Systems, methods and apparatus for variable settlement accounts
View Patent ↗Systems and methods for settling funds from an account to one or more settlement accounts of a merchant. The merchant can have a plurality of settlement accounts, which may be the same or different settlement account types. The settling of the funds can be directed by one or more settlement rules defined by the merchant.
1. A computer-based funds transfer method, comprising:
receiving, by one or more computing devices associated with an acquirer processor, account identifying information for each of a first financial account and a second financial account;
receiving, by at least one of the computing devices associated with the acquirer processor, one or more settlement rules, wherein each of the one or more settlement rules provides at least one directive for settling funds to at least one of the first financial account and the second financial account;
storing the one or more settlement rules into an electronic database;
receiving, into a pooled account associated with the acquirer processor, an electronic transfer of funds on behalf of a merchant;
determining, by at least one of the computing devices associated with the acquirer processor and based at least in part on at least one of the settlement rules, one or more directives directing the acquirer processor to transfer at least
a first portion of the funds in the pooled account to the first financial account, and
a second portion of the funds in the pooled account to the second financial account;
electronically transferring, the first portion of the funds from the pooled account to the first financial account; and
electronically transferring, the second portion of the funds from the pooled account to the second financial account.
2. The computer-based funds transfer method of claim 1 , further comprising:
electronically transferring the first portion of funds from the pooled account to the first financial account using a substantially instantaneous funds transfer.
3. The computer-based funds transfer method of claim 1 , wherein the one or more settlement rules specifies a maximum amount of funds permitted to electronically transfer from the pooled account to at least one of the first financial account and second financial account.
4. The computer-based funds transfer method of claim 1 , wherein the one or more settlement rules specifies a frequency of electronic fund transfers from the pooled account to at least one of the first financial account and second financial account.
5. The computer-based funds transfer method of claim 1 , wherein the one or more settlement rules specifies a type of electronic fund transfer for electronically transferring funds to at least one of the first financial account and second financial account.
6. The computer-based funds transfer method of claim 1 , further comprising:
sending data to a computing device associated with a merchant, the data configured to direct the computing device associated with the merchant to present a merchant user interface on a display of the computing device associated with the merchant, the merchant user interface configured to receive as an input the account identifying information and the one or more settlement rules; and
receiving the account identifying information and one or more settlement rules input to the merchant user interface.
7. The computer-based funds transfer method of claim 1 , wherein the first financial account is of a first financial account type and the second financial account is of a second financial account type, wherein the first financial account type is different from the second financial account type.
8. The computer-based funds transfer method of claim 1 , wherein the first financial account type and second financial account type are each selected from the group consisting of a checking account, a savings account, a pre-paid open-loop account, a virtual wallet account, a peer-to-peer account, a pre-paid closed-loop account, an investment account, a loan account, and a money market account.
9. The computer-based funds transfer method of claim 1 , wherein the first financial account is affiliated with a first account holder and the second financial account is affiliated with a second account holder, wherein the first account holder is different from the second account holder.