Patent ID: 8001025

Claim:
A method of making a financial transaction, comprising: receiving a promise-to-pay (IOU) invitation from a first user device, wherein the first user device is associated with a payer; receiving a response to the promise-to-pay invitation from a second user device, wherein the second user device is associated with a payee; scheduling a payment responsive to the invitation and the response by a payment provider processor if the response from the payee is an acceptance of the invitation, wherein the payment is made from an account associated with the first user device to a second user account associated with the second user device; transmitting information about the payer to the payee prior to receiving the response to aid the payee in determining whether to accept or decline the invitation; and executing the payment by the payment provider processor when conditions for payment have been met wherein scheduling the payment comprises scheduling a primary payment amount to be made on the pay-by date and scheduling a secondary payment amount to be made on a secondary pay-by date, wherein the secondary payment amount is less than the primary amount but completely satisfies the IOU and the secondary pay-by date is before the primary pay-by date and wherein the secondary pay-by-date and the secondary payment amount is proposed by the payee and/or the payer prior to completing the financial transaction between the payer and the payee and wherein executing the payment comprises transferring funds from a first payment services funds account associated with the first user device when a sufficient balance is available at any time before or up to the pay-by date or transferring funds from a secondary, third-party funding source associated with the first user device on the pay-by date if the first payment services account has an insufficient balance up to and including the pay-by date.