Merchant cash advance payment deferrals
US10019698B1 · kind B1 · utility
Assignee
Inventors
Key dates
| Filing date | Feb 13, 2015 |
| Grant date | Jul 10, 2018 |
| Priority date | — |
| Expiry date | Feb 13, 2035 |
Classification
- Technology area (CPC G)Physics
- CPC primaryG06Q40/03
- WIPO fieldIT methods for management
- WIPO sectorElectrical engineering
Abstract
A payment processing system for processing mobile point-of-sale transactions and extending cash advances to merchants is disclosed. The payment processing system receives repayment of the cash advance from the merchant by withholding a portion of funds from financial transactions processed for the merchant, the portion of funds determined according to repayment terms for the cash advance. The payment processing system receives signals from other products provided to the merchant by the payment processing service provider to determine payment deferral eligibility for the merchant where the payment processing system refrains from taking repayment from the financial transactions processed for the merchant by the payment processing system. The payment deferral eligibility may be determined in response to a merchant request for a payment deferral or automatically by the payment processing system.
Source: USPTO / EPO open patent data. Objective bibliographic and citation counts.