Patent Application
20210201397
The embodiments disclosed herein relate to electronic transactions, and, in particular to systems, methods, and devices for processing financial transactions for budgeting and savings assisting services and provides mechanisms to incorporate an assistance program into the acquisition of goods and services.
Customers while shopping online frequently desire products that they do not currently have the ability to pay for.
One of the common solutions to this problem is to create a transaction server that may accept information from a credit system linked to the customer in order to pay the vendor of the product or pay the retailer offering the product. In many cases the credit worthiness of the customer is insufficient to provide the necessary loan for the purchase of the product. In other cases, the customer does not wish to be burdened with the interest rate or loss of credit capacity associated with a loan or a purchase though a traditional credit card or credit facility.
What is needed is a new way to process requests for goods and or services that also encourages customers to save for products that they desire without incurring the penalty of interest rates or other layaway fees.
Provided is a computer implemented method of providing a customer with an alternative method of purchasing an item, the method comprising: determining that the customer does not have sufficient funds to purchase an item; further determining that the customer does not have sufficient credit to purchase the item; providing a selection mechanism to the customer to create a payment plan wherein the savings plan is based on a series of payments into a savings account, and when the savings account has sufficient funds to purchase the item, a purchasing action is initiated.
Provided is a method of ensuring that an item is available for purchase at an agreed price.
The method may include encouraging responsible spending behaviour, the method comprising
The system may include a savings server.
The system may include a savings plan account.
The system may include an inventory management system.
The method may include implementing Just in Time inventory management control.
The method may include providing to a customer an additional purchase financing option.
The method may include avoiding interest charges for credit purchases of items.
The method may include efficiently providing transaction services for a savings system using at least one server cluster.
The method may include tracking the progress of a plurality of savings plans for a plurality of customers.
The current disclosure proposes an online store front where the retailer offers products directly to customers. In current online stores, retailers typically support a ‘purchase now’ button in close proximity to each product being offered. Often this button is labeled ‘add to cart’ or similar.
In addition to the ‘purchase now’ button, this disclosure proposes that a second button be presented, labeled ‘help me budget for this item’ (‘budget’) or equivalent. The presence of this button may be highlighted under conditions where the customer fails to purchase the item through a credit check failure, or does not have sufficient funds or credit. The budget button is operably connected to a savings administration server that sets up and performs the required functions to save for the purchase.
The ‘budget’ button initiates a workflow that may start a savings account in the customer's name for the purpose of saving for the associated product. The savings account may be started new, or may be an account that is or has been used for saving for other products. In either case, the server system provides an informational interface wherein the customer may observe the status of saving towards the purchase of the product.
Once the customer agrees to set up the savings plan for the purchase of the product, the server system may employ various calculators to help the customer determine the amount and frequency of savings contributions that would be required to achieve the savings goal.
Once the customer agrees to the purchase, the supplier of the product is informed by the server system that a savings plan is in place, and of the agreed purchase price and date that the savings plan will be complete. The supplier then confirms to the server system that the product will be available on that date to the retailer, and that the price will not vary from the agreed pricing. Other details like shipping cost, shipping address, commission, taxes, and duties may be agreed to between the retailer and the supplier. In addition, if the customer may pay for a portion of the product with either cash or credit, the customer may pay the initial portion that they may afford, and then set the savings plan amount to the remainder of the purchase price.
A database record Is created for that purchase and may contain the customer name, customer address, shipping address, and similar information.
In some embodiments, the customer is periodically sent messages reminding them to contribute an amount to their savings goal. The savings amount that the customer responds with may also be a function of several factors, including whether the customer was successfully underbudget in one or more spending categories, whether particular events occurred (birthday, raise, election results), or events with emotional significance like a birthday or the victory of a favourite sports team. A fun, competitive dynamic may also be in place between two or more people saving for items: They may wager friendly ‘bets’ and have the result of that bet be that one of them is required to contribute to their savings plan in the amount of the bet.
In other embodiments, the amount is automatically at least partially calculated from a database of customer expenditures, spending categories, events, and other items. The calculated amount is then either automatically transferred from a spending account to the savings plan, or the customer is requested to authorize the savings amount.
Additionally, in the case where the savings amount falls short of the amount required to stay on track for the savings goal, the shortfall may be requested to be calculated by the savings system to keep the savings plan on track.
In the case where more than one customer is contributing to the savings plan, one or the other or both customers may be sent a message from the savings system to keep the savings plan on track.
The supplier associated with the product that is being saved for may also be informed of the customer's intent to purchase the product on a specific date, or in a date range. The supplier may decide to entice the customer by promising one of a number of benefits with the purchase. One such benefit may be to guarantee that the price of the item will not exceed the agreed purchase price over the savings plan period. Another similar benefit may be to honor any price reductions or sales on the product for the customer. Another benefit may be to honor a ‘lowest price’ guarantee if one of the supplier's competitors offers a lower price for the same item. These functions may be automated by processes in the server system that could scan competitive advertisements or be responsive to notifications from customers that a better price has been found.
Since the supplier has a higher probability for a successfully completed sale that has been fully saved for, the supplier may be able to extend further discounts or bonuses to the customer, since the probability of purchase remorse and return may be significantly lower. The savings system server may track the behaviour of customers and
The supplier may also be able to extend further discounts and bonuses to the customer, as the supplier may implement Just In Time (JIT) inventory management practices to lower the cost of holding the product in inventory.
While useful for end user consumer in B2C (Business to Consumer) transactions, this method may also be useful in B2B (Business to Business) commerce—for example where a bricks and mortar retailer may wish to direct the savings server to ‘save up’ for a particularly expensive showcase item, or a stock group of items for next season.
Since the additional funds are saved in an account that is separate and not used for day to day savings, this savings system may be very useful for secret or surprise gifts. For example, where a customer may not want a second party to know that they are saving for the gift.
In addition, saving funds in this savings system may be useful for situations like shared bank accounts where ‘earmarking’ funds may not be easily remembered by all parties, and the saved funds may be inadvertently spent by another party.
In addition, additional incentives may be realized by using bank accounts that do not charge a maintenance fee, we propose that the savings system utilize a third party stored value account that does not charge a maintenance fee or transaction fees and provides incentives (for example a cash back, loyalty points program, or a power up). In this case the percentage of the transaction that is charged to the supplier as part of the standard card payment fee covers the cost of administering the account for this purpose. Using the additional revenue from loaning the accumulated savings for at least one of: defraying the cost of administering the savings account, providing a discount on the price of the item, providing credits for future purchases, providing reward items for savings plan participation, defraying the warehousing costs for the supplier of selected items.
