Method and system for converting existing or future trade credit obligations into a new obligation
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United States of America Patent
Stats
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N/A
Issued Date -
Jun 27, 2002
app pub date -
Dec 21, 2000
filing date -
Dec 21, 2000
priority date (Note) -
Abandoned
status (Latency Note)
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Importance
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Abstract
The invention relates to a method and system wherein a Funding Company and a Purchaser enter into an agreement pursuant to which a mechanism is established under which the Purchaser's Suppliers are offered the opportunity to obtain the prompt or accelerated payment of the Purchaser's existing or future trade credit obligations (which are commonly referred to as the Purchaser's 'accounts payable' or 'trade payables') to them in exchange for providing percentage discounts, which are commonly referred to as 'prompt payment discounts,' from such trade credit obligations. Suppliers may bargain or bid for prompt or accelerated payment under the mechanism that is established by offering prompt payment discounts with respect to such trade credit obligations. The Funding Company pays the discounted price of the trade credit obligation on behalf of the Purchaser, and the Purchaser pays the Funding Company a higher amount than the discounted price of such trade credit obligation, up to the full face value of such trade credit obligation, at an agreed upon future date.
First Claim
Family
- 15 United States
- 10 France
- 8 Japan
- 7 China
- 5 Korea
- 2 Other
Patent Owner(s)
Patent Owner | Address | |
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MACKAY J SOTT | Not Provided |
International Classification(s)
Inventor(s)
Inventor Name | Address | # of filed Patents | Total Citations |
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MacKay, J Sott | Randolph, NJ | 1 | 62 |
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Maintenance Fees
Fee | Large entity fee | small entity fee | micro entity fee | due date |
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Fee | Large entity fee | small entity fee | micro entity fee |
---|---|---|---|
Surcharge after expiration - Late payment is unavoidable | $700.00 | $350.00 | $175.00 |
Surcharge after expiration - Late payment is unintentional | $1,640.00 | $820.00 | $410.00 |
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