Invoiceless trading and settlement method and system
DC CAFCFirst Claim
1. A computer implemented method, the method comprising:
- receiving, on an authorization date and by a server, an electronic authorization, the electronic authorization relating to an invoice between a customer and a supplier, the electronic authorization authorizing payment for the invoice, the invoice comprising an invoice amount and an invoice due date, the invoice due date being after the authorization date;
based on the electronic authorization, a funds provider electronically transferring to a supplier account, on an early payment date, the early payment date being before the invoice due date, a discounted payment amount for settlement of the invoice, the discounted payment amount discounted from the invoice amount based at least on;
one or more fiscal attributes 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 a customer payment from an account associated with the customer, wherein the customer payment is at least the discounted payment amount.
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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.
66 Citations
32 Claims
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1. A computer implemented method, the method comprising:
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receiving, on an authorization date and by a server, an electronic authorization, the electronic authorization relating to an invoice between a customer and a supplier, the electronic authorization authorizing payment for the invoice, the invoice comprising an invoice amount and an invoice due date, the invoice due date being after the authorization date; based on the electronic authorization, a funds provider electronically transferring to a supplier account, on an early payment date, the early payment date being before the invoice due date, a discounted payment amount for settlement of the invoice, the discounted payment amount discounted from the invoice amount based at least on; one or more fiscal attributes 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 a customer payment from an account associated with the customer, wherein the customer payment is at least the discounted payment amount. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11)
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12. A system comprising:
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an electronic gateway that receives and logs, on an authorization date, an electronic authorization, the electronic authorization relating to an invoice between a customer and a supplier, the electronic authorization authorizing payment for the invoice, the invoice comprising an invoice amount and an invoice due date, the invoice due date being after the authorization date; and a banking interface for, based on the electronic authorization, electronically transferring to a supplier account, on an early payment date, the early payment date being before the invoice due date, a discounted payment amount for settlement of the invoice, the discounted payment amount discounted from the invoice amount based at least on; one or more fiscal attributes 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 a server, electronically receiving, after the credit period, a customer payment from an account associated with the customer, wherein the customer payment is at least the discounted payment amount. - View Dependent Claims (13, 14, 15, 16, 17, 18, 19, 20, 21)
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22. A system comprising:
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an electronic gateway that receives and logs, on an authorization date, an electronic authorization, the electronic authorization relating to an invoice between a customer and a supplier, the electronic authorization authorizing payment for the invoice, the invoice comprising an invoice amount and an invoice due date, the invoice due date being after the authorization date; a banking interface that, based on the electronic authorization, electronically transfers to a supplier account, on an early payment date, the early payment date being before the invoice due date, a discounted payment amount for settlement of the invoice, the discounted payment amount discounted from the invoice amount based at least on; one or more fiscal attributes 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 a server electronically debiting, after the credit period, a customer payment from an account associated with the customer, wherein the customer payment is at least the discounted payment amount. - View Dependent Claims (23, 24, 25, 26, 27, 28, 29, 30, 31, 32)
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Specification