Funds collection tools and techniques
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United States of America Patent
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May 6, 2014
Issued Date -
N/A
app pub date -
Oct 28, 2005
filing date -
Nov 2, 2004
priority date (Note) -
In Force
status (Latency Note)
Importance
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.
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