Method and apparatus for managing financial transactions for selective conversion to buy now, pay later financing

US12314912B2 · kind B2 · utility

Assignee

• Affirm, Inc. · US

Inventors

• Corey Swimmer · Palatine, US
• Claire Crinion · Sleepy Hollow, US
• Jill Fisher · San Francisco, US
• Sam Bodanis · Park City, US
• Laurie Sellick · San Francisco, US
• Garrett Schlesinger · Brooklyn, US

Key dates

• Filing date: Oct 22, 2021
• Grant date: May 27, 2025
• Expiry date: Mar 2, 2042

Classification

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

Abstract

A method of processing a customer transaction may include receiving an indication of a transaction between a customer and a vendor, checking an account status of a primary account of the customer at a customer bank, and determining, within a predetermined time of the indication, whether to accept or decline the transaction based on the account status. The method may further include, if the transaction is accepted, authorizing a transfer of funds to the vendor and communicating with the customer to determine whether to settle the transaction or handle the transaction as an installment loan to the customer.