Rapid tax collection system and method
Preferred examples of a system and method for rapid collection and distribution of taxes are disclosed. The disclosed embodiments of the present invention provide a system and a method for point-of-sale collection and distribution of sales taxes on a frequent, regular basis, such as daily or weekly or other periodic time intervals, that can be used for face-to-face, e-commerce, telephone or other transactions. The disclosed embodiments provide a system and a method for transferring funds from numerous merchants to numerous taxing authorities in an efficient manner, with each merchant seeking to transfer funds to perhaps several taxing authorities and each taxing authority seeking to receive funds from many merchants. According to other examples of the invention, a centralized distribution feature allows the merchants and the taxing authorities to each communicate with a single entity or other in transferring the funds. Therefore, efficient tax collection and distribution may be achieved without overburdening either individual merchants or individual taxing authorities.
1. A tax collection and distribution method for a service provider comprising:
receiving a first set of signals at the service provider, said first set including a signal from each of one or more merchant computers, each signal of said first set of signals including transaction information including a transaction amount;
transmitting a second set of signals from the service provider responsive to the first set of signals, said second set including a signal sent to each of one or more credit entity computers, each signal of said second set of signals including a first fund transfer request, said first fund transfer request being representative of the transaction amount; and
transmitting a third set of signals from the service provider responsive to the first set of signals, said third set including a signal sent to a computer of an acquirer bank, said third set of signals including a second fund transfer request, said second fund transfer request being representative of a tax amount for at least one taxing authority.
2. The method according to claim 1 , wherein each signal of said first set of signals further includes transaction amount information for a merchant.
3. The method according to claim 2 , wherein said first fund transfer request further includes transaction amounts for each of said merchants and said credit entities.
4. The method according to claim 1 wherein the tax amount for at least one taxing authority is included in the first set of signals.
5. The method according to claim 1 further comprising calculating the tax amount for at least one taxing authority from the transaction information.
6. The method according to claim 1 further comprising:
transmitting a fourth set of signals from the service provider responsive to the first set of signals, said fourth set including a signal sent to a tax service provider; and
receiving a fifth set of signals at the service provider from the tax service provider, said fifth set of signals including the tax amount for at least one taxing authority.
7. A tax collection and distribution method for a service provider comprising:
receiving transaction information from a merchant, said transaction information including a transaction amount;
sending a first fund transfer request to a credit entity, said first fund transfer request being representative of the transaction amount; and
sending a second fund transfer request to an acquirer bank, said second fund transfer being representative of a tax amount for at least one taxing authority.