Online purchasing system supporting buyer affordability screening

• US 7,942,316 B2
• Filed: 05/18/2009
• Issued: 05/17/2011
• Est. Priority Date: 03/21/2000
• Status: Expired due to Term

• Current Assignee: PayPal, Inc. (PayPal Holdings, Inc.)
• Original Assignee: Enpulz LLC
• Inventors: Bennett, James D., Winslade, Christopher C.
• Primary Examiner(s): RUDY, ANDREW J
• Application Number:
  US12/467,557
• Publication Number:
  US 20090228369A1
• Time in Patent Office: 729 Days
• Field of Search: 235/376, 235/383, 235/379, 705/26, 705/27, 705/37, 705/38, 705/26.1, 705/27.1, 709/203, 709/217
• US Class Current: 235/379
• CPC Class Codes: G06Q 20/20 Point-of-sale [POS] network systems
• CPC Class Codes: G06Q 30/02 Marketing; Price estimation or determination; Fundraising
• CPC Class Codes: G06Q 30/0207 Discounts or incentives, e.g. coupons or rebates
• CPC Class Codes: G06Q 30/0222 During e-commerce, i.e. online transactions
• CPC Class Codes: G06Q 30/0224 based on user history
• 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 30/0244 Optimization
• CPC Class Codes: G06Q 30/0251 Targeted advertisements
• CPC Class Codes: G06Q 30/0253 During e-commerce, i.e. online transactions
• CPC Class Codes: G06Q 30/0255 based on user history
• CPC Class Codes: G06Q 30/0257 User requested
• CPC Class Codes: G06Q 30/0261 based on user location
• CPC Class Codes: G06Q 30/0269 based on user profile or attribute
• CPC Class Codes: G06Q 30/0601 Electronic shopping [e-shopping]
• CPC Class Codes: G06Q 30/0605 Supply or demand aggregation
• CPC Class Codes: G06Q 30/0611 Request for offers or quotes
• CPC Class Codes: G06Q 30/0613 Third-party assisted
• CPC Class Codes: G06Q 30/0625 Directed, with specific intent or strategy
• CPC Class Codes: G06Q 30/0641 Shopping interfaces
• CPC Class Codes: G06Q 40/03 : Credit; Loans; Processing thereof
• CPC Class Codes: G06Q 40/04 : Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange
• CPC Class Codes: G06Q 40/08 : Insurance

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. An online affordability-based purchasing system comprising:

at least one web page presenting product information regarding at least one product being offered for sale online; and

a server responding to input of personal information about a buyer causing financing parameter information regarding at least one financing vehicle to be obtained, the financing parameter information and at least a portion of the personal information being used by a software engine to automatically identify at least a likelihood of the buyer being approved for financing of the at least one product being offered for sale online.

2. The online affordability based purchasing system of claim 1 further comprising a computer that presents an interface for input of the personal information about the buyer.

3. The online affordability based purchasing system of claim 2 wherein the computer also displays an indication of the at least a likelihood of the buyer being approved for financing of the at least one product.

4. The online affordability based purchasing system of claim 3 wherein the indication comprises at least a pre-approval for financing with respect to at least one financing vehicle.

5. The online affordability based purchasing system of claim 2 wherein the computer comprises one of a buyer, seller or lender computer.

6. The online affordability based purchasing system of claim 1 wherein the server responds to the identification of at least a likelihood of the buyer being approved for financing by at least initiating purchase of the at least one product using financing.

7. The online affordability based purchasing system of claim 1 wherein the server obtains the credit report information of the buyer from a second web server.

8. A method for determining the ability to purchase a product, the method comprising:

in a system comprising at least one web page that includes product information regarding at least one product being offered for sale online;

receiving personal information about a buyer;

causing financing parameter information regarding at least one financing vehicle to be obtained;

automatically determining the likelihood of the buyer being approved for financing the at least one product being offered for sale online.

9. The method of claim 8, further comprising:

causing to display an indication of the likelihood of a buyer being approved.

10. The method of claim 9 wherein the indication comprises at least a pre-approval for financing with regard to the at least one financing vehicle.

11. The method of claim 8 wherein the receiving personal information about a buyer is obtained via a computer.

12. The method of claim 11 wherein the computer comprises one of a buyer, seller or lender computer.

13. The method of claim 8 further comprising initiating the purchase of the at least one product being offered for sale.