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US 8,620,797 B1Granted
Systems and methods for streamlined purchasing
AssigneeUnited Services Automobile Association
InventorsSusan E. Heinsohn, Elsa E. Ramirez, Matthew Charles Hernandez, Sean Graham
Life of this patent
Estimating the term…
Abstract
Systems and methods for streamlined purchasing are described herein. The method may include receiving application to finance an item, approving the application and providing a financial document to the customer which requires no further interaction between the customer and the lending institution. The method may alternately include receiving a pre-approved financial instrument from a merchant, and processing the instrument, where the instrument was presented to the merchant by a customer and executed at the time of purchase without further interaction between the customer and the lending institution.
Claims18
A method comprising:
- receiving, by a computer processor, from a customer, an application to finance a secured loan for a purchase of an item type;
- approving the secured loan using information contained in the application;
- generating by the computer processor, for the customer, a financial document including a plurality of legal terms printed on the financial document;
- receiving the financial document from a merchant financial institution associated with a merchant by the computer processor, the merchant selling an item of the item type to the customer;
- determining by the computer processor whether the financial document is an immediately negotiable instrument for purchase of the item in a single step that includes a contract between a customer lending institution and the customer for the purchase of the item based on the plurality of legal terms, the immediately negotiable instrument requiring no further interaction between the customer and the customer lending institution to fund the purchase of the item after the generating of the financial document;
- and
- providing funding from the customer lending institution to the merchant financial institution by the computer processor in response to a determination that the financial document is the immediately negotiable instrument.
4 more elements
A machine-readable medium comprising instructions, which when executed by a computer processor, cause the computer processor to perform the following operations:
- receive, from a customer, an application to finance a secured loan for a purchase of an item type;
- approve the secured loan using information contained in the application;
- generate, for the customer, a financial document including a plurality of legal terms printed on the financial document
- receive the financial document from a merchant financial institution associated with a merchant, the merchant selling an item of the item type to the customer;
- determine whether the financial document is an immediately negotiable instrument for purchase of the item in a single step that includes a contract between a customer lending institution and the customer for the purchase of the item based on the plurality of legal terms, the immediately negotiable instrument requiring no further interaction between the customer and the customer lending institution to fund the purchase of the item after the generating of the financial document;
- and
- provide funding from the customer lending institution to the merchant financial institution in response to a determination that the financial document is the immediately negotiable instrument.
4 more elements
A system comprising:
- a computer processor and a memory coupled to the computer processor;
- a subsystem deployed in the memory and executed by the computer processor to receive through a network interface device, from a customer, an application to finance a secured loan for a purchase of an item type;
- a subsystem deployed in the memory and executed by the computer processor to approve the secured loan using information contained in the application;
- and
- a subsystem deployed in the memory and executed by the computer processor to generate, for the customer, a financial document including a plurality of legal terms printed on the financial document;
- a subsystem deployed in the memory and executed by the computer processor to receive the financial document from a merchant financial institution associated with a merchant, the merchant selling an item of the item type to the customer;
- a subsystem deployed in the memory and executed by the computer processor to determine whether the financial document is an immediately negotiable instrument for purchase of the item in a single step that includes a contract between a customer lending institution and the customer for the purchase of the item based on the plurality of legal terms, the immediately negotiable instrument requiring no further interaction between the customer and the customer lending institution to fund the purchase of the item after the generating of the financial document;
- and
- a subsystem deployed in the memory and executed by the computer processor to provide funding from the customer lending institution to the merchant financial institution in response to a determination that the financial document is the immediately negotiable instrument.
6 more elements
Dependencies are inferred from the claim text.