Online purchasing system supporting lenders with affordability screening

• US 10,210,570 B2
• Filed: 05/12/2016
• Issued: 02/19/2019
• Est. Priority Date: 03/21/2000
• Status: Expired due to Term

• Current Assignee: PayPal, Inc. (PayPal Holdings, Inc.)
• Original Assignee: PayPal, Inc. (PayPal Holdings, Inc.)
• Inventors: Bennett, James D., Winslade, Christopher C.
• Primary Examiner(s): Rudy, Andrew Joseph
• Application Number:
  US15/152,603
• Publication Number:
  US 20160253753A1
• Time in Patent Office: 1,013 Days
• Field of Search: 705 28, 705 30, 705 261, 705 2643, 235376-380
• CPC Class Codes: G06Q 30/0601 Electronic shopping [e-shopping]
• CPC Class Codes: G06Q 30/0617 Representative agent
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof

Abstract

An online system uses, in various embodiments of the invention, credit report information, loan affordability screening and credit approval and management functionality to facilitate the purchase and finance of products online. The online system may include both sellers of products and lenders that offer financing to buyers seeking to purchase the products. The system may automatically obtain a buyer'"'"'s credit report information and use that information to determine if the buyer is pre-approved, for example, to obtain financing for a particular product or products. The system also enables use of buyer credit information to identify only those of a seller'"'"'s products for which the buyer is pre-approved, for example, to finance using one or more loans. The system then enables selection of an identified product or products for purchase, and selection of a loan, for example, for financing of the selected product or products. Credit approval (or pre-approval) may be performed automatically, and along with credit processing, may be performed completely online.

Claims

1. A system comprising:

a non-transitory memory; and

one or more hardware processors coupled to the non-transitory memory and configured to read instructions from the non-transitory memory to cause the system to perform operations comprising;

receiving information on a plurality of products available for sale;

in response to receiving the information on the plurality of products available for sale;

determining that financing for a first set of products of the plurality of products is available to a user based on financial information of the user and one or more product types associated with the first set of products, and

determining that financing for a second set of products of the plurality of products is not available to the user based on the financial information of the user and one or more product types associated with the second set of products; and

in response to determining that financing for the first set of products is available and financing for the second set of products is not available;

causing a user interface to be rendered that includes a display of the first set of products in association with a first predetermined visual characteristic, and a display of the second set of products in association with a second predetermined visual characteristic different from the first predetermined visual characteristic.

2. The system of claim 1, wherein the causing the user interface to be rendered includes causing a display of information corresponding to the first set of products to be rendered in a first color, and causing a display of information corresponding to the second set of products to be rendered in a second color.

3. The system of claim 1, wherein the operations further comprise causing the user interface to be updated to include a display of one or more financing options in association with the first set of products.

4. The system of claim 3, wherein the operations further comprise:

receiving information describing a selection of a first financing option of the one or more financing options; and

initiating processing of the first financing option.

5. The system of claim 4, wherein the first financing option includes a loan or a revolving credit option.

6. The system of claim 1, wherein determining that financing for the first set of products is available to the user is further based on a set of predefined rules associated with a seller of the first set of products, and wherein determining that financing for the second set of products is not available to the user is further based on a set of predefined rules associated with a seller of the second set of products.

7. The system of claim 1, wherein the operations further comprise:

receiving information describing a selection of a first product of the first set of products; and

in response to receiving the information describing the selection of the first product, causing the user interface to be updated to include a display of one or more financing options that correspond to the first product.

8. A method comprising:

receiving information on a plurality of products available for sale;

in response to receiving the information on the plurality of products available for sale;

determining that financing for a first set of products of the plurality of products is available to a user based on analyzing financial information associated with the user and based on accessing a database to identify one or more product types of a plurality of product types associated with the first set of products, and

determining that financing for a second set of products of the plurality of products is not available to the user based on analyzing the financial information associated with the user and based on accessing a database to identify one or more product types of a plurality of product types associated with the second set of products; and

in response to determining that financing for the first set of products is available and financing for the second set of products is not available;

causing a user interface to be rendered that includes a display of the first set of products, and does not include a display of the second set of products.

9. The method of claim 8, wherein the financial information comprises credit related information.

10. The method of claim 8, further comprising causing the user interface to be updated to include a display of one or more financing options in association with the first set of products.

11. The method of claim 10, wherein the operations further comprise:

receiving information describing a selection of a first financing option of the one or more financing options; and

initiating processing of the first financing option.

12. The method of claim 11, wherein the first financing option includes a loan or a revolving credit option.

13. The method of claim 8, wherein determining that financing for the first set of products is available to the user is further based on a set of predefined rules associated with a seller of the first set of products, and wherein determining that financing for the second set of products is not available to the user is further based on a set of predefined rules associated with a seller of the second set of products.

14. The method of claim 8, further comprising:

receiving information describing a selection of a first product of the first set of products; and

in response to receiving the information describing the selection of the first product, causing the user interface to be updated to include a display of one or more financing options that correspond to the first product.

15. A non-transitory machine-readable medium having stored thereon machine-readable instructions executable to cause a machine to perform operations comprising:

receiving information on a plurality of products available for sale;

in response to receiving the information on the plurality of products available for sale;

determining that financing for a first set of products of the plurality of products is available to a user based on at least one predefined rule with respect to a seller associated with the first set of products and one or more product types associated with the first set of products, and

determining that financing for a second set of products of the plurality of products is not available to the user based on at least one predefined rule with respect to a seller associated with the second set of products and one or more product types associated with the second set of products; and

in response to the determining that financing for the first set of products is available and financing for the second set of products is not available;

causing a user interface to be rendered that includes a display of the first set of products in association with a first predetermined visual characteristic, and a display of the second set of products in association with a second predetermined visual characteristic different from the first predetermined visual characteristic.

16. The non-transitory machine-readable medium of claim 15, wherein the causing the user interface to be rendered includes causing a display of information corresponding to the first set of products to be rendered in a first color, and causing a display of information corresponding to the second set of products to be rendered in a second color.

17. The non-transitory machine-readable medium of claim 15, wherein the operations further comprise causing the user interface to be updated to include a display of one or more financing options in association with the first set of products.

18. The non-transitory machine-readable medium of claim 17, wherein the operations further comprise:

receiving information describing a selection of a first financing option of the one or more financing options; and

initiating processing of the first financing option.

19. The non-transitory machine-readable medium of claim 18, wherein the first financing option includes a loan or a revolving credit option.

20. The non-transitory machine-readable medium of claim 15, wherein the operations further comprise:

receiving information describing a selection of a first product of the first set of products; and

in response to receiving the information describing the selection of the first product, causing the user interface to be updated to include a display of one or more financing options that correspond to the first product.