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Invoice financing and repayment

  • US 9,779,432 B1
  • Filed: 03/31/2015
  • Issued: 10/03/2017
  • Est. Priority Date: 03/31/2015
  • Status: Active Grant
First Claim
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1. A computer-implemented method comprising:

  • receiving, by a payment processing system, via a plurality of mobile computing devices associated with a plurality of merchants, respectively, transaction information of transactions performed between the plurality of merchants and a plurality of buyers, the mobile computing devices having respective instances of a merchant application installed thereon for configuring the plurality of mobile computing devices as a plurality of mobile point-of-sale (POS) terminals, respectively, the respective instances of the merchant application configuring the mobile POS terminals to communicate the transaction information over a network to the payment processing system, the respective instances of the merchant application further configuring the mobile POS terminals to communicate requests for generating invoices to the payment processing system, the plurality of mobile POS terminals including a first mobile POS terminal associated with a first merchant, a second mobile POS terminal associated with a second merchant, and at least one third mobile POS terminal associated with at least one third merchant,receiving, by the payment processing system from the first mobile POS terminal associated with the first merchant, a request from the first merchant to generate an invoice to be sent to the second merchant for an amount owed by the second merchant to the first merchant, the first merchant and the second merchant having respective accounts with a payment processing service provider that operates the payment processing system, wherein the payment processing system is configured to process the transaction information for the plurality of transactions received via the plurality of mobile POS terminals, wherein the request from the first merchant to generate the invoice to the second merchant includes an invoice amount, a plurality of weights indicating importance of a plurality of factors for determining invoice terms, including a first weight indicating importance of quick repayment and a second weight indicating importance of full repayment, and identifying information for the second merchant;

    determining, by the payment processing system, invoice terms for the first merchant using a transaction history of the second merchant, including a payment processing history for the second merchant, an invoice payment history for the second merchant, the invoice amount, the plurality of weights, the identifying information for the second merchant, and a transaction history of the at least one third merchant, wherein the at least one third merchant is determined based on at least one of;

    a geographic location related to the second merchant, or a business type related to the second merchant;

    transmitting, by the payment processing system, the invoice terms to the first mobile POS terminal, wherein the first mobile POS terminal presents the invoice terms;

    receiving, by the payment processing system via the first mobile POS terminal, an acceptance of the invoice terms from the first merchant, wherein the first mobile POS terminal sends the acceptance based on a received input; and

    transmitting, by the payment processing system, an invoice according to the invoice terms to the second mobile computing device, wherein the second mobile POS terminal presents the invoice terms.

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