Method and system for facilitating credit transactions
Disclosed is a system and method for Facilitating Credit Transactions, which may allow for the division of a given purchase or cash-withdrawal transaction amount, into periodical installments by enabling the financing of said transaction.
1. A method for facilitating credit based transactions associated with purchase of a good or service having a cost, said method comprising:
receiving over a data network the data indicating the cost of a good or service;
securitizing over a data network the cost of the transaction against a credit line provided by a primary credit provider;
funding the transaction upon securitization;
intermittently receiving partial payment; and
intermittently re-securitizing an outstanding balance.
2. The method according to claim 1 , wherein partial payment is received from the primary credit provider.
3. The method according to claim 2 , wherein partial payment is received from a purchaser of the good or service.
4. The method according to claim 1 , further comprising:
receiving full balance payment from the primary credit provider upon a re-securitizing failure.
5. The method according to claim 1 , wherein intermittently receiving partial payment includes receiving one of a set of equal partial payments according to a predefined payment schedule.
6. The method according to claim 5 , wherein the partial payment is substantially equal to the funded amount plus financing fees and divided by the number of payments to be made.
7. The method according to claim 1 , wherein intermittently receiving partial payment includes receiving one of a set of non-equal partial payments.
8. The method according to claim 1 , wherein securitizing the cost of the transaction over a data network comprises issuing a credit request and receiving credit authorization.
9. The method according to claim 1 , wherein intermittently re-securitizing an outstanding balance comprises issuing credit request and receiving credit authorization.
10. The method according to claim 1 , wherein intermittently receiving partial payment further includes receipt of transaction related financing costs.
11. The method according to claim 1 , wherein intermittently receiving partial payment further includes receipt of commission costs.
12. A transaction system comprising:
one or more transaction servers including collective control logic adapted to: (1) receive over a data network the data indicating the cost of a good or service; (2) securitize over a data network the cost of the transaction against a credit line provided by a primary credit provider; (3) fund the transaction upon securitization; (4) intermittently receive partial payment from the primary credit provider; and (5) intermittently re-securitize an outstanding balance.
13. The system according to claim 12 , further comprising a securitization module adapted to securitize the cost of the transaction.
14. The system according to claim 13 , wherein said securitization module is further adapted to receive data relating to the number and/or sum of said partial payments.
15. The system according to claim 13 , wherein said securitization module is further adapted to receive the data indicating the cost of a good or service from a merchant agent selected from a group consisting of Terminal Merchant Agent, On-Line Merchant Agent, Check-out Provider Agent and Cash Withdrawal Agent.
16. The system according to claim 13 , wherein said securitization module is further adapted to initiate a credit request and receive a credit authorization as part of securitizing the cost of the transaction.
17. The system according to claim 13 , further comprising a funds transfer module adapted to perform the funding of the transaction upon securitization.
18. The system according to claim 13 , further comprising a fund receipt module adapted to receive partial or full payment.
19. The system according to claim 18 , wherein said funds receipt module is further adapted to receive full balance payment from the primary credit provider upon a re-securitization failure.
20. The system according to claim 13 , wherein said securitization module is further adapted to intermittently re-securitize an outstanding balance.