AU2002332981B2 - Method and system for effecting payment for goods and/or services - Google Patents
Method and system for effecting payment for goods and/or services Download PDFInfo
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- AU2002332981B2 AU2002332981B2 AU2002332981A AU2002332981A AU2002332981B2 AU 2002332981 B2 AU2002332981 B2 AU 2002332981B2 AU 2002332981 A AU2002332981 A AU 2002332981A AU 2002332981 A AU2002332981 A AU 2002332981A AU 2002332981 B2 AU2002332981 B2 AU 2002332981B2
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Description
-2- S"Client-Driven Method and System for Effecting Payment for Goods andlor Services" Field of the Invention 0The present invention relates to a client-driven method and system for effecting 00 payment for goods and/or services. More particularly, the client-driven method rnand system is capable of managing payment for goods and/or services provided (Ni by multiple suppliers to multiple purchasers.
Background Art Cash flow management is an issue in most businesses, particularly small businesses. Whilst suppliers of goods and services commonly offer discounts for prompt payment, and/or large orders, taking advantage of these offers requires monitoring of deadlines and anticipation of requirements in advance. Accordingly, few businesses, particularly small businesses, are in a position to take advantage of such offers. In addition to organisational issues, many small businesses simply do not have funds readily available to take advantage of such offers made by suppliers.
One potential solution to cash flow difficulties is the use of a credit facility and many credit facilities, particularly credit cards such as those offered under the trade marks AMERICAN EXPRESS, VISA, MASTERCARD or DINERS CLUB, have associated therewith incentive schemes designed to encourage the use of such. These incentive schemes commonly take the form of interest free periods and/or reward points that may later be traded for goods and services of value.
However, inefficient use of credit facilities can be costly so many businesses are wary of using such and do not receive the full benefit of the incentive schemes.
Cash flow difficulties are equally important from the perspective of the supply of goods and/or services. Considerable supplier resources are commonly consumed in chasing up a large number of relatively small debts.
-3- The present invention seeks to provide a customer-driven payment system V capable of overcoming the aforementioned problems to at least some extent.
Throughout the specification, unless the context requires otherwise, the word 0 5 "comprise" or variations such as "comprises" or "comprising", will be understood to imply the inclusion of a stated integer or group of integers but not the exclusion of t any other integer or group of integers.
The preceding discussion of the background to the invention is intended to facilitate an understanding of the present invention. However, it should be appreciated that the discussion is not an acknowledgement or admission that any of the material referred to was part of the common general knowledge in Australia as at the priority date of the application.
Disclosure of the Invention In accordance with a first aspect of the present invention, there is provided a client-driven system for effecting payment for goods and/or services comprising: a facilitator computer having details of terms of supply for the supply of goods and/or services and details of a trust account of funds linked to the facilitator computer stored therein; and a supplier computer, for use by a supplier, in data communication with the facilitator computer; wherein the facilitator computer is operable to: receive details of an order for the supply of goods and/or services made by a purchaser, said details of the order received by the facilitator computer comprising an invoice for payment of the goods and/or services ordered by the purchaser; and -4- ~draw upon the trust account of funds an amount, in response to the
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received invoice, for payment to the supplier for the invoice in accordance with the terms of supply.
_Preferably, the terms of supply comprise a discount and/or a rebate for payment of the goods and/or services ordered within a predetermined period.
oo00 Preferably, the predetermined period is at least one day. In embodiments of the Ninvention, the predetermined period may be 7 days, or between 1 and 45 days, or c more.
Preferably, the facilitator computer is operable to communicate with a purchaser credit facility to draw an amount of monies proportional to the amount to be drawn from the trust account of funds and to transfer the amount of monies from the purchaser credit facility to the trust account of funds.
Preferably, the amount of monies is equal to the amount to be drawn from the trust account of funds, plus a predetermined fee for facilitating payment.
Preferably, the facilitator computer is operable to rebate a portion of the discount and/or rebate to the purchaser.
Preferably, the facilitator computer is operable to: receive details of a second purchaser order for the supply of goods and/or services made by a second purchaser, said details of the second purchaser order received by the facilitator computer comprising a second purchaser invoice for payment of the goods and/or services ordered by the second purchaser; and draw upon the trust account of funds a second amount, in response to the received second purchaser invoice, for payment to the supplier for the second purchaser invoice in accordance with the terms of supply.
In accordance with a second aspect of the present invention, there is provided a
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set of computer executable instructions stored on a computer readable medium, the instructions defining a client-driven method for effecting payment for goods V) and/or services to be performed by a facilitator computer, whereby the set of computer executable instructions are operable to enable the facilitator computer to: 00 0" communicate with a supplier computer, for use by a supplier, to obtain terms of supply for the supply of goods and/or services, and store details of N the terms of supply in the facilitator computer; store details of a trust account of funds linked to the facilitator computer; receive details of an order for the supply of goods and/or services made by a purchaser, said details of the order received by the facilitator computer comprising an invoice for payment of the goods and/or services ordered by the purchaser; and draw upon the trust account of funds an amount, in response to the received invoice, for payment to the supplier for the invoice in accordance with the terms of supply.
Preferably, the terms of supply comprise a discount and/or a rebate for payment of the goods and/or services ordered within a predetermined period.
