Consolidating debt without reuning your credit
Embodiments leverage existing financial institution (FI) payor and merchant networks.This allows merchants who are not large enough to provide online payment through conventional systems to have convenient online invoicing and payment services to offer their customers.For example, settlement time 113 for payment from the external financial source 102 to the user account 104 can be 3 to 4 days using a DDA account.When funds are transferred from the account 104 to multiple destination accounts 105, an additional 3 to 4 days settlement time is incurred in transferring the funds from the destination accounts 105 to a main bank account 117.The merchant web sites are part of a CET service for which a customer can register. 60/957,634, entitled “Consolidated Shared Payment Hub,” filed Aug. illustrate one current system 100 used to facilitate making payments for online purchases.Registered customers can then view and pay invoices from any merchants having CET web sites, whether purchases were made online or offline. There are two categories of payment services available in such traditional systems.All transactions through any CET web site are executed and managed by the financial management system. 60/926,619, entitled “Payment method and system for online and offline transactions,” filed Apr.
According to an embodiment, a financial management system hosts multiple CET web sites on behalf of multiple merchants.
This application is a continuation of and claims the benefit to U. In such traditional methods, a user must open an account 104 with the service, referred to in as “X” service, and the user must fund the account.
The account 104 must be funded using an external financial source 102, such as a checking account, a credit card, etc.
This creates a worst-case settlement time of up to 8 days, not including any delays caused by verification processes at any transfer point.
Another disadvantage of such current systems is that the user must fund and manage the account 104 with “X” service as a separate account and relationship distinct from any other payor or payee relationships.