Subscription-based payment

US7249098B2 · kind B2 · utility

Assignee

• FIRST DATA CORPORATION · US

Inventors

• Susan M. Milberger · Englewood, US
• Jeff D. Sherrard · Lakewood, US
• Amy M. Dunker · Dallas, US
• Jackie M. Macfarlane · Parker, US
• Eric L. Platte · Castle Rock, US
• Susan F. Abrahams · Atlanta, US
• Cheryl L. Neofytides · Floral Park, US
• Aamer Ali Baig · Elmont, US
• Peter M. Karas · Lakewood, US
• James E. Cowell · Littleton, US
• James R. Yoder · Chicago, US
• Matt F. Golub · Atlanta, US

Key dates

• Filing date: Oct 29, 2001
• Grant date: Jul 24, 2007
• Expiry date: Mar 10, 2024

Classification

• Technology area (CPC G): Physics
• CPC primary: G06Q30/06
• WIPO field: IT methods for management
• WIPO sector: Electrical engineering

Abstract

According to the invention, a method for automatically processing a recurring transfer request from a stored value fund with an online system is disclosed. A handler associated with a payor is determined and money is transferred from that handler to the stored value fund. In one step, the payor is informed that a payee accepts payment from the online system. Subscription type information is received, which includes at least two of a per-request payment cap, a fixed payment amount, a limit on payment per time period, a limit on the number of payments in the time period, and a time period. Pay-out instructions are also received and include at least two of a payor identifier, a payee identifier, a transfer amount, a payment description. The transfer amount is automatically sent from the stored value fund to the payee.