WO 2017/077426 A1 - Fin.do - Credit Marketplace Platform For Credit Installment Purchases At Point Of Sale - The Lens

Fin.do - Credit Marketplace Platform For Credit Installment Purchases At Point Of Sale

Published: May 11, 2017
Earliest Priority: Nov 02 2015
Family: 3
Cited Works: 0
Cited by: 0
Cites: 4
Additional Info: Full text

Abstract

A method of providing an installment loan, comprising: sending a request for a loan of a specific sum by a purchaser holding proprietary payment means to an installment payment system, said purchaser at a POS; calculating by said installment payment system a credit score for said purchaser; determining by said installment payment system individual loan sum Y0 and terms of payment for said purchaser using said calculated credit score; reserving said sum of Y0 for said loan; purchasing goods from a merchant at said POS in a sum X ≤ Y0 by said purchaser; paying said merchant the full purchase sum X by said installment payment system; and optionally performing a further purchase according to said individual terms of payment.

Claims

1 . A Point of Sale (POS) installments payment system comprising: a system server comprising: a registration and credit module configured to enable registration to the system; and a card issuer module configured to issue proprietary payment means; at least one purchaser holding said proprietary payment means communicating with said system server, said at least one purchaser configured to request at least one loan sum from said card issuer module at a POS; a merchant entity communicating with said purchaser, said merchant entity configured to receive a purchase sum from said proprietary payment means, said purchase sum not larger than said loan sum; an acquirer entity communicating with said merchant entity, said acquirer entity configured to approve or deny said purchase sum; and a card network communicating with said acquirer entity and with said system server, said card network configured to receive approval or denial of said purchase sum from said system server and communicate it to said acquirer. 2. The system of claim 1 , wherein said proprietary payment means comprises electronic payment means.
The system of claim 2, wherein said electronic payment means comprise one of a debit card, a credit card, a prepaid card, a digital wallet and a mobile wallet/phone. 4. A method of providing an installment loan, comprising:
21 sending a request for a loan of a specific sum by a purchaser holding proprietary payment means to an installment payment system, said purchaser at a POS; calculating by said installment payment system a credit score for said purchaser; determining by said installment payment system individual loan sum Y0 and terms of payment for said purchaser using said calculated credit score; reserving said sum of Y0 for said loan; purchasing goods from a merchant at said POS in a sum X< Y0 by said purchaser; paying said merchant the full purchase sum X by said installment payment system; and optionally performing a further purchase according to said individual terms of payment. 5. The method of claim 4, further comprising: registering by said purchaser to said installment payment system; and issuing by said installment payment system a payment card to said purchaser.
The method of claim 5, wherein said issuing a payment card comprises: calculating by said installment payment system a credit score for said purchaser ; and using said calculated credit score for issuing said purchaser a payment card by said installment payment system.
The method of claim 4, wherein said individual terms of payment comprise: loan expiration date;
31 number of payments N; and cost of transaction.
The method of claim 7, wherein said optionally performing a further purchase comprises performing a further purchase if said loan has not expired.
The method of claim 4, wherein said optionally performing a further purchase comprises: calculating by said installment payment system the remaining sum in said loan Y= Yo-X; permitting further purchases if said remaining sum in the loan
Y >0; and prohibiting further purchase if said remaining sum in the loan Y=0.
The method of claim 4, wherein said optionally performing a further purchase comprises: - calculating by said installment payment system the remaining sum in said loan Y= Yo-X;
- permitting further purchases if said remaining sum in the loan Y >0;
- paying by said purchaser at least a first installment payment if said said remaining sum in the loan Y=0; - applying by said purchaser for a revolving loan;
- deciding by said installment payment system whether to approve said revolving loan;
- prohibiting said further purchases if said approval of revolving loan is declined; and - reserving by said installment payment system a sum for said new loan.
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1 1 . The method of claim 10, wherein approving said revolving loan by said installment payment system comprises:
- deciding if recalculation of said credit score is needed;
- recalculating said credit score if said recalculation is needed; and - determining said individual terms.
The method of claim 4, wherein said reserving said sum comprises reserving by at least one of: said installment payment system, a partnering financial institution; an investor and a lender.
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