Preferably, the predetermined period is at least one day. In embodiments of the invention, the predetermined period may be 7 days, or between 1 and 45 days, or more.
Preferably, the set of computer executable instructions are operable to enable the facilitator computer to communicate with a purchaser credit facility to draw an amount of monies proportional to the amount to be drawn from the trust account of funds and to transfer the amount of monies from the purchaser credit facility to the trust account of funds.
Preferably, the amount of monies is equal to the amount to be drawn from the
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0trust account of funds, plus a predetermined fee for facilitating payment.
(.i Preferably, the set of computer executable instructions are operable to enable the _facilitator computer to rebate a portion of the discount and/or rebate to the purchaser.
00 0 Preferably, the set of computer executable instructions are operable to enable the (-i facilitator computer to: receive details of a second purchaser order for the supply of goods and/or services made by a second purchaser, said details of the second purchaser order received by the facilitator computer comprising a second purchaser invoice for payment of the goods and/or services ordered by the second purchaser; and draw upon the trust account of funds a second amount, in response to the received second purchaser invoice, for payment to the supplier for the second purchaser invoice in accordance with the terms of supply.
In accordance with a third aspect of the present invention, there is provided a computer data signal embodied in a carrier wave representing a computer program operable to enable a facilitator computer to define a client-driven method for effecting payment for goods and/or services to enable the facilitator computer to: communicate with a supplier computer, for use by a supplier, to obtain terms of supply for the supply of goods and/or services, and store details of the terms of supply in the facilitator computer; store details of a trust account of funds linked to the facilitator computer; receive details of an order for goods and/or services made by a purchaser, said details of the order received by the facilitator computer comprising an invoice for payment of the goods and/or services ordered by the purchaser; and draw upon the trust account of funds an amount, in response to the _received invoice, for payment to the supplier for the invoice in accordance with the terms of supply.
00 Preferably, the terms of supply comprise a discount and/or a rebate for payment Nof the goods and/or services ordered within a predetermined period.
SPreferably the predetermined period is at least one day. In embodiments of the invention, the predetermined period may be 7 days, or between 1 and 45 days, or more.
Preferably, the computer program is represented such that the facilitator computer is operable to communicate with a purchaser credit facility to draw an amount of monies proportional to the amount to be drawn from the trust account of funds and to transfer the amount of monies from the purchaser credit facility to the trust account of funds.
Preferably, the amount of monies is equal to the amount to be drawn from the trust account of funds, plus a predetermined fee for facilitating payment.
Preferably, the computer program is represented such that the facilitator computer is operable to rebate a portion of the discount and/or rebate to the purchaser.
Preferably, the computer program is represented such that the facilitator computer is operable to: receive details of a second purchaser order for the supply of goods and/or services made by a second purchaser, said details of the second purchaser order received by the facilitator computer comprising a second purchaser invoice for payment of the goods and/or services ordered by the second purchaser; and -8draw upon the trust account of funds a second amount, in response to the
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received second purchaser invoice, for payment to the supplier for the second purchaser invoice in accordance with the terms of supply and in accordance with the second purchaser invoice.
In accordance with a fourth aspect of the present invention, there is provided a facilitator computer for performing a client-driven method for effecting payment for 00 0 goods and/or services, the facilitator computer operable to: Ncommunicate with a supplier computer, for use by a supplier, to obtain Oterms of supply for the supply of goods and/or services, and store details of the terms of supply; store details of a trust account of funds linked to the facilitator computer; receive details of an order for goods and/or services made by a purchaser, said details of the order received by the facilitator computer comprising an invoice for payment of the goods and/or services ordered by the purchaser; and draw upon the trust account of funds an amount, in response to the received invoice, for payment to the supplier for the invoice in accordance with the terms of supply.
Preferably, the terms of supply comprise a discount and/or a rebate for payment of the goods and/or services ordered within a predetermined period.
Preferably, the predetermined period is at least one day. In embodiments of the invention, the predetermined period may be 7 days, or between 1 and 45 days, or more.
Preferably, the facilitator computer is operable to communicate with a purchaser credit facility to draw an amount of monies proportional to the amount to be drawn from the trust account of funds and to transfer the amount of monies from the purchaser credit facility to the trust account of funds.
-9- Preferably, the amount of monies is equal to the amount to be drawn from the Strust account of funds, plus a predetermined fee for facilitating payment.
e( Preferably, the facilitator computer is operable to rebate a portion of the discount Sand/or rebate to the purchaser.
Preferably, the facilitator computer is operable to: 00oO Sreceive details of a second purchaser order for goods and/or services Smade by a second purchaser, said details of the second purchaser order received by the facilitator computer comprising a second purchaser invoice for payment of the goods and/or services ordered by the second purchaser; and draw upon the trust account of funds a second amount, in response to the received second purchaser invoice, for payment to the supplier for the second purchaser invoice in accordance with the terms of supply.
(The next page is page 11) -11- 0Brief Description of the Drawings SFigure 1 is a schematic representation of a first embodiment of the present invention.
Figure 2 is a schematic representation of a second embodiment of the present 5 invention.