According to some embodiments there is a computer system for automatically electronically transferring funds, the system includes a computer display device displaying a user interface configured to provide the customer with a computer input device to create a savings plan to purchase an item with an indicated price. The system provides that the savings plan is based on a series of electronic fund transfers into a savings account to accumulate electronic funds in the savings account equaling the indicated price. The system also includes a computer server which includes a computer processor configured to determine that the customer does not have sufficient funds and sufficient credit to electronically transfer funds equaling the indicated price. The server also includes a computer readable memory with stored instructions to initiate a purchasing action to purchase the item for the customer when the savings account has sufficient funds to purchase the item.
The system may provide that the item is at least one of the group comprising goods and services.
The system may provide that the computer readable memory further includes stored instructions to periodically send electronic messages to the customer reminding the customer to contribute to the savings account.
The system may provide that the series of payments includes a contribution amount which is determined by the computer processor based on whether a customer is underbudget in one or more spending categories.
The system may provide that the series of payments includes a contribution amount which is determined by the computer processor based on the occurrence of an event relevant to the customer.
The system of may provide that the series of payments includes a contribution amount which is determined by the computer processor based on a future event specified by the customer.
The system may provide that the series of payments includes a contribution amount which is determined by the computer processor based on whether the customer has won or lost a bet.
The system may provide that the series of payments includes a contribution amount which is related to a periodic charge.
The system may provide that the periodic charge is a pre-authorized charge to a bank account.
The system may also include a computer display of a supplier providing a user interface for monitoring the successful payment of the series of payments.
The system may provide that the computer readable memory has stored instructions to initiate and monitor a shared savings account through a social media channel.
The system may provide that the computer readable memory has stored instructions to implement Just in Time inventory management control.
The system of may provide that the computer readable memory has stored instructions to provide to a customer an additional purchase financing option.
The system may provide that the computer readable memory has stored instructions to avoid interest charges for credit purchases of items.
The system may also include a savings server.
The system may also include a savings plan account.
The system may also include an inventory management system.
According to some embodiments, there is a computer implemented method of automatically electronically transferring funds. The method includes determining on a computer processor whether the customer has sufficient credit to transfer electronic funds equaling an indicated price of an item. The method also includes providing a computer input device for a customer to select a savings plan, wherein the savings plan is based on a series of automatic electronic fund transfers into an savings account to accumulate funds equal to the indicated price. The method also includes storing instructions on a computer readable memory to initiate transfer of electronic funds when the computer processor determines the savings account has sufficient funds to transfer electronic funds equaling the indicated price.
The method may also include determining on a computer processor that the customer does not have sufficient funds to purchase the item.
There may be a computer readable memory having recorded thereon statements and instructions for execution by a computerized electronic funds system to carry out the method of claim 1.
The method may include periodically sending electronic messages from a computer server reminding the customer to contribute to the savings account.
The method may provide that the series of payments includes a contribution amount which is determined by a computer processor based on whether a customer is underbudget in one or more spending categories.
The method may provide that the series of payments includes a contribution amount which is determined by a computer processor based on the occurrence of an event relevant to the customer.
The method may provide that the series of payments includes a contribution amount which is determined by a computer processor based on a future event specified by the customer.
The method may provide that the series of payments includes a contribution amount which is determined by a computer processor based on whether the customer has won or lost a bet.
The method may provide that the series of payments includes a contribution amount which is a related to a periodic charge.
The method may provide that the periodic charge is a pre-authorized charge to a bank account.
The method may provide that the item is at least one of the group comprising goods and services.
The method may also include providing a vendor with a user interface on a computer display device for monitoring the successful payment of the series of payments.
The method may also include initiating and monitoring on a computer processor a shared savings account through a social media channel.
The method may also include implementing on the computer processor just in time inventory management control .
The method may also include providing to a customer on a computer display device an additional purchase financing option.
The method may also include using a computer processor to avoid interest charges for credit purchases of items.
According to some embodiments, there is a computer system for automatically electronically transferring funds, the system includes a customer computer input device to select an item with an indicated price. The system also includes a computer processor connected to the customer input device configured to determine whether the customer has sufficient credit to transfer electronic funds equal to the indicated price. The system also includes a customer computer display connected to the customer input device configured to display at least one additional payment option on a computer display device if the customer has insufficient credit to electronically transfer funds equal to the indicated price of the item. The system provides that the at least one additional payment option includes initiating a savings plan to transfer electronic funds to a savings account to accumulate electronic funds equal to the indicated price at a future date.
The system may also include a computer readable memory with stored instructions to transfer electronic funds from the savings account when the savings account has accumulated electronic funds equal to the indicated price.
The system may provide that the savings plan is based on a series of automatic electronic fund transfers into the savings account according to the savings plan,
The system may provide that the at least one additional payment option includes a partial immediate electronic fund transfer less than the indicated price and a savings plan to transfer electronic funds at a future date to a savings account equaling a remaining amount equal to the difference between the partial immediate fund transfer and the indicated price.
The system may provide that the item is at least one of the group comprising goods and services.
The system may also include a computer readable memory with stored instructions to periodically send messages reminding to the customer computer display device to contribute to the savings account.
The system may provide that the series of electronic fund transfers includes a contribution amount which is determined by the computer processor based on whether a customer is underbudget in one or more spending categories.
The system may provide that the series of electronic fund transfers includes a contribution amount which is determined by the computer processor based on the occurrence of an event relevant to the customer.
The system may provide that the series of electronic fund transfers includes a contribution amount which is determined by the computer processor based on a future event specified by the customer.
The system may provide that the series of electronic fund transfers includes a contribution amount which is determined by the computer processor based on whether the customer has won or lost a bet.
The system may provide that the series of payments includes a contribution amount is a related to a periodic charge.
The method may provide that the periodic charge is a pre-authorized charge to a bank account.
The system may also include a supplier computer display device for monitoring the successful transfer of the series of electronic fund transfers.
The system may provide that the customer computer display device is further configured to display a shared savings account through a social media channel.
The system may also include a computer readable memory with stored instructions to implement just in time inventory management control.
