System, method, and computer readable storage medium to determine and accept dynamic payments in an open network

Abstract

A method, system, and computer readable storage to enable a user to apply for a loan with a dynamic repayment structure. Instead of periodic payments being fixed, the payments can be variable based on a collection rate. The collection rate is determined from historical financial data for the user. For example, the collection rate can be a fixed percentage of all profit for each month. In this manner, the user's monthly payments are more commensurate with their monthly cash flow thereby reducing the default rate.

What is claimed is: 
     
         1 . An apparatus, comprising:
 an internet connection;   a server connected to the internet connection, the server configured to read computer readable instructions stored on a non-transitory computer readable storage medium, the computer readable instructions programmed to cause performance of the following operations:   receive an application for a loan of cash funds from a user;   retrieve financial transaction historical data of the user; and   compute a collection rate from the financial transaction historical data;   issue the loan from a cash provider to the user which initiates an electronic transfer of funds to a bank account of the user, the loan having a repayment schedule for a repayment period,   wherein the repayment schedule utilizes a collection rate applied to a net profit for each periodic payment during the repayment period.   
     
     
         2 . The apparatus as recited in  claim 1 , wherein the instructions are further programmed such that the repayment period comprises at least one checkpoint upon which a total amount repaid to the cash provider is compared to a respective threshold for each checkpoint and if the total mount repaid to the cash provider is not greater than the respective threshold then collect a catch-up payment from the user. 
     
     
         3 . The apparatus as recited in  claim 2 , wherein the instructions are further programmed such that the threshold is computed as a percentage of an expected collection total. 
     
     
         4 . The apparatus as recited in  claim 2 , wherein the instructions are further programmed such that the catch-up payment is automatically transferred out of the bank account of the user to a bank account owned by the cash provider. 
     
     
         5 . The apparatus as recited in  claim 1 , wherein the instructions are further programmed such that a repayment amount of the loan is an amount of the loan plus a loan fee. 
     
     
         6 . The apparatus as recited in  claim 1 , wherein the instructions are further programmed such that the financial transaction historical data comprises transactions from the bank account of the user. 
     
     
         7 . The apparatus as recited in  claim 1 , wherein the instructions are further programmed such that the financial transaction historical data comprises transactions form a plurality of financial accounts of the user, the financial accounts being at different financial institutions unaffiliated with the cash provider. 
     
     
         8 . The apparatus as recited in  claim 7 , wherein the instructions are further programmed such that the plurality of financial accounts of the user comprise bank accounts and credit card accounts. 
     
     
         9 . The apparatus as recited in  claim 1 , wherein the instructions are further programmed such that the collection rate is fixed throughout the repayment period. 
     
     
         10 . The apparatus as recited in  claim 1 , wherein the instructions are further programmed such that the collection rate varies for different payment periods throughout the repayment period. 
     
     
         11 . A method, comprising:
 executing computer readable instructions on a server, the computer readable instructions causing the server to perform:   receiving an application for a loan of cash funds from a user;   retrieving financial transaction historical data of the user; and   computing a collection rate from the financial transaction historical data;   issuing the loan from a cash provider to the user which initiates an electronic transfer of funds to a bank account of the user, the loan having a repayment schedule for a repayment period,   wherein the repayment schedule utilizes a collection rate applied to a net profit for each periodic payment during the repayment period.   
     
     
         12 . The method as recited in  claim 11 , wherein the repayment period comprises at least one checkpoint, reaching a particular checkpoint, determining that a total amount repaid to the cash provider is lower than a respective threshold for the particular checkpoint, and in response to the determining collecting a catch-up payment from the user. 
     
     
         13 . The method as recited in  claim 12 , wherein the threshold is computed as a percentage of an expected collection total. 
     
     
         14 . The method as recited in  claim 12 , further comprising automatically transferring the catch-up payment out of the bank account of the user to a bank account owned by the cash provider. 
     
     
         15 . The method as recited in  claim 11 , wherein a repayment amount of the loan is an amount of the loan plus a loan fee. 
     
     
         16 . The method as recited in  claim 11 , wherein the financial transaction historical data comprises transactions from the bank account of the user. 
     
     
         17 . The method as recited in  claim 11 , wherein the financial transaction historical data comprises transactions form a plurality of financial accounts of the user, wherein the plurality of financial accounts of the user are at a plurality of different financial institutions which are unaffiliated with the cash provider. 
     
     
         18 . The method as recited in  claim 17 , wherein the plurality of financial accounts of the user comprise bank accounts and credit card accounts. 
     
     
         19 . The method as recited in  claim 11 , wherein the collection rate is fixed throughout the repayment period. 
     
     
         20 . The method as recited in  claim 11 , wherein the collection rate varies for different payment periods throughout the repayment period. 
     
     
         21 . An apparatus, comprising:
 an internet connection;   a server connected to the internet connection, the server configured to read computer readable instructions stored on a non-transitory computer readable storage medium, the computer readable instructions programmed to cause performance of the following operations:   retrieve real-time financial transaction data of a user comprising both inflows and outflows;   determine a net cash flow based on the inflows and outflows;   determine a repayment amount utilizing the net cash flow and a collection rate; and   automatically collect the repayment amount from an account associated with the user.   
     
     
         22 . The apparatus as recited in  claim 21 , wherein the instructions are further programmed such that the collection rate is determined from financial transaction historical data. 
     
     
         23 . The apparatus as recited in  claim 22 , wherein the instructions are further programmed such that the financial transaction historical data comprises cash inflows and cash outflows. 
     
     
         24 . The apparatus as recited in  claim 21 , wherein the instructions are further programmed such that the net cash flow is determined for a period of time comprising one of an immediate preceding day from a present time, an immediate preceding week from a present time, an immediate preceding month from a present time. 
     
     
         25 . The apparatus as recited in  claim 21 , wherein the instructions are further programmed such that the automatically collect the repayment amount happens immediately. 
     
     
         26 . The apparatus as recited in  claim 21 , wherein the instructions are further programmed such that the real-time financial transaction data of a user that are retrieved are retrieved from a plurality of different financial institutions which are not affiliated with a company operating the server.