00 M Figure 3 is a schematic representation of a third embodiment of the present invention.
Figure 4 is a schematic representation of a fourth embodiment of the present invention.
Best Mode(s) for Carrying Out the Invention A first embodiment of the present invention will now be described, by way of example only. The embodiment is aimed at facilitating the efficient payment for goods and/or services ordered on behalf of a first purchaser 10 and a second purchaser 12. It should be appreciated that the scope of the present invention is not to be limited by the discussion of the embodiment. For example, the present invention may involve any number of purchasers and suppliers.
In this embodiment, the first purchaser 10 and second purchaser 12 each have an established credit facility 14 with a financial institution 16, such as a bank. The financial institution 16 used by the first purchaser 10 may be different to the financial institution 16 used by the second purchaser 12.
The credit facilities 14 used by both the first and second purchaser 10, 12 have associated therewith an interest free period and a loyalty scheme. The loyalty scheme operates such that benefits are accrued through use of the associated credit facility.
The first purchaser 10 and the second purchaser 12 communicate with a facilitator 18. The first purchaser 10 and the second purchaser 12, respectively, place -12orders 20 for goods and/or services with the facilitator 18 and, optionally, the name of the supplier 22 from whom the goods and/or services are to be obtained.
The facilitator 18 consolidates the orders If the first and second purchaser 10, 12 have stated in their order 20 the name of the supplier 22 from whom the goods and/or services are to be obtained, the 0 facilitator 18 places the consolidated order 24 with that supplier 22 and negotiates the terms of supply. These terms include discounts on the basis of the quantity of Sthe order 24 placed and may include discounts based on the timing of payment.
If the first and second purchaser 10, 12 do not state the name of the supplier 22 from whom the goods and/or services should be obtained, the facilitator 18 conducts enquiries with a number of suppliers 22 as to their terms of supply of the goods and/or services. Again, these terms include discounts based on the timing of payment and may include discounts on the basis of the quantity of the order placed. In an alternative embodiment, these enquiries may have been performed prior to placement of the orders 20 by the first and second purchaser 10, 12. In this altemrnate embodiment, details of the terms of supply for each supplier 22 are recorded by the facilitator 18 for future reference.
After conducting such enquiries, the facilitator 18 places the consolidated order 24 with the supplier 22 who offers the most favourable terms of supply (which terms may be amended by further negotiation).
Upon placement of the consolidated order 24, the supplier 22 sends an invoice 26 to the facilitator 24. A copy of the invoice 26 is sent to the first and second purchaser 10, 12 along with the goods and/or services that make up the consolidated order 24.
At some stage prior to this step, the first purchaser 10 attends to all necessary steps as set by its financial institution 16 to authorise the facilitator 18 to act on the credit facility 14 the first purchaser 10 has with that financial institution 16.
Similarly, the second purchaser 12 attends to all necessary steps as set by its -13financial institution 16 to authorise the facilitator 18 to act on the credit facility 14 the second purchaser 12 has with that financial institution 16.
At roughly the same time as the supplier 22 sends an invoice 26 to the facilitator 18, the facilitator 18 draws on the first purchaser's credit facility 14 and the second purchaser's credit facility 14. The money drawn from these credit facilities 14 in 0 then placed in a trust account 28 associated with the facilitator 18. The amount N drawn from the first purchaser's credit facility 14 and the second purchaser's credit facility 14 is proportional to the value of the goods and/or services ordered C by the first purchaser 10 or second purchaser 12, as appropriate, when compared N 10 to the total value of the consolidated order 24.
By having the facilitator 18 draw on the first purchaser's 10 and second purchaser's 12 respective credit facilities 14, the credit facility 14 is "used" and thus provides benefits to the first purchaser 10 and second purchaser 12 through the associated loyalty scheme.
Upon receipt of the goods and/or services 30 by the first purchaser 10 and second purchaser 12 from the supplier 22, it is the responsibility of the first purchaser and second purchaser 12, respectively, to promptly send a signed copy of the supplier's invoice 26 to the facilitator 18. Once received by the supplier 18, the signed copy of the supplier's invoice 26 acts as the facilitator's 18 authority to pay the supplier 22 and the facilitator 18 transfers monies 32 from the trust account 28 to the supplier 22 in accordance with the negotiated terms of supply. The facilitator 18 will not pay the supplier 22 until the signed invoice 26 is received. It is therefore in the best interests of the first and second purchasers 10, 12 to promptly provide a signed copy of the supplier's invoice 26 to the facilitator 18 as a failure to do so may result in withdrawal of any discount offered on the basis of timing of payment.
A portion of any discount offered by the supplier 22 as part of the negotiated terms of supply may then be passed on to the first and second purchaser 10,12, in the form of a rebate 34, if not already done so. The facilitator 18 may also retain a portion of the discount.
-14- O The facilitator 18 also charges the first and second purchaser 10, 12 a fee for
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facilitating the purchase order.
