Payment processor financing of customer purchases

Patent metadata

Field	Value
Publication number	US-12131376-B2
Application number	US-202217838690-A
Country	US
Kind code	B2
Filing date	Jun 13, 2022
Priority date	Feb 6, 2015
Publication date	Oct 29, 2024
Grant date	Oct 29, 2024

Abstract

In some examples, a computing device of a service provider receives, via a user interface of a merchant and in association with a transaction between a customer and the merchant, a request to finance the transaction. The service provider determines, based at least on information about the transaction and/or historical transaction data of the customer, that the customer is eligible for receiving financing for the transaction. The service provider customizes an offer for the user for an amount to be financed, a payment plan for repayment of the amount over two or more installments, and a fee to be paid to the service provider. In response to receiving an indication that the customer accepts the offer via an interaction with a user interface of the customer, transferring funds from the financing service provider to the merchant prior to the customer having paid the two or more installments.

First claim

What is claimed is:

1. A non-transitory computer-readable medium storing instructions executable by one or more processors associated with a financing service provider system to cause the financing service provider system to perform operations comprising:
receiving, by the financing service provider system, via a payment processing system and from a plurality of point-of-sale (POS) terminals associated with a plurality of merchants, respectively, transaction information of a plurality of transactions for purchases of items by a plurality of customers from the plurality of merchants, respectively;
training, by the financing service provider system, a machine-learning model using, as training data, at least the transaction information of the plurality of purchases of items by the plurality of customers, the transaction information including payment histories of the customers for the purchases and a value of the purchases made by the customers, to train the machine-learning model to determine, at least in part: (i) eligibility to obtain financing for transactions, and (ii) customized financing terms;
receiving, by the financing service provider system, and via a user interface associated with a merchant and presented by a device, a request to finance a transaction between a customer and the merchant, wherein the device is configured to run an application configured to receive an input indicating a product or service for the transaction and facilitate a transfer of funds for the transaction;
using, by the financing service provider system, the machine-learning model and transaction data associated with the transaction to determine, at least in part, eligibility of the customer to obtain financing for the transaction;
based at least on determining the eligibility of the customer, using, by the financing service provider system, the machine-learning model and the transaction data to determine an offer for financing including financing terms customized for the customer, the financing terms including an amount to be financed and repayment terms for the amount, the repayment terms including repayment of the amount over two or more partial payments, wherein the financing is associated with a fee to be paid to the financing service provider system, wherein the fee is associated with at least one partial payment of the two or more partial payments, and wherein each of the two or more partial payments are defined in association with the offer;
receiving, by the financing service provider system, and via an interaction with a user interface associated with the customer, an indication of an acceptance by the customer of the offer including the financing terms;
transmitting, by the financing service provider system, funds to the merchant prior to the customer paying each of the two or more partial payments; and
receiving, by the financing service provider system, from at least one payment option of the customer and according to the repayment terms, a portion of the amount that corresponds to a first partial payment of the two or more partial payments.

2. The non-transitory computer-readable medium of claim 1 , wherein:
the merchant is a first merchant having a first merchant account to process payments using the financing service provider system;
the customer is a second merchant having a second merchant account to process payments using the financing service provider system; and
the repayment terms include withholding a portion of each transaction processed via a mobile device of the second merchant, including withholding a percentage of each transaction processed via the mobile device of the second merchant for repayment of the financing and the fee.

3. The non-transitory computer-readable medium of claim 1 , wherein:
the device from which the request to finance the transaction is receive is a POS terminal associated with the merchant; and
the POS terminal associated with the merchant is configured to present the user interface associated with the merchant.

4. The non-transitory computer-readable medium of claim 1 , wherein:
the request to finance the transaction is received via a website associated with the merchant; and
the website is configured to present the user interface associated with the merchant.

5. The non-transitory computer-readable medium of claim 1 , the operations further comprising:
charging a payment instrument of the customer for an amount corresponding to the transaction, wherein the offer including the financing terms is transmitted to the customer with a receipt associated with charging the payment instrument; and
in response to receiving the indication of the acceptance of the offer including the financing terms from the customer, refunding, to the payment instrument of the customer, the amount corresponding to the transaction.

6. A computer-implemented method comprising:
receiving, by a financing service provider system, via a payment processing system and from a plurality of point-of-sale (POS) terminals associated with a plurality of merchants, respectively, transaction information of a plurality of transactions for purchases of items by a plurality of customers from the plurality of merchants, respectively;
training, by the financing service provider system, a machine-learning model using, as training data, at least the transaction information of the plurality of purchases of items by the plurality of customers, the transaction information including payment histories of the customers for the purchases and a value of the purchases made by the customers, to train the machine-learning model to determine, at least in part: (i) eligibility to obtain financing for transactions, and (ii) customized financing terms;
receiving, by the financing service provider system, and via a user interface associated with a merchant and presented by a device, a request to finance a transaction between a customer and the merchant, wherein the device is configured to run an application configured to receive an input indicating a product or service for the transaction and facilitate a transfer of funds for the transaction;
using, by the financing service provider system, the machine-learning model and transaction data associated with the transaction to determine, at least in part: (i) eligibility of the customer to obtain financing for the transaction;
based at least on determining the eligibility of the customer, using, by the financing service provider system, the machine-learning model and the transaction data to determine an offer for financing including financing terms customized for the customer, the financing terms including an amount to be financed and repayment terms for the amount, the repayment terms including repayment of the amount over two or more partial payments, wherein the financing is associated with a fee to be paid to the financing service provider system, wherein the fee is associated with at least one partial payment of the two or more partial payments, and wherein each of the two or more partial payments are defined in association with the offer;
receiving, by the financing service provider system and via an interaction with a user interface associated with the customer, an indication of an acceptance by the customer of the offer including the financing terms;
transmitting, by the financing service provider system, funds to the merchant prior to the customer paying each of the two or more partial payments; and
receiving, by the financing service provider system, from at least one payment option of the customer and according to the repayment terms, a portion of the amount that corresponds to a first partial payment of the two or more partial payments.

7. The computer-implemented method of claim 6 , wherein:
the merchant is a first merchant havin

Assignees

• Block Inc

Inventors

• Boates Brian
• Fern Adam Jeremy
• Kimball Andrew
• Scott John Bryan

Classifications

• G06Q20/02

  involving a neutral party, e.g. certification authority, notary or trusted third party [TTP] · CPC title

• G06Q20/405

  Establishing or using transaction specific rules · CPC title

• G06Q20/20

  Point-of-sale [POS] network systems · CPC title

• G06Q20/204

  comprising interface for record bearing medium or carrier for electronic funds transfer or payment credit · CPC title

• G06Q20/08 Primary

  Payment architectures · CPC title