with a level of service comprising a first level of service or a second level of service, wherein the level of service is determined by a subscription level of the client operating the client device;

after determining;

that the client device is associated with the first level of service, initiating payment transactions by the payment entity device for at least one of the plurality of the accounts payable entries contained in the accounts payable data file in accordance with the payment schemes associated therewith, wherein the payment schemes include two or more of;

a business credit card, a funds transfer, commercial paper, monetary consideration such as a rebate, refund, or exchange, and a debit account;

or

that the client device is associated with the second level of service, initiating payment transaction transactions by the payment entity device for at least one of the plurality of the accounts payable entries contained in the accounts payable data file, wherein initiating the payment transaction comprises;

comparing at least one payment scheme associated with the at least one of the plurality of accounts payable entries contained in the accounts payable data file with a plurality of payment programs;

determining that at least one of the plurality of payment programs offers a more optimal payment scheme as compared to the at least one payment scheme;

automatically utilizing the determined more optimal payment scheme of the at least one of the plurality of payment programs instead of the at least one payment scheme for the initiated payment transaction;

generating payment requests by the payment entity device; and

transmitting the generated payment requests by the payment entity device to a plurality of financial institution devices, wherein each of the payment requests is transmitted to at least one of the plurality of financial institution devices associated with the determined payment scheme or payment program.

2. The method of claim 1 further comprising:

determining, by the payment entity device, whether the payables profile for the client is to be modified based on the accounts payable data file, wherein the determining whether the payables profile is to be modified comprises;

evaluating a preamble field of the accounts payable data file for an indication that the accounts payable data file includes altered associated payment data for at least one of a plurality of creditors.

3. The method of claim 1 further comprising:

determining, by the payment entity device, whether the payables profile for the client is to be modified;

when the payables profile for the client is to be modified, accessing a section of the accounts payable data file to retrieve altered associated payment data for at least one of the plurality of creditors; and

for the at least one of the plurality of creditors, temporarily replacing associated payment data in the payables profile with the altered associated payment data, wherein the associated payment data includes at least one payment scheme for paying at least a portion of debt owed to the one of the plurality of creditors.

4. The method of claim 1, wherein the client device is associated with the first level of service, and wherein initiating the payment transactions further comprises:

determining, from the accounts payable data file, at least two or more of;

invoice number, creditor information, identification of acquired goods or services, debt amount, and payment date for the at least one of the plurality of accounts payable entries;

accessing the payables profile based on the associated creditor information to retrieve associated payment data for a creditor; and

setting up a payment for the at least one of the plurality of accounts payable entries in accordance with the associated payment data for the acquired goods or services to be executed on or about the payment date.

5. The method of claim 1 further comprising:

receiving payment transaction data for each of the accounts payable entries from one or more of the plurality of financial institution devices;

compiling the payment transaction data into payment categories; and

generating payment reports in accordance with the payment categories.

6. The method of claim 1, wherein the client device is associated with the second level of service, and wherein initiating the payment transaction further comprises:

determining, from the accounts payable data file, at least two or more of;

invoice number, creditor information, identification of acquired goods or services, debt amount, and payment date for the at least one of the plurality of accounts payable entries;

accessing the payables profile based on the associated creditor information to retrieve associated payment data for a creditor; and

setting up a payment for the at least one of the plurality of the accounts payable entries in accordance with the at least one of the plurality of payment programs instead of the associated payment scheme and any remaining payment programs of the associated payment data for the acquired goods or services to be executed on or about the payment date.

7. The method of claim 1 further comprising:

requesting updated or new payment program information from the plurality of financial institution devices;

receiving, from one or more of the plurality of financial institution devices, updated or new payment program data; and

storing the updated or new payment program data.

8. The method of claim 1, wherein the client device is associated with the second level of service, and wherein the more optimal payment scheme comprises one or more of:

a lower transaction fee, more optimal payment terms, more optimal bonuses, more optimal rewards, a volume discount, and a lower interest rate.

