Social network payment settlement system

A system for effecting transfer of a payment amount to a merchant during a transaction between a customer and the merchant, the system comprising a processing device configured for:

• determining a funds shortfall;
• accessing a funds sharing network comprising a plurality of users;
• identifying one or more of the users of the funds sharing network;
• requesting funds from the identified one or more users;
• applying funds received from the one or more users to the funds shortfall;
• wherein the one or more users identified from the funds sharing network are not indebted to the customer, and wherein the processing device is further configured for:
• tracking a customer indebtedness of the customer to the one or more identified users based at least in part on the amount of funds received from the one or more users and applied to the funds shortfall;
• applying an interest amount to the customer indebtedness based on a period of elapsed time of the customer indebtedness;
• and
• communicating one or more messages to at least one of the users of the funds sharing network, the one or more messages comprising information related to the customer indebtedness, thereby motivating the customer to repay the customer indebtedness.

A computer program product comprising a non-transient computer-readable medium comprising computer-executable instructions for effecting transfer of a payment amount to a merchant during a transaction between a customer and the merchant, the instructions comprising:

• instructions for determining a funds shortfall;
• instructions for accessing a funds sharing network comprising a plurality of users;
• instructions for identifying one or more of the users of the funds sharing network;
• instructions for requesting funds from the identified one or more users;
• instructions for applying funds received from the one or more users to the funds shortfall
• wherein the one or more users identified from the funds sharing network are not indebted to the customer, and wherein the instructions further comprise:
• instructions for tracking a customer indebtedness of the customer to the one or more identified users based at least in part on the amount of funds received from the one or more users and applied to the funds shortfall;
• instructions for applying an interest amount to the customer indebtedness based on a period of elapsed time of the customer indebtedness;
• and
• instructions for communicating one or more messages to at least one of the users of the funds sharing network, the one or more messages comprising information related to the customer indebtedness, thereby motivating the customer to repay the customer indebtedness.

A computer-implemented method for effecting transfer of a payment amount to a merchant during a transaction between a customer and the merchant, the method comprising:

• using a computer processor operating computer program code instructions stored in a non-transitory computer readable medium, wherein said computer program code instructions cause said computer processor to:
• determine a difference between funds available to the customer and the payment amount such that the customer lacks sufficient funds to complete the transaction, thereby resulting in a funds shortfall;
• access a funds sharing network comprising a plurality of users;
• identify one or more of the users of the funds sharing network comprising:
• determining whether one or more of the users of the funds sharing network are indebted to the customer;
• determining levels of connection between two or more of the users and the customer;
• and
• developing a hierarchy of users based at least in part on whether one or more of the users of the funds sharing network are indebted to the customer and based at least in part on the levels of connection between two or more of the users and the customer;
• request funds from the identified one or more users;
• apply funds received from the one or more users to the funds shortfall;
• request funds from at least other of the one or more users identified from the funds sharing network and that are not indebted to the customer;
• track a customer indebtedness of the customer to the one or more identified users based at least in part on the amount of funds received from the one or more users and applied to the funds shortfall;
• apply an interest amount to the customer indebtedness based on a period of elapsed time of the customer indebtedness;
• and
• communicate one or more messages to at least one of the users of the funds sharing network, the one or more messages comprising information related to the customer indebtedness, thereby motivating the customer to repay the customer indebtedness.