Payment processor financing of customer purchases
US9824394B1 · kind B1 · utility
Assignee
Inventors
Key dates
| Filing date | Feb 6, 2015 |
| Grant date | Nov 21, 2017 |
| Priority date | — |
| Expiry date | Feb 6, 2035 |
Classification
- Technology area (CPC G)Physics
- CPC primaryG06Q20/405
- WIPO fieldIT methods for management
- WIPO sectorElectrical engineering
Abstract
A payment processing system for mobile point-of-sale transactions from a mobile point-of-sale (POS) terminal including a payment card reader having a card interface configured to read data from a payment card, the payment processing system configured to process a request from a merchant to provide financing for a purchase by a buyer (e.g., a second merchant). The payment processing system is further configured to calculate financing terms including an approved purchase amount and repayment terms for the approved purchase amount, to transmit the financing terms to the merchant for presentation to the buyer via the mobile POS terminal, to receive an acceptance of the financing terms from the buyer, to transmit the approved purchase amount to the merchant, and to receive payment from the buyer according to the repayment terms.
Source: USPTO / EPO open patent data. Objective bibliographic and citation counts.