Patent ID: 8417601

Claim:
A computer-implemented method of arranging for payment of a purchase, said method comprising the steps of: receiving from a supplier, at a programmed computer, an agreement to accept a payment from a buyer via use of a payment card having variable payment terms; receiving from the supplier, at a programmed computer, a demand deposit account number associated with a demand deposit account of the supplier; enrolling the supplier in a payment network using the programmed computer; issuing a unique identifier to payments issued to suppliers enrolled in the payment network; receiving authorization from the supplier, from a programmed computer, to either (i) authorize the payment network to act as a virtual point of sale terminal to initiate payments from buyers enrolled in the payment network or (ii) initiate payments from buyers enrolled in the payment network using the supplier's point of sale terminal; after a purchase by the buyer from the supplier, assessing the supplier, using the programmed computer, a standard interchange rate; receiving from the buyer, at the programmed computer, an approval to pay the invoice initiating payment from the buyer to the supplier; and issuing a rebate to the demand deposit account of the supplier, using the programmed computer, based upon when the approval to pay the invoice was received.