The system may provide that the customer computer display device is further configured to display an additional purchase financing option.
The system may also include a computer readable memory with stored instructions to avoid interest charges for credit purchases of the items.
According to some embodiments, there is a computer implemented method for automatically electronically transferring funds. The method includes providing a computer input device for a customer to select an item with an indicated price. The method also includes determining on a computer processor whether the customer has sufficient credit to transfer electronic funds equal to the indicated price. The method also includes displaying on a customer computer display device at least one additional payment option if the customer has insufficient credit to transfer electronic funds equal to the indicated price. The method provides that the at least one additional payment option includes initiating a savings plan to transfer electronic funds to a savings account for to accumulate electronic funds equal to the indicated price at a future date.
The method may also include storing instructions on the computer readable memory to initiate a purchase of the item when the savings account has sufficient funds to purchase the item.
The method may provide that the savings plan is based on a series of automatic electronic fund transfers into the savings account according to the savings plan,
The method may provide that the at least one additional payment option includes a partial immediate electronic fund transfer less than the indicated price and a savings plan to transfer electronic funds at a future date to a savings account equaling a remaining amount equal to the difference between the partial immediate fund transfer and the indicated price.
The method may provide that the item is at least one of the group comprising goods and services.
The method may also include storing instruction on the computer readable memory to periodically send messages reminding the customer to contribute to the savings account.
The method may provide that the series of payments includes a contribution amount which is determined by the computer processor based on whether a customer is underbudget in one or more spending categories.
The method may provide that the series of payments includes a contribution amount which is determined by the computer processor based on the occurrence of an event relevant to the customer.
The method may provide that the series of payments includes a contribution amount which is determined by the computer processor based on a future event specified by the customer.
The method may provide that the series of payments includes a contribution amount which is determined by the computer processor based on whether the customer has won or lost a bet.
The method may provide that the series of payments includes a contribution amount is a related to a periodic charge.
The method may provide that the periodic charge is a pre-authorized charge to a bank account.
The method may also include providing a supplier with a computer display device for monitoring the successful transfer of the series of electronic fund transfers.
The method may also include storing instructions on the computer readable memory to initiate and monitor on a computer display device a shared savings account through a social media channel.
The method may also include storing instructions on the computer readable memory to implement just in time inventory management control.
The method may also include displaying on the computer display device to a customer an additional purchase financing option.
The method may also include storing on the computer readable memory instructions to avoid interest charges for credit purchases of the items.
There may be a computer readable memory having recorded thereon statements and instructions for execution by a computerized electronic funds system to carry out the method.
According to some embodiments, there is a computer system for automatically electronically transferring funds. The system includes a computer processor configured to determine whether a customer has sufficient funds and sufficient credit to transfer electronic funds equaling an indicated price of an item. The system also includes a customer computer input device configured to select a partial payment option to electronically transfer a partial amount of electronic funds equal to less than the indicated price, wherein the partial amount is based on the funds and credit the customer has available. The customer computer input device is also configured to provide an option to the customer to create a savings plan, wherein the savings plan is based on a series of automatic electronic fund transfers into a savings account equaling the difference between the partial amount and the indicated price. The system also includes a computer readable memory with stored instructions to initiate a transfer of electronic funds when the savings account accumulates electronic funds equal to the difference between the partial amount and the indicated price.
According to some embodiments there is a computer implemented method for automatically electronically transferring funds. The method includes determining on a computer processor that the customer does not have sufficient funds and sufficient credit to transfer electronic funds equaling an indicated price of an item. The method includes providing on a computer input device to a customer to select an option to electronically transfer a partial amount of electronic funds equal to less than the indicated price. The method provides that a partial amount is based on the funds and credit the customer has available. The method also includes providing a computer input device to the customer to create a savings plan, wherein the savings plan is based on a series of automatic electronic fund transfers into a savings account equaling the difference between the partial amount and the indicated price. The method also includes storing instructions on a computer readable memory to initiate a transfer of electronic funds when the savings account accumulates electronic funds equal to the difference between the partial amount and the indicated price.
There may be a computer readable memory having recorded thereon statements and instructions for execution by a computerized electronic funds system to carry out the method.
According to some embodiments, there is a computer system for electronically transferring funds. The system includes a customer computer display device configured to display a plurality of payment types for each item with an indicated price, wherein at least one payment type is a savings plan. The system provides that the savings plan is based on a series of automatic electronic fund transfers into a savings account accumulatively equaling the indicated price. The system also includes a customer computer input device configured to select each item to purchase using the savings plan. The system also includes a computer server with a computer readable memory with stored instructions to automatically electronically transfer funds to the savings account according to the savings plan and cumulatively equal to the indicated price and automatically electronically transfer electronic funds from the savings account when the savings account has accumulated funds equaling the indicated price.
The system may provide that the computer display device displays an option to immediately transfer electronic funds equal to the indicated price of each item not selected for purchase with the savings plan.
The system may provide that the computer display device is configured to display whether an item is eligible for purchase with a savings plan.
According to some embodiments, there is a computer implemented method of electronically transferring funds. The method includes displaying on a customer computer display device a plurality of payment types for each item with an indicated price, wherein at least one payment type is a savings plan. The method includes the savings plan is based on a series of automatic electronic fund transfers into a savings account cumulatively equaling the indicated price. The method also includes providing a customer computer input device to select each item to purchase using the savings plan. The method also includes automatically electronically transferring funds at a future time according to the savings plan and equal to the indicated price. The method also includes storing instructions on a computer readable memory to automatically electronically transfer electronic funds from the savings account when the savings account has accumulated funds equaling the indicated price.
The method may also include immediately transferring electronic funds equal to an indicated price of each item not selected for purchase with the savings plan.
The method may provide that the item is identified on a computer display device as being eligible for purchase with a savings plan.
There may be a computer readable memory having recorded thereon statements and instructions for execution by a computerized electronic funds system to carry out the method.
According to some embodiments, there is a computer system for automatically electronically transferring funds for physical transfer of an item, the system includes a customer computer device configured to select with an input device the item on a customer computer. The customer computer device is also configured to display with a display device an indicated price for the item that is valid within a time period. The customer computer device is also configured to display with the display device a customer savings plan to make electronic fund transfers to a savings account to accumulate electronic funds equal to an indicated price. The system also includes a computer server configured to automatically electronically transferring funds according to the savings plan and equal to the indicated price within the time period. The computer seryer is also configured to provide an electronic guarantee to the customer computer that the item will be available at the indicated price at the end of the valid time period.
