PERSON TO BUSINESS PAYMENT SYSTEM AND METHOD

• Main Authors: BAHNUB, Brent J, SPECTOR, Howard
• Format: Patent
• Language: English
• Published: 02.08.2018
• Subjects: CALCULATING; COMPUTING; COUNTING; DATA PROCESSING SYSTEMS OR METHODS, SPECIALLY ADAPTED FORADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL, SUPERVISORYOR FORECASTING PURPOSES; PHYSICS; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE,COMMERCIAL, FINANCIAL, MANAGERIAL, SUPERVISORY OR FORECASTINGPURPOSES, NOT OTHERWISE PROVIDED FOR

The invention relates to a computer-implemented system and method for receiving at a business an electronic person to business (P2B) payment from an individual. The method may comprise the steps of contacting an individual having a demand deposit account (DDA) to request the P2B payment in an amount that is due to the business; providing a designated electronic address for the business for receiving the P2B payment; identifying a reference number that is associated with the P2B payment; requesting the individual to use a P2B payment server to make the P2B payment from the individual's DDA account to the designated electronic address, wherein the P2B payment is associated with the reference number; monitoring the P2B payment server in real time to confirm receipt of the P2B payment; and using the reference number to apply the received P2B payment to the amount that is due to the business.