The patent's assignee is
News editors obtained the following quote from the background information supplied by the inventors: "Financial cards come in a variety of different types from traditional credit cards and debit cards to stored value cards. Acquirer processors maintain relationships with merchants that enable the merchants to accept financial cards from cardholders. The ability to accept cards as payment generally requires the merchant to have a merchant account with an acquiring financial institution. Obtaining a merchant account and becoming a merchant also generally requires the business to have a settlement account at a financial institution where funds can be deposited. The settlement account is typically accessible to the acquirer processor through the use of the automated clearing house (ACH) network."
As a supplement to the background information on this patent application, VerticalNews correspondents also obtained the inventors' summary information for this patent application: "In accordance with one embodiment, a computer-based funds settlement method, comprises receiving, from a computing device associated with a merchant, account identifying information for each of a first financial account and a second financial account. The method also comprises receiving, from the computing device associated with the merchant, one or more settlement rules, where the one or more settlement rules each provide directives for settling funds to at least one of the first and second financial accounts. The method also comprises storing the one or more settlement rules in an electronic database and receiving, into a pooled account, an electronic transfer of funds on behalf of the merchant. The method also comprises electronically transferring, based on at least one of the one or more settlement rules, a first portion of the funds from the pooled account to the first financial account, and electronically transferring, based on at least one of the one or more settlement rules, a second portion of the funds from the pooled account to the second financial account.
"In accordance with another embodiment, an electronic funds settlement system comprises an acquirer processor in electrical communication with a point of sale device of a merchant and a payment network, the acquirer processor configured to process financial transactions initiated at the point of sale device and subsequently receive electronic funds from the payment network. The acquirer processor comprises an electronic rules database configured to store settlement rules defined by the merchant, and a settlement engine in communication with the electronic rules database, the settlement engine configured to periodically electronically transfer portions of the electronic funds to each of a plurality of financial accounts, where the portions transferred are based on one or more of the settlement rules stored in the electronic rules database.
"In accordance with another embodiment, a non-transitory computer readable medium having instructions stored thereon which when executed by a processor cause the processor to receive from a merchant an identification of a first settlement account, an identification of a second settlement account, and a settlement rule. The instructions also cause the processor to receive transaction information from a point-of-sale device associated with the merchant and based on the transaction information, receive electronic funds into an account on behalf of the merchant. The instructions also cause the processor to, based on the settlement rule, electronically transfer a first portion of the electronic funds to the first settlement account, and based on the settlement rule, electronically transfer a second portion of the electronic funds to the second settlement account.
BRIEF DESCRIPTION OF THE DRAWINGS
"It is believed that certain embodiments will be better understood from the following description taken in conjunction with the accompanying drawings in which:
"FIG. 1 depicts a transaction and settlement system in accordance with one example embodiment.
"FIG. 2 depicts an example interface showing a merchant dashboard displayed on a computing device through which a merchant can interact with an acquirer processor.
"FIG. 3 depicts an example settlement flow of funds from an acquirer processor to three different settlement accounts linked to a merchant.
"FIG. 4 depicts a merchant directed variable settlement process in accordance with one non-limiting embodiment.
"FIG. 5 depicts a merchant directed variable settlement process in accordance with another non-limiting embodiment.
"FIG. 6 depicts an example of the various entities that are involved with financial cards and that process financial card transactions."
For additional information on this patent application, see: Rafferty, Thomas E.; Bailey, Bryan T. Systems, Methods and Apparatus for Variable Settlement Accounts. Filed
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