It is noted that the financial institutions 16 that provide credit facilities, such as credit cards, may issue statements 36 of transactions conducted in respect of the credit facility 14 to the first and second purchaser 10, 12 (as appropriate). Such 00 statements, typically, indicate the dates by which payment must be made before N interest accrues and, accordingly, upon receipt of the statement 36 the first and/or Ssecond purchaser (as appropriate) 10, 12 forwards the statement to the facilitator 018. The facilitator 18 then, at its option, performs a reconciliation on the statement 36 comparing entries recorded thereon against details of payments made by it on behalf of the first and/or second purchaser 10,12. The facilitator 18 also records the date by which payment must be made before interest accrues. In this manner, as an optional aspect of the embodiment presently described, the facilitator 18 may send one or more reminders 38 to the first and/or second purchaser 10, 12 (as appropriate) prior to this date.
In a second, altemrnate, embodiment of the present invention, where like numerals reference like parts, the first and second purchasers 10, 12 place orders 20 for goods and/or services directly with the supplier 22. Upon receipt of an invoice 26 for the goods and/or services purchased from the supplier 22, the first and second purchaser 10, 12, as appropriate, signs the invoice and forwards this to the facilitator 18. The provision of a signed copy of invoice 26 to the facilitator 18 provides authority to the facilitator 18 to pay the invoice 26. Upon receipt of a signed invoice 26, the facilitator 18 initiates a draw-down on the first or second purchaser's credit facility 14, as appropriate. The amount of money drawn-down from the credit facility 14 is equal to the amount of the supplier's 22 invoice 26 and the facilitator's 18 fee for facilitating the purchase order. The money drawn from both the first or second purchaser's credit facility is thereafter consolidated into a trust or other account of the facilitator 18.
Also upon receipt of a signed invoice, the facilitator 18 notes the date of issue of the signed invoice 26 and notes the date when the invoice 26 is to be paid. The date for payment is determined by the business rules of the facilitator 18 and does not necessarily coincide with the date for payment set by the supplier 22. In the arrangement contemplated, the date for payment is 7 days from the date of issue of the signed invoice 26. The facilitator 18 then proceeds to pay the invoice 26 on the determined date.
For these reasons, it is important that the first and second purchaser 10, 12 sign 0 each invoice 26 received from a supplier 22 and forward it to the facilitator 18 as N soon as possible.
NAt any stage within this process, the facilitator 18 may negotiate terms of supply with the supplier 22, particular focus being placed on obtaining a discount or rebate for payment of the supplier's 22 invoices 26 in accordance with the facilitator's business rules. If a discount for prompt payment is negotiated, the facilitator 18 undertakes to pay the discounted amount of the invoice on the determined date for payment. The difference between this discounted amount and the amount drawn-down from the first or second purchaser's 10, 12 credit facility is then split with half of the difference being provided as a rebate to the first or second purchaser 10, 12, as appropriate, and the remainder being retained by the facilitator 18.
If a rebate for prompt payment is negotiated, the facilitator 18 undertakes to pay the full amount of the invoice on the determined date for payment. Upon receipt of the rebate from the supplier 22 for prompt payment, half of the rebate amount is returned to the first or second purchaser 10, 12, as appropriate, the remainder being retained by the facilitator 18.
Other ancillary functions, such as setting up authorisation to draw-down on the first and second purchaser's 10, 12 credit facilities 14 and reconciliation, are also performed in the same manner as described in respect of the first embodiment.
Further, the environment within which the second embodiment operates is identical to that of the first embodiment.
In a third embodiment of the present invention, there is a system for managing payment for goods and/or services.
-16- The system involves a first purchasing computer 100, a second purchasing computer 102, a facilitator computer 104 and a supplier computer 106. The first purchasing computer 100 and the second purchasing computer 102 may be the same computer.
Each computer is of standard configuration as is well known in the art.
oo Furthermore, the first purchasing computer 100 and second purchasing computer 102 are in data communication with the facilitator computer 104. The facilitator computer 104 is in data communication with the supplier computer 106. In the O embodiment being described the means of data communication is through the N 10 Intemrnet, however, other methods, such as direct connection, may be employed.
Each computer accesses the Internet through a web browser.
The first purchasing computer 100 and second purchasing computer 102 are, respectively, associated with a first purchaser 108 and a second purchaser 110.
The first purchaser 108, using the web browser of the first purchasing computer 100, provides details of their credit facility 112 to the facilitator computer 104. The second purchaser 110, using the web browser of the second purchasing computer 102, provides details of their credit facility 112 to the facilitator computer 104.
In this embodiment, the credit facility 112 is a credit card, such as those offered under the trade marks AMERICAN EXPRESS, VISA, MASTERCARD or DINERS CLUB. Furthermore, both the first purchaser 108 and the second purchaser 110 have attended to all necessary steps as set by their respective financial institution to authorise the facilitator computer 104 to act on the credit card. In alternative embodiments (not shown), the facilitator computer 104 may be authorised to act on a credit facility 112 in such a manner that the facilitator computer 104 must access the computer systems of the financial institution providing such credit facility 112 in order to perform the necessary fund transfer transactions. In such a situation, the facilitator computer 104 can be configured to be in data communication with the computer systems of the financial institution in the same manner as the facilitator computer 104 is configured to be in data communication -17- O with the other computers mentioned above and processing as would be known to
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the person skilled in the art to effect such transactions would also be included.