The system may provide that the electronic guarantee includes instructions stored on a computer readable memory to match a lowest price offer if a competitor offers the same item at a lower price.
The system may provide that the guarantee includes instructions stored on a computer readable memory to match a lower price if the vendor of the item reduces the price of the item.
According to some embodiments there is a computer implemented method of automatically electronically transferring funds for physical transfer of an item. The method includes providing an input device on a customer computer to select the item on a customer computer. The method also includes displaying on a display of the customer computer an indicated price for the item that is valid within a time period. The method also includes displaying, on the display of the display of the customer computer, a customer savings plan to make electronic fund transfers to a savings account to accumulate an indicated price. The method also includes automatically electronically transferring funds according to the savings plan and equal to the indicated price within the time period. The method also includes providing an electronic guarantee to the customer computer that the item will be available at the indicated price at the end of the valid time period. The method also includes physically sending the item to the customer at the end of the valid time period.
The method may provide that the guarantee includes instructions stored on a computer readable memory to match a lowest price offer if a competitor offers the same item at a lower price.
The method may provide that the guarantee includes instructions stored on a computer readable memory to match a lower price if the vendor of the item reduces the price of the item.
There may be a computer readable memory having recorded thereon statements and instructions for execution by a computerized electronic funds system to carry out the method.
According to some embodiments there is a computer implemented method of ensuring that an item will be available at a specific time in the future. The method includes providing a customer computer input device for selecting the item. The method also includes displaying on a computer display device an indicated price for the item that is valid within a time period. The method also includes displaying on the customer display device an offer to purchase the time with a savings plan. The method may provide that the savings plan includes automatic electronic fund transfers to a savings account to accumulate the indicated price. The method may provide that the savings plan is structured to accumulate funds equal to the indicated price within the valid time period. The method also includes storing instructions on a computer readable memory for a production and delivery schedule to make the item available at the end of the production and delivery schedule. The method also includes determining on the computer processor a probable date on which the savings account will accumulate funds equal to the indicated price based on the savings plan. The method also includes physically sending the item to the customer at the end of the valid time period
The method may also include adjusting the production and delivery schedule on the computer processor if the savings account accumulates the indicated price ahead of the probable date.
There may be a computer readable memory having recorded thereon statements and instructions for execution by a computerized electronic funds system to carry out the method.
According to some embodiments there is a computer system for ensuring that an item will be available at a specific time in the future. The system includes a customer computer input device configured to select the item. The system includes a customer computer display device configured to display an indicated price for the item that is valid within a time period. The customer computer display device is also configured to display an offer to purchase the time with a savings plan. The system provides that the savings plan includes automatically transferring electronic funds to a savings account to accumulate the indicated price. The system provides that the savings plan is structured to accumulate funds equal to the indicated price within the valid time period. The system also includes a computer readable memory with stored instructions for a production and delivery schedule to make the item available at the end of the production and delivery schedule. The system also includes a computer processor configured to determine a probable date on which the savings account will accumulate funds equal to the indicated price based on the savings plan.
The system may provide that the computer processor is further configured to adjust the production and delivery schedule stored on the computer readable memory if the savings account accumulates the indicated price ahead of the probable date.
According to some embodiments there is a computer implemented method for increasing transactional efficiency of an electronic transaction. The method includes providing a customer input device to select an item. The method also includes indicating on a customer display device an indicated price for the item that is valid for within a time period. The method also includes providing on the customer input device to select one of a plurality of payment types for each selected item, wherein at least one of the payment types is a savings plan. The method also includes providing on the customer input device to create a savings plan for the each selected item for payment by the savings plan. The method provides that the savings plan is based on a series of automatic electronic fund transfers into a savings account. The method also includes loaning to a third party using a computer server electronic funds equal to the accumulated electronic funds in the savings account;
The method may also include using revenue generated from loaning the accumulated electronic funds for at least one of the group comprising: defraying the cost of administering the savings account, providing a discount on the price of the item, providing credits for future purchases, providing reward items for savings plan participation, and defraying the warehousing costs for the supplier of selected items.
There may be a computer readable memory having recorded thereon statements and instructions for execution by a computerized electronic funds system to carry out the method.
According to some embodiments there is a computer system for increasing transactional efficiency of an electronic transaction, the system includes a customer input device configured to, select an item, select one of a plurality of payment types for each selected item, wherein at least one of the payment types is a savings plan, and create a savings plan for the each selected item for payment by the savings plan, wherein the savings plan is based on a series of automatic electronic fund transfers into a savings account. The system also includes a customer display device configured to display an indicated price for the item that is valid within a time period. The system also includes a computer server configured to loan electronic funds to a third party equal to the accumulated electronic funds in the savings account.
The system may provide that the computer server is further configured to use revenue generated from loaning the accumulated electronic funds for at least one of the group comprising: defraying the cost of administering the savings account, providing a discount on the price of the item, providing credits for future purchases, providing reward items for savings plan participation, and defraying the warehousing costs for the supplier of selected items.
According to some embodiments there is a computer implemented method for saving for transferring electronic funds for bulk inventory. The method comprising includes providing a customer computer input device to select an item. The method also includes providing the customer computer input device to select a quantity of the item. The method also includes providing the customer computer input device to select a date on which the quantity of item is to be available to the supplier. The method also includes displaying an indicated price for the item on a customer computer display device that is valid within a time period. The method also includes displaying on the customer computer display device an option to automatically electronically transfer funds to a savings account according to a savings plan to accumulate the indicated price, wherein the savings plan is structured to accumulate funds equal to the indicated price within the valid time period. The method also includes providing an electronic guarantee to the customer that the quantity of items will be available at the indicated price at the end of the valid time period. The method also includes physically sending the item to a customer at the end of the valid time period.
There may be a computer readable memory having recorded thereon statements and instructions for execution by a computerized electronic funds system to carry out the method of claim 93.
According to some embodiments there is a computer system for saving for transferring electronic funds for bulk inventory. The system includes a customer computer input device configured to select an item, select a quantity of the item, select a time period in which the quantity of item is to be available to the supplier, and select an option to automatically electronically transfer funds to a savings account according to a savings plan to accumulate the indicated price. The system provides that savings plan is structured to accumulate funds equal to the indicated price within the time period. The system also includes a customer computer display device connected to the customer input device, the customer computer display configured to display an indicated price for the item that is valid within the time period and a computer server configured to send an electronic guarantee to the supplier that the quantity of items will be available at the indicated price at the end of the valid time period.
