Invoiceless trading and settlement method and system
First Claim
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1. One or more computer-readable storage media on which is embedded one or more computer programs, said one or more computer programs implementing a method for a settlement bank to settle an order for a customer so that the customer obtains an early payment discount for the order from a supplier by paying the supplier by a funds provider via the settlement bank within a predetermined time, the one or more computer programs comprising a set of instructions for:
- electrically establishing, by the settlement bank, a record of a settlement bank agreement with the customer for settling the order placed by the customer with the supplier by paying the supplier using funds provided by the funds provider, the record comprising an interest rate;
electrically receiving, by the settlement bank, a payment message from the customer to make a discounted payment to the supplier for the order on a first date using funds from the funds provider, the discounted payment being an amount equal to a cost for the order less the early payment discount, the early payment discount being based on a fiscal attribute of the customer; and
after the payment message is received by the settlement bank, paying the discounted payment, using funds obtained from the funds provider, by the settlement bank to the supplier for the order by the first date,wherein after the first date, the funds provider electronically receives from the customer by a second date a negotiated payment equal to the discounted payment plus a service fee established between the customer and the funds provider and an interest amount calculated from the interest rate established between the customer and the funds provider based on a time period between the first and second dates.
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Abstract
Methods and systems consistent with the present invention overcome the shortcomings of existing trading systems by providing an invoiceless trading system that creates incentives for customers to pay suppliers within a predetermined period of time, such as a settlement period. Specifically, the invoiceless trading system enables a customer to obtain a discount on orders placed with suppliers in return for an immediate payment (e.g., within 24 hours) by the customer. The supplier receives payment within the predetermined period of time, and the customer receives additional cash benefits by providing an early payment to the supplier. To communicate with and transfer funds between customers and suppliers, the invoiceless trading system may use an electronic gateway and a settlement bank. In addition to creating an incentive to embrace e-commerce, both customers and suppliers avoid the need to manually process orders and use invoices to complete transactions.
65 Citations
23 Claims
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1. One or more computer-readable storage media on which is embedded one or more computer programs, said one or more computer programs implementing a method for a settlement bank to settle an order for a customer so that the customer obtains an early payment discount for the order from a supplier by paying the supplier by a funds provider via the settlement bank within a predetermined time, the one or more computer programs comprising a set of instructions for:
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electrically establishing, by the settlement bank, a record of a settlement bank agreement with the customer for settling the order placed by the customer with the supplier by paying the supplier using funds provided by the funds provider, the record comprising an interest rate; electrically receiving, by the settlement bank, a payment message from the customer to make a discounted payment to the supplier for the order on a first date using funds from the funds provider, the discounted payment being an amount equal to a cost for the order less the early payment discount, the early payment discount being based on a fiscal attribute of the customer; and after the payment message is received by the settlement bank, paying the discounted payment, using funds obtained from the funds provider, by the settlement bank to the supplier for the order by the first date, wherein after the first date, the funds provider electronically receives from the customer by a second date a negotiated payment equal to the discounted payment plus a service fee established between the customer and the funds provider and an interest amount calculated from the interest rate established between the customer and the funds provider based on a time period between the first and second dates. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12)
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13. One or more computer-readable storage media on which is embedded one or more computer programs, said one or more computer programs implementing a method for a settlement bank to settle an order for a customer so that the customer obtains an early payment discount for the order from a supplier by paying the supplier by a funds provider via the settlement bank, the one or more computer programs comprising a set of instructions for:
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electrically establishing, by the settlement bank, a record of a settlement bank agreement with the customer for settling orders placed by the customer by paying suppliers using funds provided by the funds provider, the record comprising an interest rate; electronically receiving, by the settlement bank, a payment message from the customer to make a discounted payment to the supplier for the order on a first date using funds from the funds provider, the discounted payment being an amount equal to a cost for the order less an early payment discount agreed upon between the customer and the supplier based on the supplier receiving payment for the order within a predetermined period of time, after the payment message is received by the settlement bank, paying the discounted payment, using funds obtained from the funds provider, by the settlement bank to the supplier for the order by the first date; wherein after the first date, the funds provider electronically receives from the customer by a second date a negotiated payment equal to the discounted payment plus a service fee and an interest amount calculated based on a time period between the first and second dates; and wherein the interest amount is related to the settlement bank agreement. - View Dependent Claims (14, 15, 16, 17, 18, 19, 20, 21, 22, 23)
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Specification
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Current AssigneeJames William Duncan
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Original AssigneeJames William Duncan
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InventorsDuncan, William James
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Primary Examiner(s)Kalinowski; Alexander
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Assistant Examiner(s)Ebersman; Bruce I
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Application NumberUS11/653,306Publication NumberTime in Patent Office1,211 DaysField of Search705/35US Class Current705/40CPC Class CodesG06Q 20/10 specially adapted for elect...G06Q 20/102 Bill distribution or paymentsG06Q 20/28 Pre-payment schemes, e.g. "...G06Q 20/367 involving electronic purses...G06Q 20/40 Authorisation, e.g. identif...G06Q 30/0213 Consumer transaction feesG06Q 30/0215 Including financial accountsG06Q 30/0222 During e-commerce, i.e. onl...G06Q 30/0234 Rebates after completed pur...G06Q 30/0235 constrained by time limit o...G06Q 30/0239 Online discounts or incentivesG06Q 30/06 Buying, selling or leasing ...G06Q 30/0601 Electronic shopping [e-shop...G06Q 40/00 Finance; Insurance; Tax str...G06Q 50/188 Electronic negotiation