Using the web browser of the first purchasing computer 100, the first purchaser 108 sends an order 114 for goods and/or services to the facilitator computer 104 and, optionally, the name of the supplier 116 from whom the goods and/or 00 services are to be obtained. Using the web browser of the second purchasing N computer 102, the second purchaser 110 sends an order for goods and/or services to the facilitator computer 104 and, optionally, the name of the supplier 116 from whom the goods and/or services are to be obtained. The facilitator computer 104 then consolidates the orders 114.
If the first and second purchaser 108, 110 have stated in their order the name of the supplier 116 from whom the goods and/or services should be obtained, the facilitator computer 104 sends the consolidated order 118 to the supplier computer 106 associated with that supplier 116. Terms of supply of the goods and/or services specified in the consolidated order 118 are then negotiated. This may be an automatic process between the supplier computer 106 and the facilitator computer 104 or may be a manual action. Details of the terms of supply are then recorded, either automatically or manually, in a database 120 connected to the facilitator computer 104.
If the first and second purchaser 108, 110 have not stated in their order the name of the supplier 116 from whom the goods and/or services should be obtained, the facilitator computer 104 polls a number of supplier computers 106 for information as to the terms of supply of the goods and/or services specified in the consolidated order 118. Again, this may be an automatic or manual process.
After completing the poll, the facilitator computer 104 sends the consolidated order 118 to the supplier computer 106 offering the most favourable terms of supply.
As an optional step, the terms of supply offered by the most favourable supplier may be the subject of further negotiation. Again, this may be an automatic -18process between the facilitator computer 104 and the supplier computer 106 or may be a manual process.
Details of the terms of supply are then recorded, either automatically or manually, in a database 120 connected to the facilitator computer 104.
5 Regardless of how the terms of supply are achieved, the details recorded in the 00 database 120 connected to the facilitator computer should include: A unique identifier assigned to the consolidated order 118; SUnique identifiers assigned to the orders 114 received from the first purchasing computer 100 and the second purchasing computer 102; 0 The amount to be charged for the provision of the goods and/or services specified in the consolidated order 118; Details of any discount offered by the supplier 116; and The deadline by which payment for the provision of the goods and/or services specified in the consolidated order 118 is to be made.
Upon receipt of an order from the facilitator computer 104, the supplier computer 106 issues an electronic invoice 122 to the facilitator computer 104.
The facilitator computer 104 then draws on the first purchaser's credit card and the second purchaser's credit card. The money drawn from these credit facilities is then transferred to a trust account 124 linked to the facilitator computer 104.
The amount drawn from the first purchaser's credit card and the second purchaser's credit card is proportional to the value of the goods and/or services ordered by the first purchaser 108 or second purchaser 110, as appropriate, when compared to the total value of the consolidated order 118.
-19- Upon receipt of the goods and/or services 126 by the first purchaser 108 and second purchaser 110 from the supplier 116, it is the responsibility of the first tpurchaser 108 and second purchaser 110, respectively, to promptly send a signed copy of the supplier's invoice 128 for recording with the facilitator computer 104.
Once recorded with the facilitator computer 104, the signed copy of the supplier's invoice 128 acts as the facilitator computer's 104 authority to transfers monies 00oo 130 from the trust account 124 to the supplier 116 in accordance with the N negotiated terms of supply (as recorded in the database 120 connected to the a facilitator computer 104). The facilitator computer 104 will not pay the supplier S 10 116 until the signed copy of the supplier's invoice 128 is recorded with the N facilitator computer 104.
A portion of any discount offered by the supplier 116 as part of the negotiated terms of supply is passed on to the first and second purchaser 108, 110. The facilitator computer 104 may also retain a portion of the discount in its own bank accounts.
The facilitator computer 104 may also charge a fee to the credit cards of the first and second purchaser 108, 110 for facilitating the purchase order. This may be done on an as used basis or periodically.
Optionally, the facilitator computer 104 may send one or more electronic reminders 132, such as an e-mail reminder, to the first purchasing computer 100 or second purchasing computer 102, reminding the first or second purchaser 108, 110 (as appropriate) of the date by which payment must be made on their credit facility to avoid interest. To facilitate this action, the first purchaser and/or second purchaser 108, 110 (as appropriate) must forward their credit card statement 134 for recording with the facilitator computer 104. The facilitator computer 104 then records pertinent details of the credit card statement 134, such as the final date for payment prior to interest accruing, and stores this in the database 120. The facilitator computer 104 may also automatically undertake a reconciliation of entries recorded on the credit card statement 134 against details of payments made by the facilitator computer 104 on behalf of the first and/or second purchaser 108, 110.
In yet a fourth embodiment of the present invention, being a variant of the third embodiment, the first purchasing computer 100 and second purchasing computer 102 are in data communication with the supplier computer 106. Upon receipt of an invoice 26 for the goods and/or services purchaser from the supplier 22, the first and second purchaser 10, 12, as appropriate, notifies the facilitator computer 104 of the details of the invoice 26 (separately providing a signed copy of the 00 invoice to the facilitator 18 as authority to pay the invoice).
Upon receipt of the notice of the details of the invoice 26, the facilitator computer O 104 initiates a draw-down on the first or second purchaser's credit facility, as N 10 appropriate. The amount of money drawn-down from the credit facility 14 is equal to the amount of the supplier's 22 invoice 26 and the facilitator's 18 fee for facilitating the purchase order. The facilitator computer 104 then arranges for the money drawn from both the first or second purchaser's credit facility to be consolidated into an electronic trust or other account of the facilitator 18.
