Patent ID: 7725390
Filing Date: 2010-05-25
Classification: G06Q

Abstract:
1. A method for processing an account for a transaction between a merchant and a customer of the merchant, said transaction having provided goods, services, or both goods and services by the merchant to and/or for the customer such that the merchant is owed a total payment to settle the account, said method comprising executing computer readable program code on a processor of a computer system, said program code being stored on computer readable memory unit of the computer system, said processor being coupled to the memory unit, said executing comprising: a subaccounting system receiving the account; after said receiving the account, said subaccounting system dividing the account into N subaccounts and the total payment into N subaccount payments respectively associated with the N subaccounts, said N being at least 2, said account comprising the total payment owed to the merchant, said N subaccounts respectively comprising the N subaccount payments required for settling the account; after said dividing, said subaccounting system receiving from the customer an identification of N payers who are responsible for making or triggering payment of the N subaccount payments to the subaccounting system to settle the N subaccounts, respectively; after said receiving from the customer the identification of the N payers, said subaccounting system notifying the N payers of the N subaccounts that respectively comprise the N subaccount payments required for settling the account; after said notifying, said subaccounting system making the N subaccounts available to N payers, respectively; after said making the N subaccounts available to the N payers, said subaccounting system receiving from the N payers an identification of N payment providers and N payment instruments, respectively; after said receiving from the N payers the identification of the N payment providers and the N payment instruments, said subaccounting system receiving the N subaccount payments from the N payment providers using the N payment instruments for settling the N subaccounts, respectively; and said subaccounting system paying the total payment to the merchant.