Inventors:
Susan M. Milberger - Englewood CO, US
Jeff D. Sherrard - Lakewood CO, US
Amy M. Dunker - Castle Rock CO, US
Jackie M. Macfarlane - Parker CO, US
Eric L. Platte - Castle Rock CO, US
Susan F. Abrahams - Atlanta GA, US
Cheryl L. Neofytides - Floral Park NY, US
Aamer Ali Baig - Forest Hills NY, US
Peter M. Karas - Lakewood CO, US
James E. Cowell - Littleton CO, US
James R. Yoder - Chicago IL, US
Matt F. Golub - Tera Fly NJ, US
Assignee:
First Data Corporation - Englewood CO
International Classification:
G06Q 40/00
Abstract:
According to the invention, a method for automatically processing a recurring transfer request from a stored value fund with an online system is disclosed. A handler associated with a payor is determined and money is transferred from that handler to the stored value fund. In one step, the payor is informed that a payee accepts payment from the online system. Subscription type information is received, which includes at least two of a per-request payment cap, a fixed payment amount, a limit on payment per time period, a limit on the number of payments in the time period, and a time period. Pay-out instructions are also received and include at least two of a payor identifier, a payee identifier, a transfer amount, a payment description. The transfer amount is automatically sent from the stored value fund to the payee.