The facilitator computer 104 also notes the date of issue of the invoice 26 as recorded in the details of the invoice 26 and enters into a reminder system the date when the invoice 25 is to be paid. The date for payment is determined by the business rules stored in the facilitator computer 104 and does not necessarily coincide with the date for payment set by the supplier 22. In the arrangement contemplated, the date for payment is set for 7 days from the date of issue of the invoice (provided that the facilitator 18 records that a signed copy of the invoice has been received in the meantime). The facilitator computer 104 then organises for the invoice 26 to be electronically paid on the determined date.
At any stage, the facilitator computer 104 may negotiate terms of supply with the supplier computer 106, particular focus being placed on obtaining a discount or rebate for payment of the supplier's 22 invoices 26 in accordance with the business rules stored in the facilitator computer 104. If a discount for prompt payment is negotiated, the facilitator computer organises for electronic payment of the discounted amount of the invoice on the determined date for payment. The difference between this discounted amount and the amount drawn-down from the first or second purchaser's 10, 12 credit facility is then split with half of the -21 Cdifference being rebated to the first or second purchaser 10, 12, as appropriate, and the reminder being retained by the facilitator 18.
If a rebate for prompt payment is negotiated, the facilitator computer 104 undertakes to pay the full amount of the invoice on the determined date for payment. Upon receipt of the rebate from the supplier computer 106 for prompt oo payment, half of the rebate amount is returned to the first or second purchaser S12, as appropriate, the remainder being retained by the facilitator 18.
(Ni Other ancillary functions, such as setting up authorisation to draw-down on the Sfirst and second purchaser's 10, 12 credit facilities 14 and reconciliation, are also performed in the same manner as described in respect of the third embodiment.
Further, the environment within which the fourth embodiment operates is identical to that of the third embodiment.
Modifications and variations such as would be apparent to the skilled addressee are considered to fall within the scope of the present invention.
Claims (24)
1. A client-driven system for effecting payment for goods and/or services comprising: a facilitator computer having details of terms of supply for the supply of o00 goods and/or services and details of a trust account of funds linked to the N facilitator computer stored therein; and N a supplier computer, for use by a supplier, in data communication with the Sfacilitator computer; wherein the facilitator computer is operable to: receive details of an order for the supply of goods and/or services made by a purchaser, said details of the order received by the facilitator computer comprising an invoice for payment of the goods and/or services ordered by the purchaser; and draw upon the trust account of funds an amount, in response to the received invoice, for payment to the supplier for the invoice in accordance with the terms of supply.
2. A system according to claim 1, wherein the terms of supply comprise a discount and/or a rebate for payment of the goods and/or services ordered within a predetermined period.
3. A system according to claim 2, wherein the predetermined period is at least one day.
4. A system according to any preceding claim, wherein the facilitator computer is operable to communicate with a purchaser credit facility to draw an amount of monies proportional to the amount to be drawn from the trust account of funds and to transfer the amount of monies from the purchaser credit facility to the trust account of funds. -23- N 5. A system according to claim 4, wherein the amount of monies is equal to the Samount to be drawn from the trust account of funds plus a predetermined fee for facilitating payment.
6. A system according to claim 2, wherein the facilitator computer is operable to _rebate a portion of the discount and/or rebate to the purchaser. 00
7. A system according to any preceding claim, wherein the facilitator computer is operable to: receive details of a second purchaser order for the supply of goods and/or services made by a second purchaser, said details of the second purchaser order received by the facilitator computer comprising a second purchaser invoice for payment of the goods and/or services ordered by the second purchaser; and draw upon the trust account of funds a second amount, in response to the received second purchaser invoice, for payment to the supplier for the second purchaser invoice in accordance with the terms of supply.
8. A set of computer executable instructions stored on a computer readable medium, the instructions defining a client-driven method for effecting payment for goods and/or services to be performed by a facilitator computer, whereby the set of computer executable instructions are operable to enable the facilitator computer to: communicate with a supplier computer, for use by a supplier, to obtain terms of supply for the supply of goods and/or services, and store details of the terms of supply in the facilitator computer; store details of a trust account of funds linked to the facilitator computer; receive details of an order for the supply of goods and/or services made by a purchaser, said details of the order received by the facilitator computer comprising an invoice for payment of the goods and/or services ordered by the purchaser; and 24 N draw upon the trust account of funds an amount, in response to the received invoice, for payment to the supplier for the invoice in accordance with the terms of supply.
9. A set of computer executable instructions stored on a computer readable _medium according to claim 8, wherein the terms of supply comprise a 0 discount and/or a rebate for payment of the goods and/or services ordered Swithin a predetermined period. A set of computer executable instructions stored on a computer readable medium according to claim 9, wherein the predetermined period is at least one day.
11. A set of computer executable instructions stored on a computer readable medium according to any one of claims 8 to 10, whereby the set of computer executable instructions are operable to enable the facilitator computer to communicate with a purchaser credit facility to draw an amount of monies proportional to the amount to be drawn from the trust account of funds and to transfer the amount of monies from the purchaser credit facility to the trust account of funds.
