Waterfall prioritized payment processing
US7792717B1 · kind B1 · utility
Assignee
Inventors
Key dates
| Filing date | Oct 8, 2004 |
| Grant date | Sep 7, 2010 |
| Priority date | — |
| Expiry date | Oct 27, 2027 |
Classification
- Technology area (CPC G)Physics
- CPC primaryG06Q40/00
- WIPO fieldIT methods for management
- WIPO sectorElectrical engineering
Abstract
The invention comprises a system and method for “waterfall” type payment processing using multiple alternative payment sources. A payor provides account information for multiple payment sources, such as a bank checking account, savings account, first credit card account, second credit card account, and so forth. The multiple payment sources are prioritized so that one is a primary payment source, another is a secondary payment source, another is a tertiary payment source, and so forth. After setting up the waterfall payment arrangement, when a bill becomes due a payee or third party payment administrator submits transactions against the payment sources in their order of priority until the payment is satisfied. Other variations and enhancements are disclosed.
Source: USPTO / EPO open patent data. Objective bibliographic and citation counts.