Patent ID: 8725634
Filing Date: 2014-05-13
Classification: G06Q

Abstract:
1. A method for processing finance payments from a purchaser to a merchant in a transaction, the method comprising the steps of: receiving on a merchant terminal device images of a plurality of present-dated financial instruments each including a monetary value and at least one identifier associated with a financial account of the purchaser; receiving an approval status for the transaction on the merchant terminal device, the approval status evaluation being based upon the account identifier on the images of the financial instruments; transferring to the merchant from a processor account funds corresponding to the total monetary value of each of the financial instruments upon acknowledgement of the approval status by a remote processing center computer system; and deducting funds from the financial account of the purchaser to credit the processor account at prescheduled intervals as set and initiated by the remote processing center computer system, an amount corresponding to the monetary value of a sequential one of the financial instruments being deducted at each interval; wherein the prescheduled intervals are independent of the dates on the financial instruments.