According to some embodiments there is a computer implemented method for accumulating electronic funds for an item with multiple customers. The method includes displaying on a customer computer display device an item with an indicated price. The method includes providing a customer computer input device to create a savings plan. The method provides that the savings plan is based on automatically electronically transferring funds to a joint savings account to accumulate a savings goal equal to the indicated price. The method includes providing the customer computer input device to send an electronic invite to at least one additional customer to join the savings plan. The method includes providing at least one additional client computer input device to accept the invite and select an electronic funds transfer amount and a frequency of electronic funds transfer to the joint savings account. The method includes determining on a computer processor the balance of the respective electronic fund transfers between the client and the additional client of the to the joint savings account. The method includes displaying information on a customer computer display device regarding the progress to the savings goal. The method includes storing instructions on computer readable memory to transfer funds from the joint savings account when the savings account accumulates funds equal to the savings goal.
There may be a computer readable memory having recorded thereon statements and instructions for execution by a computerized electronic funds system to carry out the method.
According to some embodiments there is a computer system for accumulating electronic funds for an item with multiple customers. The method includes a customer computer display device configured to display an item with an indicated price. The system also includes a customer computer device configured to create a savings plan, wherein the savings plan is based on automatically electronically transferring funds to a joint savings account to accumulate a electronic funds to reach a savings goal equal to the indicated price. The customer computer device is also configured to send an electronic invite to at least one additional customer device to join the savings plan. The customer computer device is also configured to display information regarding the progress to the savings goal. The system also includes at least one additional customer computer device configured to accept the electronic invite and select an electronic funds transfer amount and a frequency of electronic funds transfer to the joint savings account. The system also includes a computer server connected to the customer computer device and at least one additional customer computer device, the computer server configured to determine the balance of the respective electronic fund transfers between the customer computer device and the at least one additional customer computer device of the to the joint savings account. The computer server is also configured to transfer funds from the joint savings account when the savings account accumulates funds equal to the savings goal.
According to some embodiments there is a merchant savings server for enabling a plurality of clients to save for a common savings goal. The server includes a receiving module configured to receive from a first client device an electronic invite to join a savings plan to transfer electronic funds to a joint savings account. The receiving modules is also configured to receive an electronic acceptance from the at least one additional client device. The system provides that the electronic acceptance includes an electronic funds transfer amount and a frequency to transfer the electronic funds to the joint savings account. The system also includes a transmitting module configured to send the electronic invite to at least one additional client device. The system also includes a judgement module configured to determine a balance the respective electronic fund transfers of the client device and the at least one additional client device to the joint savings account. The system provides that the savings plan is based on a series of electronic fund transfer into the savings account to accumulate funds equal to an indicated price of an item. The judgement module is also configured to automatically transfer electronic funds from the savings account when the savings account has accumulated electronic funds equal to the indicated price of the item.
The server may provide that the transmitting module is configured to send information to the client device regarding the progress to the savings plan goal;
The server may provide that the transmitting module is configured to send status information to a supplier regarding the status of the savings plan;
The server may provide that the transmitting module is configured to send information to the at least one additional client device regarding the progress to the savings plan goal;
The server may provide that the receiving module and transmitting module is configured to use a communications protocol for communication between the client device and the server.
The server may provide that the communications protocol is at least one the group comprising of JSON, SOAP, XML, and GraphQL.
The server may provide that the receiving module and transmitting module is configured to use a communications protocol for the server communications with a customer database, wherein the communications protocol is at least one of the group comprising: Open DataBase Connectivity protocol (ODBC), the Java DataBase Connectivity protocol (JDBC), and Microsoft's OLE-DB protocol.
The server may provide that the receiving module and transmitting module is configured to use a communications protocol for communication between the server and a client spending account.
There server may provide that the communications protocol is at least one of the group comprising SWIFT and ISO20022.
Other aspects and features will become apparent, to those ordinarily skilled in the art, upon review of the following description of some exemplary embodiments.
The drawings included herewith are for illustrating various examples of articles, methods, and apparatuses of the present specification. In the drawings:
Various apparatuses or processes will be described below to provide an example of each claimed embodiment. No embodiment described below limits any claimed embodiment and any claimed embodiment may cover processes or apparatuses that differ from those described below. The claimed embodiments are not limited to apparatuses or processes having all of the features of any one apparatus or process described below or to features common to multiple or all of the apparatuses described below.
Various apparatuses or processes will be described below to provide an example of each claimed embodiment. No embodiment described below limits any claimed embodiment and any claimed embodiment may cover processes or apparatuses that differ from those described below. The claimed embodiments are not limited to apparatuses or processes having all of the features of any one apparatus or process described below or to features common to multiple or all of the apparatuses described below.
One or more systems described herein may be implemented in computer programs executing on programmable computers, each comprising at least one processor, a data storage system (including volatile and non-volatile memory and/or storage elements), at least one input device, and at least one output device. For example, and without limitation, the programmable computer may be a programmable logic unit, a mainframe computer, server, and personal computer, cloud-based program or system, laptop, personal data assistance, cellular telephone, smartphone, or tablet device.
The methods described herein are not contemplated to be performed without a computer and a system of computers.
Each program is preferably implemented in a high-level procedural or object-oriented programming and/or scripting language to communicate with a computer system. However, the programs are implemented in assembly or machine language, if desired. In any case, the language may be a compiled or interpreted language. Each such computer program is preferably stored on a storage media or a device readable by a general or special purpose programmable computer for configuring and operating the computer when the storage media or device is read by the computer to perform the procedures described herein.
A description of an embodiment with several components in communication with each other does not imply that all such components are required. On the contrary a variety of optional components are described to illustrate the wide variety of possible embodiments of the present invention.
Further, although process steps, method steps, algorithms or the like may be described (in the disclosure and/or in the claims) in a sequential order, such processes, methods and algorithms may be configured to work in alternate orders. In other words, any sequence or order of steps that may be described does not necessarily indicate a requirement that the steps be performed in that order. The steps of processes described herein may be performed in any order that is practical. Further, some steps may be performed simultaneously.
