Funds collection tools and techniques
OwnerJosh Hall, John W. Ogilvieinventors
Life of this patent
Estimating the term…
Abstract
Tax collection tools and techniques automatically and electronically separate tax amounts from other funds in a commercial transaction, and divert the collected tax into a holding fund. The holding fund bears income, at little or no risk. Funds collected are tracked, as are their payment due dates, and tax payments are made automatically from the holding fund to tax authorities in a timely manner on behalf of merchants. Income from the holding fund may be distributed among various parties. Collection of debt, whether taxes or otherwise, through automatic incremental billing is also described.
Claims21
A tax collection system, comprising:
- a merchant purchasing component;
- and
- an accounting module;
- wherein the merchant purchasing component is configured to receive at least purchase price information concerning a consumer purchase from a merchant during a credit card transaction when a consumer makes the purchase from the merchant, and the accounting module is configured to determine a sales tax amount based at least in part on the purchase price information, and
- wherein the system automatically and electronically separates the sales tax amount from a corresponding taxable amount in the credit card transaction, thereby facilitating automatic sales tax collections on consumer purchases without needing manual intervention by a merchant.
A method of tax collection and payment to be performed by at least part of a group of cooperating contracting entities, comprising the computer-assisted steps of:
- relying on a result of electronically and automatically separating a taxable amount from a corresponding tax amount for a merchant in connection with a commercial transaction;
- relying on directing funds corresponding to at least a portion of the tax amount into an income bearing low-to-no risk holding account;
- relying on automatically tracking such directed funds and corresponding tax due deadlines for a plurality of merchants;
- relying on making timely payments from the holding account to at least one tax collection authority on behalf of multiple merchants;
- and
- relying on distributing income from the holding account.
A tax collection and payment method comprising:
- automatically, promptly, and electronically determining a tax amount associated with a commercial transaction, the commercial transaction having a transaction amount;
- receiving electronically a payment covering the tax amount and another part of the transaction amount;
- automatically, promptly, and electronically making payment of the tax amount to a tax collection authority;
- and
- receiving value in response to said step of making payment of the tax.
15-22. (canceled)
Dependencies are inferred from the claim text.