9. The method of claim 1, wherein the payment entity device is part of a proprietary network.

10. A method comprising:

receiving, by a payment entity device that is configured to facilitate payment and reconciliation of accounts payable, an accounts payable data file from a client device that is operated by a client that pays a plurality of creditors, wherein the accounts payable data file includes a plurality of accounts payable entries, and wherein each of the plurality of accounts payable entries has associated creditor information and payment transaction data;

retrieving, by the payment entity device, a payables profile of the client that operates the client device, wherein the payables profile includes at least one associated payment scheme for each of the plurality of creditors;

determining, by the payment entity device, the payment scheme for each of the plurality of accounts payable entries in response to the received accounts payable data file and the payables profile of the client;

determining, by the payment entity device, whether the client device is associated with a level of service comprising a first level of service or a second level of service, wherein the level of service is determined by a subscription level of the client operating the client device;

after determining;

that the client device is associated with the first level of service, initiating payment transactions by the payment entity device, wherein initiating the payment transactions comprises generating payment requests by the payment entity device for at least one of the plurality of accounts payable entries in the accounts payable data file in accordance with the determined payment schemes, and wherein the determined payment schemes include two or more of;

a business credit card, a funds transfer, commercial paper, monetary consideration such as a rebate, refund, or exchange, and a debit account;

or

that the client device is associated with the second level of service, initiating payment transactions by the payment entity device, wherein initiating the payment transactions comprises generating payment requests by the payment entity device for at least one of the plurality of accounts payable entries in the accounts payable data file, and wherein initiating the payment transactions further comprises;

comparing at least one payment scheme associated with the at least one of the plurality of accounts payable entries contained in the accounts payable data file with a plurality of payment programs;

determining that at least one of the plurality of payment programs offers a more optimal payment scheme as compared to the at least one payment scheme; and

automatically utilizing the determined more optimal payment scheme of the at least one of the plurality of payment programs instead of the at least one of the determined payment scheme; and

transmitting the generated payment requests by the payment entity device to a plurality of financial institution devices, wherein each of the payment requests is transmitted to at least one of the plurality of financial institution devices associated with the determined payment scheme or payment program.

11. The method of claim 10, wherein the retrieving the payables profile comprises:

determining whether the payables profile is to be modified;

when the payables profile is to be modified, accessing a section of the accounts payable data file to retrieve altered associated payment data for at least one of the plurality of creditors; and

for the at least one of the plurality of creditors, temporarily replacing associated payment data in the payables profile with the altered associated payment data.

12. The method of claim 10, wherein the client device is associated with the first level of service, and wherein generating the payment requests for the at least one of the plurality of accounts payable entries in the accounts payable data file further comprises:

determining, from the accounts payable data file, at least two or more of;

invoice number, creditor information, identification of acquired goods or services, debt amount, and payment date for one of the account payable entries in the accounts payable data file;

accessing the payables profile based on the associated creditor information to retrieve associated payment data for a creditor; and

setting up the payment request for the at least one of the plurality of accounts payable entries in accordance with the associated payment data for the acquired goods or services to be executed on or about the payment date.

13. The method of claim 10 further comprising:

receiving payment transaction data for each of the accounts payable entries from one or more of the plurality of financial institution devices;

compiling the payment transaction data into payment categories; and

generating payment reports in accordance with the payment categories.

14. The method of claim 10, wherein the client device is associated with the second level of service, and wherein generating the payment requests for the at least one of the plurality of accounts payable entries in the accounts payable data file comprises:

determining, from the accounts payable data file, at least two or more of;

invoice number, creditor information, identification of acquired goods or services, debt amount, and payment date for the at least one of the plurality of accounts payable entries;

accessing the payables profile based on the associated creditor information to retrieve associated payment data for a creditor; and

setting up a payment for the at least one of the plurality of the accounts payable entries in accordance with the at least one of the plurality of payment programs instead of the associated payment scheme and any remaining payment programs of the associated payment data for the acquired goods or services to be executed on or about the payment date.