When a single device or article is described herein, it will be readily apparent that more than one device/article (whether or not they cooperate) may be used in place of a single device/article. Similarly, where more than one device or article is described herein (whether or not they cooperate), it will be readily apparent that a single device/article may be used in place of the more than one device or article.
Embodiments described herein provide a system and method for enabling the purchaser of a product or service to be guided to an effective and appropriate savings plan to complete that purchase. The product purchase transaction and the savings plan for that product are linked and managed through a Merchant Savings Server, providing numerous advantages to the purchaser, the supplier, and the associated financial institutions that hold the savings plan funds and the spending account.
The purchaser (customer), is enabled by being provided with access to a Merchant Savings Server to reserve and guarantee the future option to purchase an item, collection of items, or services (herein, item) that they would not otherwise be able to purchase. Typical reasons for an inability to purchase may be a lack of funds sufficient to purchase the item, a lack of credit capacity to purchase the item, or both. In addition, the Savings Plan System described herein may be configured to provide assurances to the purchaser that the desired item will remain available while the savings plan is active, and will not unfavourably change in price.
For the supplier of the item, the assurance of a motivated purchaser improves the confidence toward a successful sale. In addition, the supplier may benefit from the additional time afforded by the Savings Plan System to schedule the ordering of the item, and thus reduce storage and capital costs for holding inventory.
For the financial institutions holding either the Savings Plan Funds or the Spending Account, they benefit from increasing their brand messaging to the purchaser. In addition, revenues may be realized from the interest on the Savings Plan Funds, and from transaction commissions for purchasing the item when sufficient funds have accumulated.
In addition to these elements, the Savings Plan System adds at least an additional button 214, labeled ‘Help me budget for this’ (budget button) or equivalent. The items selected for purchase may be collected in a traditional cart for a subsequent purchasing process. Similarly, items selected for a savings plan with the budget button may be collected in a similar cart for a subsequent budgeting process. The user may know before selecting any particular item, whether it is within their means to purchase, or whether they are willing to release funds or incur indebtedness to purchase the item at this time. In this case, the user would select the budget button for that particular item and proceed to the subsequent step to begin the budgeting process. In other cases, the user may not be sufficiently aware of their credit situation, and may attempt to purchase the item, only to be unable to complete the transaction due to lack of funds or lack of credit. In such cases, the user may be prompted to continue to purchase the item, but through the budgeting process.
In some embodiments there is a computer system for automatically electronically transferring funds, the system includes a computer display device displaying a user interface configured to provide the customer with a computer input device to create a savings plan to purchase an item with an indicated price. The system provides that the savings plan is based on a series of electronic fund transfers into a savings account to accumulate electronic funds in the savings account equaling the indicated price. The system also includes a computer server which includes a computer processor configured to determine that the customer does not have sufficient funds and sufficient credit to electronically transfer funds equaling the indicated price. The server also includes a computer readable memory with stored instructions to initiate a purchasing action to purchase the item for the customer when the savings account has sufficient funds to purchase the item.
The Merchant Savings Server 303, is operably connected to the client web browser 301 via HTTPS, and in one embodiment, may perform server-side rendering to serve the rendered web pages to the client web browser. The Merchant Savings Server may also receive data and requests to execute algorithms from the client web browser 301, to collect the necessary information to process product purchase requests and budget process requests. In some embodiments the server that delivers or ‘serves’ the web page to the client web browser 301 is a different physical computer or a part of a different network, such as part of a larger online shopping system such as Shopify ®.
The Merchant Savings Server 303 is also operably connected to the Savings Database 305.The Savings Database records the data required to manage a savings plan for a customer to set up, utilize, contribute to, interrogate the status of, and complete a purchase from a budgeting process. One example of a possible data set managed by the Savings Database is shown in detail in
The Product Supplier 304, is communicatively connected to the Merchant Savings Server. In one embodiment, the connection is a data connection over the internet through a connection protocol such as TCP/IP or a secure internet connection for example through a VPN. The transaction protocol for such communications could be a transaction protocol such as ISO20022. The Merchant Savings Server provides information to the Product Supplier regarding either a product purchase either directly with available funds or with a credit facility such as a credit card, or to give notification of the start of a budgeting process to purchase the item. Normally, a vendor would set up the parameters of savings plans through an interface such as the one shown in
In the case of a product purchase, the Merchant Savings Server would provide the Product Supplier with information to identify the product, any additional product information such as colour, size, number of units of the product, customer information and customer shipping information, and means of payment, such as credit card or bank account information. In some implementations, the means of payment may be sent in the form of an electronic payment certificate. Confirmation of the order may be made, for example, through an interface screen similar to
In the case of a budgeting process for a product or group of products, the same product information as in a product purchase may be sent from the Merchant Savings Server, but additionally the parameters pertaining to the term and conditions of the budgeting process are sent. These parameters may include information regarding the required product availability time(s), planned time at which the savings plan will have sufficient funds to complete the transaction, a selection of options including what is to be done with the product should the savings plan not be completed, availability windows should the plan be accelerated or extended, and information regarding what action should be taken should the Product Supplier be unable to meet their commitment.
The Savings Plan Institution 306, is connected to the Merchant Savings Server for the purpose of creating and managing a Savings Plan Account. In one embodiment, the Savings Plan Institution is a separate financial entity, like a bank or trust account, and provides an online API to enable the creation and management of savings accounts, and payments from those accounts. In other implementations, the Savings Plan Institution is an institution that has been selected, and an account provided for this purpose by the Client. In other implementations, the client is provided a secure window within the budgeting setup process to access the user interface of the Savings Plan
Institution, and then to return to the remainder of the budgeting setup process. Independent of the account setup strategy, the Savings Plan Institution holds the funds on behalf of the Client, and on request reports the amount of money currently in the account. Should the client require the money saved in the savings account, the Client may directly access the account at the Savings Plan Institution. This provides a reassurance to the Client that the money that they are saving is under the Client's control, and the Client does not need to rely on the vendor to refund any saved money.