12. A set of computer executable instructions stored on a computer readable medium according to claim 11, wherein the amount of monies is equal to the amount to be drawn from the trust account of funds, plus a predetermined fee for facilitating payment.
13. A set of computer executable instructions stored on a computer readable medium according to claim 8, wherein the set of computer executable instructions are operable to enable the facilitator computer to rebate a portion of the discount and/or rebate to the purchaser.
14. A set of computer executable instructions stored on a computer readable medium according to any one of claims 8 to 13, whereby the set of computer executable instructions are operable to enable the facilitator computer to: N receive details of a second purchaser order for the supply of goods and/or services made by a second purchaser, said details of the second purchaser order received by the facilitator computer comprising a O second purchaser invoice for payment of the goods and/or services ordered by the second purchaser; and 00 0 draw upon the trust account of funds a second amount, in response to the received second purchaser invoice, for payment to the supplier for the second purchaser invoice in accordance with the terms of supply. A computer data signal embodied in a carrier wave representing a computer program operable to enable a facilitator computer to define a client-driven method for effecting payment for goods and/or services to enable the facilitator computer to: communicate with a supplier computer, for use by a supplier, to obtain terms of supply for the supply of goods and/or services, and store details of the terms of supply in the facilitator computer; store details of a trust account of funds linked to the facilitator computer; receive details of an order for the supply of goods and/or services made by a purchaser, said details of the order received by the facilitator computer comprising an invoice for payment of the goods and/or services ordered by the purchaser, and draw upon the trust account of funds an amount, in response to the received invoice, for payment to the supplier for the invoice in accordance with the terms of supply.
16. A computer data signal embodied in a carrier wave according to claim wherein the terms of supply comprise a discount and/or a rebate for payment of the goods and/or services ordered within a predetermined period. -26- O S17. A computer data signal embodied in a carrier wave according to claim 16, a wherein the predetermined period is at least one day.
18. A computer data signal embodied in a carrier wave according to any one of claims 15 to 17, for representing the computer program such that the _facilitator computer is operable to communicate with a purchaser credit O 0facility to draw an amount of monies proportional to the amount to be drawn from the trust account of funds and to transfer the amount of monies from the purchaser credit facility to the trust account of funds.
19. A computer data signal embodied in a carrier wave according to claim 18, wherein the amount of monies is equal to the amount to be drawn from the trust account of funds, plus a predetermined fee for facilitating payment. A computer data signal embodied in a carrier wave according to claim 16, for representing the computer program such that the facilitator computer is operable to rebate a portion of the discount and/or rebate to the purchaser.
21. A computer data signal embodied in a carrier wave according to any one of claims 15 to 20, for representing the computer program such that the facilitator computer is operable to: receive details of a second purchaser order for the supply of goods and/or services made by a second purchaser, said details of the second purchaser order received by the facilitator computer comprising a second purchaser invoice for payment of the goods and/or services ordered by the second purchaser; and draw upon the trust account of funds a second amount, in response to the received second purchaser invoice, for payment to the supplier for the second purchaser invoice in accordance with the terms of supply.
22. A facilitator computer for performing a client-driven method for effecting payment for goods and/or services, the facilitator computer operable to: 27 N communicate with a supplier computer, for use by a supplier, to obtain terms of supply for the supply of goods and/or services, and store details of the terms of supply; store details of a trust account of funds linked to the facilitator computer; receive details of an order for the supply of goods and/or services made by a purchaser, said details of the order received by the facilitator computer comprising an invoice for payment of the goods and/or services ordered by the purchaser; and draw upon the trust account of funds an amount, in response to the received invoice, for payment to the supplier for the invoice in accordance with the terms of supply.
23. A facilitator computer according to claim 22, wherein the terms of supply comprise a discount and/or a rebate for payment of the goods and/or services ordered within a predetermined period.
24. A facilitator computer according to claim 23, wherein the predetermined period is at least one day. A facilitator computer according to any one of claims 22 to 24, wherein the facilitator computer is operable to communicate with a purchaser credit facility to draw an amount of monies proportional to the amount to be drawn from the trust account of funds and to transfer the amount of monies from the purchaser credit facility to the trust account of funds.
26. A facilitator computer according to claim 25, wherein the amount of monies is equal to the amount to be drawn from the trust account of funds, plus a predetermined fee for facilitating payment.
27. A facilitator computer according to claim 23, wherein the facilitator computer is operable to rebate a portion of the discount and/or rebate to the purchaser. -28- c 28. A facilitator computer according to any one of claims 22 to 27, wherein the Sfacilitator computer is operable to: O receive details of a second purchaser order for the supply of goods made by a second purchaser, said details of the second purchaser order _received by the facilitator computer comprising a second purchaser oO 0 invoice for payment of the goods and/or services ordered by the second q purchaser; and draw upon the trust account of funds a second amount, in response to Sthe received second purchaser invoice, for payment to the supplier for the second purchaser invoice in accordance with the terms of supply.
