Invoiceless trading and settlement method and system

• US 9,811,817 B2
• Filed: 06/20/2014
• Issued: 11/07/2017
• Est. Priority Date: 05/03/1999
• Status: Expired due to Fees

• Current Assignee: Fast 101 Pty Ltd
• Original Assignee: Fast 101 Pty Ltd
• Inventors: Duncan, William James
• Primary Examiner(s): Ziegle, Stephanie M
• Assistant Examiner(s): CRANFORD, MICHAEL D
• Application Number:
  US14/310,091
• Publication Number:
  US 20140304164A1
• Time in Patent Office: 1,236 Days
• Field of Search: 705 40
• 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 20/28 Pre-payment schemes, e.g. "pay before"
• CPC Class Codes: G06Q 20/367 involving electronic purses or money safes
• 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 30/0213 Consumer transaction fees
• CPC Class Codes: G06Q 30/0215 Including financial accounts
• CPC Class Codes: G06Q 30/0222 During e-commerce, i.e. online transactions
• CPC Class Codes: G06Q 30/0234 Rebates after completed purchase
• 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 30/06 Buying, selling or leasing transactions
• CPC Class Codes: G06Q 30/0601 Electronic shopping [e-shopping]
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 50/188 Electronic negotiation

Abstract

Methods and systems consistent with the present invention overcome the shortcomings of existing trading systems by providing an invoiceless trading system that creates incentives for customers to pay suppliers within a predetermined period of time, such as a settlement period. Specifically, the invoiceless trading system enables a customer to obtain a discount on orders placed with suppliers in return for an immediate payment (e.g., within 24 hours) by the customer. The supplier receives payment within the predetermined period of time, and the customer receives additional cash benefits by providing an early payment to the supplier. To communicate with and transfer funds between customers and suppliers, the invoiceless trading system may use an electronic gateway and a settlement bank. In addition to creating an incentive to embrace e-commerce, both customers and suppliers avoid the need to manually process orders and use invoices to complete transactions.

Claims

1. A computer implemented method, the method comprising:

receiving, on an authorization date and by a banking computer system, an electronic authorization, the electronic authorization relating to an invoice between a bank customer and a supplier, the authorization authorizing payment for an electronic invoice with an invoice amount, the electronic invoice having an electronic invoice due date, the electronic invoice due date being after the authorization date;

based on the electronic authorization, the bank electronically transferring to the supplier account, on an earlier payment date, the earlier payment date being before the invoice due date, a discounted payment for settlement of the invoice, the discounted payment amount discounted from the invoice amount based at least on;

a fiscal attribute of the customer; and

a credit period, the credit period being an amount of time between the early payment date and the invoice due date; and

after the credit period, electronically debiting at least the discounted payment amount from an account associated with the customer.