Funds collection tools and techniques

Abstract

Tax collection tools and techniques automatically and electronically separate tax amounts from other funds in a commercial transaction, and divert the collected tax into a holding fund. The holding fund bears income, at little or no risk. Funds collected are tracked, as are their payment due dates, and tax payments are made automatically from the holding fund to tax authorities in a timely manner on behalf of merchants. Income from the holding fund may be distributed among various parties. Collection of debt, whether taxes or otherwise, through automatic incremental billing is also described.

1 . A tax collection system, comprising:
 a merchant purchasing component; and   an accounting module;   wherein the merchant purchasing component is configured to receive at least purchase price information concerning a consumer purchase from a merchant during a credit card transaction when a consumer makes the purchase from the merchant, and the accounting module is configured to determine a sales tax amount based at least in part on the purchase price information, and   wherein the system automatically and electronically separates the sales tax amount from a corresponding taxable amount in the credit card transaction, thereby facilitating automatic sales tax collections on consumer purchases without needing manual intervention by a merchant.   
     
     
         2 . The tax collection system of  claim 1 , wherein the accounting module resides at least in part in at least one of: a register at a physical point of sale, a device having a credit card reader at a physical point of sale. 
     
     
         3 . The tax collection system of  claim 1 , further comprising a holding fund holding the determined sales tax amount in trust for subsequent payment to a tax collection authority on behalf of the merchant. 
     
     
         4 . The tax collection system of  claim 1 , comprising software and hardware means for automatic credit card tax collecting and automatic electronic tax payment by facilitating a method which includes a third party receiving a purchase amount charge request from a merchant, performing a separating function that separates the purchase amount from a sales tax amount, passing along the purchase amount to a merchant credit card processor, receiving a corresponding tax amount from the merchant, charging the total of the tax amount to a credit card account, placing the resulting tax received in an interest-bearing account, paying a tax authority the tax amount on behalf of the merchant who collected the sales tax, and profiting from the interest on taxes collected but not yet paid to the tax authority. 
     
     
         5 . A method of tax collection and payment to be performed by at least part of a group of cooperating contracting entities, comprising the computer-assisted steps of:
 relying on a result of electronically and automatically separating a taxable amount from a corresponding tax amount for a merchant in connection with a commercial transaction;   relying on directing funds corresponding to at least a portion of the tax amount into an income bearing low-to-no risk holding account;   relying on automatically tracking such directed funds and corresponding tax due deadlines for a plurality of merchants;   relying on making timely payments from the holding account to at least one tax collection authority on behalf of multiple merchants; and   relying on distributing income from the holding account.   
     
     
         6 . The tax collection and payment method of  claim 5 , wherein the act of electronically and automatically separating a taxable amount from a corresponding tax amount for a merchant is performed by the merchant at the location of the commercial transaction. 
     
     
         7 . The tax collection and payment method of  claim 5 , wherein directing funds corresponding to at least a portion of the tax amount into an income bearing low-to-no risk holding account occurs in response to at least one of: passage of a specified period of time since funds were last so directed, accumulation of undirected funds past a specified threshold amount, execution of a specified number of commercial transactions since funds were last so directed. 
     
     
         8 . The tax collection and payment method of  claim 5 , wherein making timely payments comprises making timely payments of at least one of the following taxes: alcohol tax, tobacco tax, gambling tax, gasoline tax. 
     
     
         9 . The tax collection and payment method of  claim 5 , wherein distributing income from the holding account comprises distributing income to at least one of: a credit card processor, the merchant, an entity which permits performance of the method under a patent license. 
     
     
         10 . The tax collection and payment method of  claim 5 , further comprising relying on collecting at least a portion of the tax amount by retrying a funds source using amounts lower than the total tax due, and relying on distinguishing between debts incurred and amounts actually collected in order to prevent or reduce merchant tax payment on amounts owed but not paid by a consumer. 
     
     
         11 . The tax collection and payment method of  claim 5 , further comprising relying on re-investing a portion of the income from the holding fund back into the holding fund. 
     
     
         12 . The tax collection and payment method of  claim 5 , further comprising relying on receiving an installation request for software and technology from a merchant, the software operating to facilitate tax collection, the merchant then inserting their federal tax identification number and other identifying and/or routing numbers into an email or other electronic form to facilitate automatic tax payment on behalf of the merchant. 
     
     
         13 . A tax collection and payment method comprising:
 automatically, promptly, and electronically determining a tax amount associated with a commercial transaction, the commercial transaction having a transaction amount;   receiving electronically a payment covering the tax amount and another part of the transaction amount;   automatically, promptly, and electronically making payment of the tax amount to a tax collection authority; and   receiving value in response to said step of making payment of the tax.   
     
     
         14 . The collection and payment method of  claim 13 , further comprising electronically sending the merchant a receipt for the payment of the tax. 
     
     
         15 - 22 . (canceled) 
     
     
         23 . The collection and payment method of  claim 13 , wherein the determining step determines a tax amount associated with a commercial credit card transaction. 
     
     
         24 . The collection and payment method of  claim 13 , wherein the making payment step makes a payment for at least one of the following taxes: alcohol tax, tobacco tax, gambling tax, gasoline tax. 
     
     
         25 . The tax collection and payment method of  claim 5 , further comprising relying on automatically calculating sales tax based on geographic location information. 
     
     
         26 . The tax collection and payment method of  claim 5 , wherein distributing income from the holding account comprises distributing income to a holding funds manager. 
     
     
         27 . The tax collection and payment method of  claim 5 , wherein the act of electronically and automatically separating a taxable amount from a corresponding tax amount for a merchant is performed by a credit card processor processing a credit card transaction as part of the commercial transaction. 
     
     
         28 . The tax collection system of  claim 1 , wherein the accounting module resides at least in part in an internet payment gateway.