15. The method of claim 10 further comprising:

requesting updated or new payment program information from the plurality of financial institution devices;

receiving, from one or more of the plurality of financial institution devices, updated or new payment program data; and

storing the updated or new payment program data.

16. An apparatus comprising:

a processing module; and

memory coupled to the processing module, wherein the processing module, at least partially based on operational instructions stored in the memory, functions to;

receive an accounts payable data file from a client device that is operated by a client that pays a plurality of creditors, wherein the accounts payable data file includes a plurality of accounts payable entries, and wherein each of the plurality of accounts payable entries has associated creditor information;

determining a payment scheme by the apparatus for each of the plurality of accounts payable entries in response to the accounts payable data file and a payables profile for the client;

determining, by the apparatus, whether the client device is associated with a level of service comprising a first level of service or a second level of service, wherein the level of service is determined by a subscription level of the client operating the client device;

after determining;

that the client device is associated with the first level of service, initiating payment transactions by the payment entity device for at least one of the plurality of the accounts payable entries contained in the accounts payable data file in accordance with the payment schemes associated therewith, wherein the payment schemes include two or more of;

a business credit card, a funds transfer, commercial paper, monetary consideration such as a rebate, refund, or exchange, and a debit account;

or

that the client device is associated with the second level of service, initiating a payment transaction by the apparatus for at least one of the plurality of the accounts payable entries contained in the accounts payable data file, wherein the apparatus initiates the payment transaction by;

comparing at least one payment scheme associated with the at least one of the plurality of accounts payable entries contained in the accounts payable data file with a plurality of payment programs;

determining that at least one of the plurality of payment programs offers a more optimal payment scheme as compared to the at least one payment scheme; and

automatically utilizing the determined more optimal payment scheme of the at least one of the plurality of payment programs instead of the at least one payment scheme for the initiated payment transaction;

generating payment request by the apparatus; and

transmitting the generated payment requests by the apparatus to a plurality of financial institution devices, wherein each of the payment requests is transmitted to at least one of the plurality of financial institution devices associated with the determined payment scheme or payment program.

17. The apparatus of claim 16, wherein the processing module further functions to:

determine whether the payables profile for the client is to be modified;

when the payables profile for the client is to be modified, access a section of the accounts payable data file to retrieve altered associated payment data for at least one of a plurality of creditors; and

for the at least one of the plurality of creditors, temporarily replace associated payment data in the payables profile with the altered associated payment data, wherein the associated payment data includes at least one payment scheme for paying at least a portion of debt owed to the one of the plurality of creditors.

18. The apparatus of claim 16, wherein the client device is associated with the first level of service, and wherein the processing module further initiates the payment transactions by:

determining, from the accounts payable data file, at least two or more of;

invoice number, creditor information, identification of acquired goods or services, debt amount, and payment date for the at least one of the plurality of accounts payable entries;

accessing the payables profile based on the associated creditor information to retrieve associated payment data for a creditor; and

setting up a payment for the at least one of the plurality of accounts payable entries in accordance with the associated payment data for the acquired goods or services to be executed on or about the payment date.

19. The apparatus of claim 16, wherein the processing module further functions to:

receive payment transaction data for each of the accounts payable entries from one or more of the plurality of financial institution devices;

compile the payment transaction data into payment categories; and

generate payment reports in accordance with the payment categories.

20. The apparatus of claim 16, wherein the client device is associated with the second level of service, and wherein the processing module further initiates the payment transaction by:

determining, from the accounts payable data file, at least two or more of;

invoice number, creditor information, identification of acquired goods or services, debt amount, and payment date for the at least one of the plurality of accounts payable entries;

accessing the payables profile based on the associated creditor information to retrieve associated payment data for a creditor; and

setting up a payment for the one of the plurality of the accounts payable entries in accordance with the at least one of the plurality of payment programs instead of the associated payment scheme and any remaining payment programs of the associated payment data for the acquired goods or services to be executed on or about the payment date.

