SELECTIVE ESCROW OF FUNDS BASED ON TRANSACTION RECEIPTS
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United States of America Patent
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Issued Date -
Jan 2, 2014
app pub date -
Jun 29, 2012
filing date -
Jun 29, 2012
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Abstract
A computer-implemented method is provided for segregating funds associated with transactions of a seller. Such method may comprise storing data relating to a seller; and determining a sales amount corresponding to transactions of the seller associated with a closeout period. The method may include determining an escrow amount based on the sales amount and a tax rate applicable to the transactions. An instruction can be transmitted to an electronic funds processor (EFP) to direct the EFP to credit an escrow account with the escrow amount.
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