US 10,762,579 B2Granted

Stored balance with multi-channel withdrawal access

AssigneeSquare, Inc.

InventorsChristina Riechers, Michael Cormier, Zachary Margolis, Bora Fezga, Clay Robbins, Justin Meretab

Life of this patent

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Abstract

A stored balance with multi-channel withdrawal access is described. In an example, a server of a payment processing service can determine a stored balance based on funds received from point-of-sale (POS) transactions processed via the payment processing service on behalf of a merchant. The stored balance can be maintained in a ledger of the payment processing service. The server can associate the stored balance with a payment instrument of the merchant. The stored balance can be accessible via the payment instrument substantially immediately after funding of a transaction at the POS and via (i) an instant deposit to a linked bank account of the merchant and (ii) a scheduled deposit to the linked bank account, wherein the instant deposit is available substantially immediately after funding of the transaction and the scheduled deposit is made at a prearranged time after the funding of the transaction.

Claims20

Dependent claims

A method implemented in part by a server of a payment processing service, the method comprising:

receiving, at the server of the payment processing service and from a point-of-sale (POS) application associated with a merchant device of a merchant, transaction data associated with POS transactions between the merchant and customers, wherein the POS application configures the merchant device as a POS terminal for determining and transmitting the transaction data to the payment processing service via a network;
determining, by the server of the payment processing service, an amount of funds owed to the merchant based on the transaction data;
associating, by the server of the payment processing service, the amount of funds with a stored balance maintained by the payment processing service;
associating, by the server of the payment processing service, a physical payment instrument with the stored balance, wherein a portion of the stored balance that is attributable to a POS transaction of POS transactions is accessible via the physical payment instrument substantially immediately after the POS transaction;
and
transferring, by the server of the payment processing service, at least the portion of the stored balance into a linked bank account of the merchant via at least one of:
(i) an instant deposit that is made substantially immediately after the POS transaction;
or
(ii) a scheduled deposit that is made at a prearranged time after the POS transaction.

6 more elements

A system comprising:

one or more processors;
one or more computer-readable media that, when executed by the one or more processors, cause the one or more processors to perform operations comprising:
determining, based on point-of-sale (POS) transactions processed via a payment processing service on behalf of a merchant, a stored balance that is to be maintained by the payment processing service;
associating the stored balance with a payment instrument of the merchant, wherein at least a first portion of the stored balance that is attributable to a POS transaction of the POS transactions is accessible via the payment instrument substantially immediately after the POS transaction;
and
transferring at least the first portion of the stored balance into a linked bank account of the merchant via at least one of:
(i) an instant deposit;
or
(ii) a scheduled deposit,
wherein the instant deposit is made substantially immediately after the POS transaction and the scheduled deposit is made at a prearranged time after the POS transaction.

7 more elements

One or more non-transitory computer-readable media that, when executed by one or more processors, cause the one or more processors to perform operations comprising:

determining, based on point-of-sale (POS) transactions processed via a payment processing service on behalf of a merchant, a stored balance that is maintained by the payment processing service;
associating the stored balance with a payment instrument of the merchant, wherein at least a portion of the stored balance that is attributable to a POS transaction of the POS transactions is accessible via the payment instrument substantially immediately after the POS transaction;
and
transferring at least the portion of the stored balance into a linked bank account of the merchant via at least one of:
(i) an instant deposit;
or
(ii) a scheduled deposit,
wherein the instant deposit is made substantially immediately after the POS transaction and the scheduled deposit is made at a prearranged time after the POS transaction.

5 more elements

Dependencies are inferred from the claim text.

Facts

Application: 16/147,080Filed 28 Sep 2018
Published: US 2020/0104942 A12 Apr 2020
Granted: 1 Sep 2020
Term ends: Not estimatedThe source records don’t support an estimate.

Classification8 codes

G06Q 40/12
Finance; Insurance; Tax strategies; Processing of corporate or income taxes: accounting
G06Q 20/00
Payment architectures, schemes or protocols
G06Q 20/10
Payment architectures: specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
G06Q 20/108
Specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems: remote banking, e.g. home banking