Funds collection tools and techniques
First Claim
Patent Images
1. A funds collection system, comprising:
- an automatic incremental billing computer system configured to perform automatic attempts to collect payment from a consumer for a charge from at least one credit card transaction by the consumer, by recharging a credit card of the consumer at automatically determined amounts which are lower than the charge, while following credit card charging rules which are in effect at a time of the credit card transaction and thereby avoiding renegotiating the charge or a payment plan with the consumer; and
an accounting module with software and computing hardware comprising a computer processor, the accounting module configured to digitally receive credit card transaction data sent electronically from a card reader and to automatically separate a sales tax amount from a purchase amount owed to a merchant by a consumer, by using the credit card transaction data, wherein the accounting module is configured to separate a sales tax amount from a purchase amount which has been actually collected by using the automatic incremental billing computer system;
wherein the system is configured to manage funds as follows;
to provide a transfer of sales tax funds to a sales tax holding account, to a sales tax collection authority, or to both, wherein the sales tax holding account is an interest-bearing account which holds sales tax funds prior to transfer of said sales tax funds to the sales tax collection authority in response to execution of a specified number greater than one of credit card transactions since sales tax funds were last so transferred, wherein the accounting module is configured to track re-investment of interest back into the sales tax holding account, and at least a portion of profits from the interest-bearing account are re-invested for a period which is in a range of 45-120 days, and wherein the automatic incremental billing system uses at least two different wait periods, including a first wait period between retries to collect and a second wait period between retries to collect, and wherein the first wait period is used for a transaction which occurred in November, December, or January, and the second wait period is used for a transaction which did not occur in November, December, or January.
1 Assignment
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Accused Products
Abstract
Tax collection tools and techniques automatically and electronically separate tax amounts from other funds in a commercial transaction, and divert the collected tax into a holding fund. The holding fund bears income, at little or no risk. Funds collected are tracked, as are their payment due dates, and tax payments are made automatically from the holding fund to tax authorities in a timely manner on behalf of merchants. Income from the holding fund may be distributed among various parties. Collection of debt, whether taxes or otherwise, through automatic incremental billing is also described.
51 Citations
20 Claims
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1. A funds collection system, comprising:
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an automatic incremental billing computer system configured to perform automatic attempts to collect payment from a consumer for a charge from at least one credit card transaction by the consumer, by recharging a credit card of the consumer at automatically determined amounts which are lower than the charge, while following credit card charging rules which are in effect at a time of the credit card transaction and thereby avoiding renegotiating the charge or a payment plan with the consumer; and an accounting module with software and computing hardware comprising a computer processor, the accounting module configured to digitally receive credit card transaction data sent electronically from a card reader and to automatically separate a sales tax amount from a purchase amount owed to a merchant by a consumer, by using the credit card transaction data, wherein the accounting module is configured to separate a sales tax amount from a purchase amount which has been actually collected by using the automatic incremental billing computer system; wherein the system is configured to manage funds as follows;
to provide a transfer of sales tax funds to a sales tax holding account, to a sales tax collection authority, or to both, wherein the sales tax holding account is an interest-bearing account which holds sales tax funds prior to transfer of said sales tax funds to the sales tax collection authority in response to execution of a specified number greater than one of credit card transactions since sales tax funds were last so transferred, wherein the accounting module is configured to track re-investment of interest back into the sales tax holding account, and at least a portion of profits from the interest-bearing account are re-invested for a period which is in a range of 45-120 days, and wherein the automatic incremental billing system uses at least two different wait periods, including a first wait period between retries to collect and a second wait period between retries to collect, and wherein the first wait period is used for a transaction which occurred in November, December, or January, and the second wait period is used for a transaction which did not occur in November, December, or January. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11)
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12. A point of sale tax collection system, comprising:
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an internet gateway for credit card transactions; an automatic incremental billing computer system configured to perform automatic attempts to collect payment from a consumer for a charge from at least one credit card transaction by the consumer, by recharging a credit card of the consumer at automatically determined amounts which are lower than the charge, while following credit card charging rules which are in effect at a time of the credit card transaction and thereby avoiding renegotiating the charge or a payment plan with the consumer; and an accounting module with software and computing hardware comprising a computer processor, the accounting module configured to digitally receive credit card transaction data sent electronically from the internet gateway and to automatically separate a sales tax amount from a purchase amount using the credit card transaction data, wherein the accounting module is configured to separate a sales tax amount from a purchase amount which has been actually collected by using the automatic incremental billing computer system; wherein the system is configured to provide a transfer of sales tax funds to a sales tax collection authority, to a sales tax holding account, or to both, in response to execution of a specified number greater than one of credit card transactions since sales tax funds were last so transferred, wherein the sales tax holding account is an interest-bearing account which holds sales tax funds prior to transfer of said sales tax funds to the sales tax collection authority, wherein the accounting module is configured to track re-investment of interest back into the sales tax holding account, and at least a portion of profits from the interest-bearing account are re-invested for a period which is in a range of 45-120 days, and wherein the automatic incremental billing system uses at least two different wait periods, including a first wait period between retries to collect and a second wait period between retries to collect, and wherein the first wait period is used for a transaction which occurred in November, December, or January, and the second wait period is used for a transaction which did not occur in November, December, or January. - View Dependent Claims (13, 14, 15, 16, 17, 18, 19, 20)
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Specification