Payment processor financing of customer purchases

US10755349B1 · kind B1 · utility

Assignee

• INC SQUARE, CO., LTD · JP

Inventors

• Brian Boates · San Francisco, US
• Adam Jeremy Fern · San Francisco, US
• Andrew Kimball · Suwanee, US
• John Bryan Scott · San Francisco, US

Key dates

• Filing date: Oct 31, 2017
• Grant date: Aug 25, 2020
• Expiry date: Feb 6, 2038

Classification

• Technology area (CPC G): Physics
• CPC primary: G06Q20/405
• WIPO field: IT methods for management
• WIPO sector: Electrical engineering

Abstract

A payment processing system receives, from merchant computing devices, transaction information of transactions performed between a plurality of merchants and customers. The merchant computing devices may each execute a merchant application that configures the merchant computing devices as point-of-sale (POS) terminals. The payment processing system receives, from a first POS terminal, a request to finance a purchase between a customer and a first merchant. The payment processing system determines financing terms for the purchase from the transaction information received from the merchant computing devices. The payment processing system sends the financing terms, including an approved financed amount and repayment terms for the approved financed amount, to the first POS terminal for presentation to the customer. In response to receiving an indication of acceptance by the customer of the financing terms, the payment processing system transfers the approved financed amount to an account of the first merchant.