21. An apparatus comprising:

a processing module; and

memory coupled to the processing module, wherein the processing module, at least partially based on operational instructions stored in the memory, functions to;

receive an accounts payable data file from a client device that is operated by a client that pays a plurality of creditors, wherein the accounts payable data file includes a plurality of accounts payable entries, and wherein each of the plurality of accounts payable entries has associated creditor information and payment transaction data;

retrieve a payables profile of the client that operates the client device, wherein the payables profile includes at least one payment scheme for each of a plurality of creditors;

determine whether the client device is associated with a level of service comprising a first level of service or a second level of service, wherein the level of service is determined by a subscription level of the client operating the client device;

after determining;

that the client device is associated with the first level of service, initiate payment transactions by generating payment requests by the apparatus for at least one of the plurality of accounts payable entries in the accounts payable data file in accordance with the determined payment schemes, wherein the determined payment schemes include two or more of;

a business credit card, a funds transfer, commercial paper, monetary consideration such as a rebate, refund, or exchange, and a debit account;

or

that the client device is associated with the second level of service, initiate payment transactions, wherein initiating the payment transactions comprises generating payment requests by the apparatus for at least one of the plurality of accounts payable entries in the accounts payable data file, wherein the apparatus initiates the payment transactions by;

comparing at least one payment scheme associated with the at least one of the plurality of accounts payable entries contained in the accounts payable data file with a plurality of payment programs;

determining when at least one of the plurality of payment programs offers a more optimal payment scheme as compared to the at least one payment scheme; and

automatically utilizing the determined more optimal payment scheme of the at least one of the plurality of payment programs instead of at least one payment scheme for the initiated payment transaction; and

transmit the payment requests by the apparatus to a plurality of financial institution devices, wherein each of the payment requests is transmitted to at least one of the plurality of financial institution devices associated with the determined payment scheme or payment program.

22. The apparatus of claim 21, wherein the processing module retrieves the payables profile by:

determining whether the payables profile is to be modified;

when the payables profile is to be modified, accessing a section of the accounts payable data file to retrieve altered associated payment data for at least one of the plurality of creditors; and

for the at least one of the plurality of creditors, temporarily replacing associated payment data in the payables profile with the altered associated payment data.

23. The apparatus of claim 21, wherein the client device is associated with the first level of service, and wherein the processing module further generates the payment requests for the at least one of the plurality of accounts payable entries in the accounts payable data file by:

determining, from the accounts payable data file, at least two or more of;

invoice number, creditor information, identification of acquired goods or services, debt amount, and payment date for one of the account payable entries in the accounts payable data file;

accessing the payables profile based on the associated creditor information to retrieve associated payment data for a creditor; and

setting up the payment request for the at least one of the plurality of accounts payable entries in accordance with the associated payment data for the acquired goods or services to be executed on or about the payment date.

24. The apparatus of claim 21, wherein the processing module is further configured to:

receive payment transaction data for each of the accounts payable entries from one or more of the plurality of financial institution devices;

compile the payment transaction data into payment categories; and

generate payment reports in accordance with the payment categories.

25. The apparatus of claim 21, wherein the client device is associated with the second level of service, and wherein the processing module further generates the payment requests for the at least one of the plurality of accounts payable entries in the accounts payable data file by:

determining, from the accounts payable data file, at least two or more of;

invoice number, creditor information, identification of acquired goods or services, debt amount, and payment date for the one of the plurality of accounts payable entries;

accessing the payables profile based on the associated creditor information to retrieve associated payment data for a creditor; and

setting up a payment for the one of the plurality of the accounts payable entries in accordance with the at least one of the plurality of payment programs instead of the associated payment scheme and any remaining payment programs of the associated payment data for the acquired goods or services to be executed on or about the payment date.