System and method for waterfall prioritized payment processing
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Abstract
The invention comprises a system and method for “waterfall” type payment processing using multiple alternative payment sources. A payor provides account information for multiple payment sources, such as a bank checking account, savings account, first credit card account, second credit card account, and so forth. The multiple payment sources are prioritized so that one is a primary payment source, another is a secondary payment source, another is a tertiary payment source, and so forth. After setting up the waterfall payment arrangement, when a bill becomes due a payee or third party payment administrator submits transactions against the payment sources in their order of priority until the payment is satisfied. Other variations and enhancements are disclosed.
150 Citations
59 Claims
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1-34. -34. (canceled)
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35. A computer-implemented method of prioritized processing of payments from a payor, the prioritized processing performed by at least one computer processor, the method comprising:
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establishing a plurality of payment source options, the payment source options including multiple types of source accounts; facilitating communication over a network between the payor and a payee or payment administrator; establishing over the network through communication between a mobile device and the at least one computer processor, priority rules for prioritizing the payment source options for payment of a bill from the payee, wherein each of said types of source accounts is selectable as a primary payment source having a first priority and a secondary payment source having a second priority to be usable for future payments from the payor; selecting, through communication with the at least one computer processor, charge distribution rules for distributing a payment across at least two of the prioritized plurality of payment source options according to the priority rules, wherein at least one of the charge distribution rules requires distributing the payment across multiple payment source options even when the primary payment source has sufficient funds to satisfy a payment due; storing the established priority rules and charge distribution rules in a database for payment of the recurring bill to the payee; identifying the payment due for the payee; submitting, by the payee or payment administrator, a transaction against the prioritized plurality of payment sources; and processing the transaction, using the at least one computer processor, against the prioritized plurality of payment sources in the order of their priority, as set forth by priority rules and the charge distribution rules stored in the database for the recurring bill from the payee and accessible to the at least one computer processor, until one of said payment source options satisfies the payment due, wherein the transition from one payment source to another is automatically executed by the at least one computer processor accessing the database and executing payment in accordance with the priority rules and charge distribution rules; thereby providing a waterfall payment process enabling a payment due from a payor to be satisfied for a payee using a plurality of prioritized payment sources. - View Dependent Claims (36, 37, 38, 39, 40, 41, 42, 43, 44, 45, 46, 47, 48)
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49. A computerized system for prioritized processing of payments for recurring bills using at least one computer processor, the system comprising:
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means for establishing a prioritized plurality of payment source options to be usable for future payments from a payor, wherein the payor interfaces with the means for establishing using a mobile computing device coupled thereto by a distributed network; means for establishing payment distribution rules including multiple pre-selected amounts of at least one transaction to be deducted from at least two of the prioritized plurality of payment source options, the pre-selected amounts established prior to identification of a payment due; means for establishing payor payment rules database means for storing the established payment distribution rules and established prioritized plurality of payment source options; means for identifying a payment due for a payee; and means for automatically submitting, by a payee or payment administrator, a transaction against the prioritized plurality of payment sources and for processing the transaction, using the at least one computer processor, against the prioritized plurality of payment source options in the order of their priority and in amount equal to the pre-selected amount for each of the prioritized plurality of payment source options;
in accordance with the payor payment rules, thereby providing a waterfall payment system enabling a payment due from a payor to be satisfied for a payee using a plurality of alternative payment sources which are prioritized by the at least one computer processor accessing the database means and executing payment. - View Dependent Claims (50, 51, 52, 53, 54, 55, 56, 57, 58, 59)
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Specification