Patent ID: 11948152
Assignee: AFFIRM, INC.
Field: IT methods for management (Electrical engineering)
Classification: CPC G | IPC G

Claim 0:
1. A server for managing payment rescheduling associated with a loan of a buyer to be repaid via a financial source associated with the buyer, the server comprising:
a memory storing a rule table and program instructions;
a high-speed communication interface operably coupling the server to an external communication port to enable the server to communicate with external devices including a buyer computing device and a financial source computing device via wired or wireless communication; and
a processor configured to execute the program instructions and manage message processing for inbound and outbound messages via the high-speed communication interface,
wherein the program instructions, when executed by the processor, configure the server to:
receive an inbound message from the financial source computing device providing notice of a failed payment on a failure date, the failed payment being a scheduled payment from the financial source associated with the loan,
determine whether a payment retry condition is satisfied,
determine a payment retry date based on the rule table in response to the payment retry condition being satisfied, and
communicate the payment retry date as an outbound message to the buyer computing device via the external communication port,
wherein the payment retry date is determined based on comparing a recurring predetermined preferred payment date to the failure date and selecting a next instance of the recurring predetermined preferred payment date that is greater than a minimum delay period from the failure date,
wherein the notice from the financial source computing device of the failed payment includes an error code that indicates a type of error that caused the failed payment,
wherein the program instructions include instructions to modify the communicating the payment retry date based on the error code,
wherein the program instructions further configure the server to conduct a payment retry on the payment retry date via the financial source,
wherein the program instructions further configure the server to check a status of the loan after the communicating the payment retry date and prior to the payment retry date, and cancel the payment retry based on the status of the loan,
wherein the status of the loan indicates a change in a loan amount since the failure date,
wherein the recurring predetermined preferred payment date is the 15th day of a month or a last day of the month, and
wherein the minimum delay period is three days.