Patent 6941281 Issued on September 6, 2005. Estimated Expiration Date: July 20, 2019. Estimated Expiration Date is calculated based on simple USPTO term provisions. It does not account for terminal disclaimers, term adjustments, failure to pay maintenance fees, or other factors which might affect the term of a patent.
705/40, Bill distribution or payment705/35, Finance (e.g., banking, investment or credit)705/38, Credit (risk) processing or loan processing (e.g., mortgage)705/39, Including funds transfer or credit transaction705/41, Having programming of a portable memory device (e.g., IC card, "electronic purse")235/380, Credit or identification card systems379/91.01, Credit authorization705/37, Trading, matching, or bidding705/44, Requiring authorization or authentication705/79, Including a payment switch or gateway705/27, Presentation of image or description of sales item (e.g., electronic catalog browsing)705/45, With paper check handling705/26Electronic shopping (e.g., remote ordering)
Systems and methods for automated loan repayment involve utilizing consumer payment authorization, clearing, and settlement systems to allow a merchant to reduce an outstanding loan amount. After a customer identifier (e.g., a credit, debit, smart, charge, payment, etc. card account number) is accepted as payment from the customer, information related to the payment is forwarded to a merchant processor. The merchant processor acquires the information related to the payment, processes that information, and forwards at least a portion of the payment to a loan repayment receiver as repayment of at least a portion of the outstanding loan amount owed by the merchant. The loan repayment receiver receives the portion of the payment forwarded by the merchant processor and applies that portion to the outstanding loan amount owed by the merchant to reduce that outstanding loan amount.
Other References
“Do You Need A Card Processor?” by Hearst, Catalog Age, vol. 13, No. 6, pp. 85-86, Jun. 1996.
“Making The Banks Sweat”, by Higgins, Credit Card Management, vol. 6 No. 1, pp. 46-52, Apr. 1993.
“Citicorp's Merchant Sale Casts a Shadow Over Bank Acquirers Bankers Refuse to Believe Their Acquiring Businesses Are Doomed”, Credit Card News, vol. 5, No. 5, pp. 1-7, Jul. 15, 1992.
“USA: Determined Banks Still Dominate Processing of Card Receipts”, by Gullo, American Banker, p. 17, Apr. 22, 1991.
“HP Keeps Cards Close to Chest with Acquisition of Verifone”, Card News, p. 6, Apr. 28, 1997.
July 20, 2019. Estimated Expiration Date is calculated based on simple USPTO term provisions. It does not account for terminal disclaimers, term adjustments, failure to pay maintenance fees, or other factors which might affect the term of a patent.