The Merchant Savings Server 303 is also connected to a Spending Account 307. The Spending Account is the account that is the source of funds to be supplied to the budgeting process. In some embodiments, the Client may authorize periodic payments to be withdrawn from the Spending Account and deposited in the Savings Plan Account in the Savings Plan Institution 306. In other embodiments, the source of funds may be a number of accounts at different institutions, or selected from a number of payment means. These payments may be authorized through an API that is offered from the financial institution that holds the Spending Account. In other embodiments, a periodic payment may be set up with the financial institution that holds the Spending Account, to directly transfer funds to the Savings Plan Institution. The setup of a source of funds is shown in
All of the transactions associated with the budgeting process associated with each purchase are recorded in the Savings Database 305 for interrogation by the Client 302 and by the Product Supplier 304. In some embodiments, periodic messages are sent from the Merchant Savings Server 303 to the Client to inform and encourage continued progress towards the savings goal. These messages may be either in-app or by some other channel such as email or text. Similarly, periodic messages may be sent from the Merchant Savings Server to the Product Supplier, to assure that the savings plan is on track, and that the item should be available for shipment at a specific time in the future. In some embodiments, the messages sent to the Customer may be used as a reminder to perform an anticipated task, such as making an additional contribution to the Savings Account from another source of funds. Monitoring of the status of the Savings Plan may be made through a vendor monitoring interface, for example, the one shown in
When the funds in the Savings Account are equal to or greater than the Purchase Price, the purchase of the item from the Product Supplier may be initiated. The Merchant Savings Server initiates a transfer of funds from the Savings Plan to the Product Supplier, requests delivery of the product according to the Client's delivery information and sends a message to the Client informing of the purchase. The Product Supplier may also send an additional message indicating a confirmation of the shipping details directly to the Client, or through the Merchant Savings Server.
In some embodiments, there is a merchant savings server for enabling a plurality of clients to save for a common savings goal. The server includes a receiving module configured to receive from a first client device an electronic invite to join a savings plan to transfer electronic funds to a joint savings account. The receiving modules is also configured to receive an electronic acceptance from the at least one additional client device. The system provides that the electronic acceptance includes an electronic funds transfer amount and a frequency to transfer the electronic funds to the joint savings account. The system also includes a transmitting module configured to send the electronic invite to at least one additional client device. The system also includes a judgement module configured to determine a balance the respective electronic fund transfers of the client device and the at least one additional client device to the joint savings account. The system provides that the savings plan is based on a series of electronic fund transfer into the savings account to accumulate funds equal to an indicated price of an item. The judgement module is also configured to automatically transfer electronic funds from the savings account when the savings account has accumulated electronic funds equal to the indicated price of the item.
In some embodiments, there is a computer implemented method of automatically electronically transferring funds. The method includes determining on a computer processor whether the customer has sufficient credit to transfer electronic funds equaling an indicated price of an item. The method also includes providing a computer input device for a customer to select a savings plan, wherein the savings plan is based on a series of automatic electronic fund transfers into an savings account to accumulate funds equal to the indicated price. The method also includes storing instructions on a computer readable memory to initiate transfer of electronic funds when the computer processor determines the savings account has sufficient funds to transfer electronic funds equaling the indicated price.
The methods provided herein are not contemplated to be performed without a computer and a system of computers.
It is apparent that the use of the computer processor, computer input device, and computer readable memory as described herein transfers funds using less processing power (e.g., with fewer instructions) than known methods, while providing electronic funds transfer of the same or improved quality and degree. Thus, the computer processor, computer input device, and computer readable memory as described herein, in combination with the computer, solves a computer problem.
In some embodiments, there is a computer implemented method for automatically electronically transferring funds. The method includes providing a computer input device for a customer to select an item with an indicated price. The method also includes determining on a computer processor whether the customer has sufficient credit to transfer electronic funds equal to the indicated price. The method also includes displaying on a customer computer display device at least one additional payment option if the customer has insufficient credit to transfer electronic funds equal to the indicated price. The method provides that the at least one additional payment option includes initiating a savings plan to transfer electronic funds to a savings account for to accumulate electronic funds equal to the indicated price at a future date.
The method may also include storing instructions on the computer readable memory to initiate a purchase of the item when the savings account has sufficient funds to purchase the item.
The method may provide that the savings plan is based on a series of automatic electronic fund transfers into the savings account according to the savings plan,
The method may provide that the at least one additional payment option includes a partial immediate electronic fund transfer less than the indicated price and a savings plan to transfer electronic funds at a future date to a savings account equaling a remaining amount equal to the difference between the partial immediate fund transfer and the indicated price.
The methods provided herein are not contemplated to be performed without a computer and a system of computers.
It is apparent that the use of the computer processor, computer input device, customer display device, and computer readable memory as described herein transfers funds using less processing power (e.g., with fewer instructions) than known methods, while providing electronic funds transfer of the same or improved quality and degree.
Thus, the computer processor, computer input device, and computer readable memory as described herein, in combination with the computer, solves a computer problem.
At any time after the setup process above is complete, the Client may initiate a ‘Status request’ message 611 to the Merchant Savings Server to interrogate as to the status of the Savings Plan on the Savings Database. In a preferred embodiment, the Merchant Savings Server responds with a ‘Status report’ 612.
In some embodiments there is a computer implemented method of ensuring that an item will be available at a specific time in the future. The method includes providing a customer computer input device for selecting the item. The method also includes displaying on a computer display device an indicated price for the item that is valid within a time period. The method also includes displaying on the customer display device an offer to purchase the time with a savings plan. The method may provide that the savings plan includes automatic electronic fund transfers to a savings account to accumulate the indicated price. The method may provide that the savings plan is structured to accumulate funds equal to the indicated price within the valid time period. The method also includes storing instructions on a computer readable memory for a production and delivery schedule to make the item available at the end of the production and delivery schedule. The method also includes determining on the computer processor a probable date on which the savings account will accumulate funds equal to the indicated price based on the savings plan. The method also includes physically sending the item to the customer at the end of the valid time period
The method may also include adjusting the production and delivery schedule on the computer processor if the savings account accumulates the indicated price ahead of the probable date.
The methods provided herein are not contemplated to be performed without a computer and a system of computers.
It is apparent that the use of the computer processor, computer input device, computer display device, and computer readable memory as described herein transfers funds using less processing power (e.g., with fewer instructions) than known methods, while providing electronic funds transfer of the same or improved quality and degree. Thus, the computer processor, computer input device, and computer readable memory as described herein, in combination with the computer, solves a computer problem.
