System, program product, and method to authorize draw for retailer optimization

US8150764B2 · kind B2 · utility

Assignee

• METABANK · US

Inventors

• Andrew B. Crowe · Los Fresnos, US
• Scott H. Galit · New York, US
• Trent Sorbe · Brookings, US

Key dates

• Filing date: Apr 2, 2009
• Grant date: Apr 3, 2012
• Expiry date: Jul 1, 2030

Classification

• Technology area (CPC G): Physics
• CPC primary: G06Q40/04
• WIPO field: IT methods for management
• WIPO sector: Electrical engineering

Abstract

A line of credit optimized for a retailer and attached to a customer account at a financial institution is established for a customer of the retailer. A financial institution computer determines whether to advance funds through the line of credit for a transaction, then advances funds in one or more preselected loan increments to the customer account, up to a total available line of credit for the customer. The financial institution computer decrements the total available line of credit by the amount provided for the customer transaction and by a predetermined customer fee for each of the loan increments. The computer determines a value of a retailer fee to be paid by the retailer, involving a predetermined amount for each of the loan increments. The customer fee amount can be zero or discounted for customer transactions with the retailer. The retailer fee can be a rebate to the customer.