System and method for providing transactional financing

Patent metadata

Field	Value
Publication number	US-2020286166-A1
Application number	US-201916297026-A
Country	US
Kind code	A1
Filing date	Mar 8, 2019
Priority date	Mar 8, 2019
Publication date	Sep 10, 2020
Grant date	—

Abstract

A method that includes a child application forwarding a transaction amount to a server, displaying a selectable user input to an end user, receiving a selection of the user input, and forwarding the selection to the server. The selection indicates the end user has an interest in applying for transactional financing. The child application receives, from the server, a credit application for transactional financing, which has a duration and a fixed interest rate. The child application submits the credit application, which identifies a payment method, to the server. The server determines whether to approve the credit application, establishes an account when the credit application has been approved, pays the transaction amount from the account, and automatically pays a loan amount to the account using the payment method after the duration. The loan amount is equal to a sum of the transaction amount and the fixed interest rate.

First claim

1 . A method comprising:
receiving, by a child application executing on a computing device, a transaction amount from a host application executing on the computing device, the child application being configured to receive user information from and provide user data to an end user via a user interface implemented by the computing device, the host application being unable to obtain the user information and the user data from the user interface, the host application being configured to obtain the user information and the user data from the child application only via a connection line connecting the child application and the host application, the child application determining which portions, if any, of the user information and the user data to supply to the host application, the child application being configured to communicate with a child application server, the computing device being remote with respect to the child application server; forwarding, by the child application, the transaction amount to the child application server; receiving, by the child application, an instruction to display a selectable user input on the user interface; displaying, by the child application, the selectable user input on the user interface in response to the instruction; receiving, by the child application, a selection of the selectable user input, the selection indicating an end user has an interest in applying for transactional financing; forwarding, by the child application, the selection to the child application server; receiving, by the child application, a credit application for transactional financing from the child application server, the transactional financing having a loan duration and a fixed interest rate; submitting, by the child application, the credit application to the child application server, the credit application identifying a payment method selected by the end user; determining, by the child application server, whether to approve the credit application; informing, by the child application server, the child application when the child application server approves the credit application; informing, by the child application, the host application that the child application server has approved the credit application; establishing, by the child application server, an account associated with the transactional financing when the child application server approves the credit application; paying, by the child application server, the transaction amount from the account; and automatically paying, by the child application server, a loan amount to the account using the payment method after the loan duration, the loan amount being equal to a sum of the transaction amount and the fixed interest rate.

2 . The method of claim 1 , further comprising:
determining, by the child application server, the fixed interest rate based on the transaction amount.

3 . The method of claim 1 , further comprising:
determining, by the child application server, the loan duration and the fixed interest rate based on the transaction amount.

4 . The method of claim 1 , wherein the child application server sends the instruction only when the transaction amount is less than a predetermined threshold value.

5 . The method of claim 1 , wherein the child application server approves the credit application when the payment method is a credit card.

6 . The method of claim 1 , wherein the loan duration is one week or two weeks.

7 . The method of claim 1 , wherein the fixed interest rate is $1 to $4.

8 . The method of claim 1 , wherein the child application server sends the instruction when the child application server has pre-approved the end user for transactional financing.

9 . The method of claim 1 , further comprising:
determining, by the child application server, eligibility of the end user for the transactional financing using information related to purchases made before the selectable user input is displayed.

10 . The method of claim 1 , wherein the child application does not share the credit application submitted to the child application server with the host application.

11 . The method of claim 1 , further comprising:
creating, by the child application server, a customer relationship management (“CRM”) profile for the end user; determining, by the child application server, whether the end user is eligible for credit, the credit application being sent to the child application by the child application server only when the child application server determines the end user is eligible for the credit; and associating, by the child application server, declined information with the CRM profile when the child application server determines the end user is not eligible for the credit.

12 . The method of claim 1 , further comprising:
creating, by the child application server, a customer relationship management (“CRM”) profile for the end user; and associating, by the child application server, account information with the CRM profile after the account is established, the account information being associated with the account.

13 . A system comprising:
a client device operated by an end user, the client device implementing a user interface, a child application, a host application, and a connection line providing communication between the child application and the host application, the child application being configured to receive user information from and provide user data to the end user via the user interface, the host application being unable to obtain the user information and the user data from the user interface, the host application being configured to obtain the user information and the user data from the child application only via the connection line, the child application determining which portions, if any, of the user information and the user data to supply to the host application, the child application being configured to:
receive a transaction amount from the host application,
receive an instruction to display a selectable user input on the user interface,
display the selectable user input on the user interface in response to the instruction,
receive a selection of the selectable user input, the selection indicating the end user has an interest in applying for transactional financing,
display a credit application for transactional financing on the user interface, the transactional financing having a loan duration and a fixed interest rate, the credit application identifying a payment method selected by the end user, and
receive a submission of the credit application; and
a child application server that is remote with respect to the client device, the child application server being configured to communicate with the child application, the child application forwarding the transaction amount to the child application server, the child application server being configured to:
send the instruction to the child application, the child application forwarding the selection to the child application server,
send the credit application for the transactional financing to the child application for display thereby, the child application submitting the credit application to the child application server,
determine whether to approve the credit application,
inform the child application when the child application server approves the credit application, the child application being configured to inform the host application that the child application server has approved the credit application,
establish an account associated with the transactional financing when the child application server approves the credit application,
pay the transaction amount from the account, and

Assignees

• Synchrony Bank

Inventors

• Perkins Cedric
• Hudzik Farrel
• Molnar John
• Williams John
• Lehman Steven
• Nelly Joseph
• Miller Jake
• Pedone Mylene

Classifications

• G06Q20/24 Primary

  Credit schemes, i.e. "pay after" · CPC title

• G06Q40/03 Primary

  Credit; Loans; Processing thereof · CPC title

• G06Q20/0855

  involving a third party · CPC title

• G06Q20/102

  Bill distribution or payments · CPC title

• G06Q40/025 Primary

  Physics · mapped topic