ACCELERATED PAYMENT COMPONENT FOR AN ELECTRONIC INVOICE PAYMENT SYSTEM
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United States of America Patent
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Issued Date -
Aug 28, 2014
app pub date -
Feb 22, 2013
filing date -
Feb 22, 2013
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Abstract
An invoice payment acceleration system includes a database stored on a computer readable medium including a plurality of records, each record corresponding to an invoice issued by a vendor for payment from a buyer. A network interface is configured to receive a payment initiation command from a buyer for payment of an invoice to a vendor by a first payment method. A processor is configured to analyze the invoice as to which the payment command is received to determine whether the invoice satisfies one or more predetermined criteria. The processor further is configured, when the processor determines that the invoice satisfies the one or more predetermined criteria, to convert the first payment method to a second payment method, and the second payment method provides for an accelerated payment as compared to the first payment method. The criteria for acceleration may include vendor preferences, and/or terms of a subscription service.
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