29. A client-driven system for effecting payment for goods and/or services substantially as hereinbefore described with reference to the accompanying drawings. A set of computer-executable instructions stored on a computer readable medium, the instructions defining a client-driven method for effecting payment for goods and/or services to be performed by a facilitator computer, substantially as hereinbefore described with reference to the accompanying drawings.
31. A computer data signal embodied in a carrier wave representing a computer program operable to enable a facilitator computer to define a client-driven method for effecting payment for goods and/or services, substantially as hereinbefore described with reference to the accompanying drawings.
32. A facilitator computer for performing a client-driven method for effecting payment for goods and/or services substantially as hereinbefore described with reference to the accompanying drawings.
Priority Applications (1)
| Application Number | Priority Date | Filing Date | Title |
|---|---|---|---|
| AU2002332981A AU2002332981B2 (en) | 2001-10-23 | 2002-10-23 | Method and system for effecting payment for goods and/or services |
Applications Claiming Priority (6)
| Application Number | Priority Date | Filing Date | Title |
|---|---|---|---|
| AUPR8426A AUPR842601A0 (en) | 2001-10-23 | 2001-10-23 | Payment method |
| AUPR8426 | 2001-10-23 | ||
| AUPS0179A AUPS017902A0 (en) | 2002-01-29 | 2002-01-29 | Bulk payment method |
| AUPS0179 | 2002-01-29 | ||
| PCT/AU2002/001436 WO2003036525A1 (en) | 2001-10-23 | 2002-10-23 | Method and system for effecting payment for goods and/or services |
| AU2002332981A AU2002332981B2 (en) | 2001-10-23 | 2002-10-23 | Method and system for effecting payment for goods and/or services |
Publications (2)
| Publication Number | Publication Date |
|---|---|
| AU2002332981A1 AU2002332981A1 (en) | 2003-07-03 |
| AU2002332981B2 true AU2002332981B2 (en) | 2008-02-21 |
Family
ID=39247004
Family Applications (1)
| Application Number | Title | Priority Date | Filing Date |
|---|---|---|---|
| AU2002332981A Ceased AU2002332981B2 (en) | 2001-10-23 | 2002-10-23 | Method and system for effecting payment for goods and/or services |
Country Status (1)
| Country | Link |
|---|---|
| AU (1) | AU2002332981B2 (en) |
Citations (8)
| Publication number | Priority date | Publication date | Assignee | Title |
|---|---|---|---|---|
| US5557518A (en) * | 1994-04-28 | 1996-09-17 | Citibank, N.A. | Trusted agents for open electronic commerce |
| US5974146A (en) * | 1997-07-30 | 1999-10-26 | Huntington Bancshares Incorporated | Real time bank-centric universal payment system |
| WO2000041116A2 (en) * | 1999-01-04 | 2000-07-13 | Clark Security Products, Inc. | Virtual vendor assisted marketing system |
| WO2000065517A1 (en) * | 1999-04-27 | 2000-11-02 | Hertz Eli E | Commercial transaction method |
| WO2001033522A1 (en) * | 1999-11-05 | 2001-05-10 | American Express Travel Related Services Company, Inc. | Systems and methods for facilitating commercial transactions between parties residing at remote locations |
| WO2001054038A1 (en) * | 2000-01-20 | 2001-07-26 | David Thieme | System and method for facilitating secure payment with privacy over a computer network including the internet |
| WO2001077956A1 (en) * | 2000-04-07 | 2001-10-18 | Meritspan Holdings, Inc. | Systems and methods for aligning interests in an on-line business-to-business exchange |
| WO2001098957A2 (en) * | 2000-06-21 | 2001-12-27 | Tapx Limited | Financial transaction processing method and system |
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2002
- 2002-10-23 AU AU2002332981A patent/AU2002332981B2/en not_active Ceased
Patent Citations (8)
| Publication number | Priority date | Publication date | Assignee | Title |
|---|---|---|---|---|
| US5557518A (en) * | 1994-04-28 | 1996-09-17 | Citibank, N.A. | Trusted agents for open electronic commerce |
| US5974146A (en) * | 1997-07-30 | 1999-10-26 | Huntington Bancshares Incorporated | Real time bank-centric universal payment system |
| WO2000041116A2 (en) * | 1999-01-04 | 2000-07-13 | Clark Security Products, Inc. | Virtual vendor assisted marketing system |
| WO2000065517A1 (en) * | 1999-04-27 | 2000-11-02 | Hertz Eli E | Commercial transaction method |
| WO2001033522A1 (en) * | 1999-11-05 | 2001-05-10 | American Express Travel Related Services Company, Inc. | Systems and methods for facilitating commercial transactions between parties residing at remote locations |
| WO2001054038A1 (en) * | 2000-01-20 | 2001-07-26 | David Thieme | System and method for facilitating secure payment with privacy over a computer network including the internet |
| WO2001077956A1 (en) * | 2000-04-07 | 2001-10-18 | Meritspan Holdings, Inc. | Systems and methods for aligning interests in an on-line business-to-business exchange |
| WO2001098957A2 (en) * | 2000-06-21 | 2001-12-27 | Tapx Limited | Financial transaction processing method and system |
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| FGA | Letters patent sealed or granted (standard patent) | ||
| MK14 | Patent ceased section 143(a) (annual fees not paid) or expired |