The server platform 12, and devices 14, 16, 18, 22 may be a server computer, desktop computer, notebook computer, tablet, PDA, smartphone, or another computing device. The devices 12, 14, 16, 18, 22 may include a connection with the network 20 such as a wired or wireless connection to the Internet. In some cases, the network 20 may include other types of computer or telecommunication networks. The devices 12, 14, 16, 18, 22 may include one or more of a memory, a secondary storage device, a processor, an input device, a display device, and an output device. Memory may include random access memory (RAM), content addressable memory (CAM) and Ternary CAM (TCAM) or similar types of memory. Also, memory may store one or more applications for execution by processor. Memory may also be used for data comparisons for routing purposes. Applications may correspond with software modules comprising computer executable instructions to perform processing for the functions described below. Secondary storage device may include a hard disk drive, floppy disk drive, CD drive, DVD drive, Blu-ray drive, or other types of non-volatile data storage. Processor may execute applications, computer readable instructions or programs. The applications, computer readable instructions or programs may be stored in memory or in secondary storage, or may be received from the Internet or other network 20. Input device may include any device for entering information into device 12, 14, 16, 18, 22. For example, input device may be a keyboard, keypad, cursor-control device, touch-screen, camera, or microphone. Display device may include any type of device for presenting visual information. For example, display device may be a computer monitor, a flat-screen display, a projector or a display panel. Output device may include any type of device for presenting a hard copy of information, such as a printer for example. Output device may also include other types of output devices such as speakers, for example. In some cases, device 12, 14, 16, 18, 22 may include multiple of any one or more of processors, applications, software modules, second storage devices, network connections, input devices, output devices, and display devices.
Although devices 12, 14, 16, 18, 22 are described with various components, one skilled in the art will appreciate that the devices 12, 14, 16, 18, 22 may in some cases contain fewer, additional or different components. In addition, although aspects of an implementation of the devices 12, 14, 16, 18, 22 may be described as being stored in memory, one skilled in the art will appreciate that these aspects may also be stored on or read from other types of computer program products or computer-readable media, such as secondary storage devices, including hard disks, floppy disks, CDs, or DVDs; a carrier wave from the Internet or other network; or other forms of RAM or ROM. The computer-readable media may include instructions for controlling the devices 12, 14, 16, 18, 22 and/or processor to perform a particular method.
In this description, devices 12, 14, 16, 18, 22 are described performing certain acts. It will be appreciated that any one or more of these devices may perform an act automatically or in response to an interaction by a user of that device. That is, the user of the device may manipulate one or more input devices (e.g. a touchscreen, a mouse, or a button) causing the device to perform the described act. In many cases, this aspect may not be described below, but it will be understood.
In response to receiving information, the server platform 12 may store the information in storage database. The storage may correspond with secondary storage of the device 12, 14, 16, 18, 22. Generally, the storage database may be any suitable storage device such as a hard disk drive, a solid state drive, a memory card, or a disk (e.g. CD, DVD, or Blu-ray etc.). Also, the storage database may be locally connected with server platform 12. In some cases, storage database may be located remotely from server platform 12 and accessible to server platform 12 across a network for example. In some cases, storage database may comprise one or more storage devices located at a networked cloud storage provider.
Each device 14 may be associated with a particular user account. Any suitable mechanism for associating a device with an account is expressly contemplated. In some cases, a device may be associated with an account by sending credentials (e.g. a cookie, login, or password etc.) to the server platform 12. The server platform 12 may verify the credentials (e.g. determine that the received password matches a password associated with the account). If a device is associated with an account, the server platform 12 may consider further acts by that device to be associated with that account.
The wireless network 1500 may be any type of wireless network, including, but not limited to, data-centric wireless networks, voice-centric wireless networks, and dual-mode networks that support both voice and data communications.
The portable electronic device 1000 may be a battery-powered device and as shown includes a battery interface 1420 for receiving one or more rechargeable batteries 1440.
The processor 1020 also interacts with additional subsystems such as a Random Access Memory (RAM) 1080, a flash memory 1100, a display 1120 (e.g. with a touch-sensitive overlay 1140 connected to an electronic controller 1160 that together comprise a touch-sensitive display 1180), an actuator assembly 1200, one or more optional force sensors 1220, an auxiliary input/output (I/O) subsystem 1240, a data port 1260, a speaker 1280, a microphone 1300, short-range communications systems 1320 and other device subsystems 1340.
In some embodiments, user-interaction with the graphical user interface may be performed through the touch-sensitive overlay 1140. The processor 1020 may interact with the touch-sensitive overlay 1140 via the electronic controller 1160. Information, such as text, characters, symbols, images, icons, and other items that may be displayed or rendered on a portable electronic device generated by the processor 102 may be displayed on the touch-sensitive display 118.
The processor 1020 may also interact with an accelerometer 1360. The accelerometer 1360 may be utilized for detecting direction of gravitational forces or gravity-induced reaction forces.
To identify a subscriber for network access according to the present embodiment, the portable electronic device 1000 may use a Subscriber Identity Module or a Removable User Identity Module (SIM/RUIM) card 1380 inserted into a SIM/RUIM interface 1400 for communication with a network (such as the wireless network 1500). Alternatively, user identification information may be programmed into the flash memory 1100 or performed using other techniques.
The portable electronic device 1000 also includes an operating system 1460 and software components 1480 that are executed by the processor 1020 and which may be stored in a persistent data storage device such as the flash memory 1100. Additional applications may be loaded onto the portable electronic device 1000 through the wireless network 1500, the auxiliary I/O subsystem 1240, the data port 1260, the short-range communications subsystem 1320, or any other suitable device subsystem 1340.
In use, a received signal such as a text message, an e-mail message, web page download, or other data may be processed by the communication subsystem 1040 and input to the processor 1020. The processor 1020 then processes the received signal for output to the display 1120 or alternatively to the auxiliary I/O subsystem 1240. A subscriber may also compose data items, such as e-mail messages, for example, which may be transmitted over the wireless network 1500 through the communication subsystem 1040.
For voice communications, the overall operation of the portable electronic device 1000 may be similar. The speaker 1280 may output audible information converted from electrical signals, and the microphone 1300 may convert audible information into electrical signals for processing.
While the above description provides examples of one or more apparatus, methods, or systems, it will be appreciated that other apparatus, methods, or systems may be within the scope of the claims as interpreted by one of skill in the art.
| Number | Date | Country | |
|---|---|---|---|
| 62954104 | Dec 2019 | US |
