Alan T Lane

US Patent:

20110320349, Dec 29, 2011

Filed:

Jun 28, 2010

Appl. No.:

12/824996

Inventors:

Leslie Olsen - Oakland CA, US
Emiko Gordon - Thornton CO, US
Alan Lane - Birchwood TN, US
Eric Hathaway - Lakeville MN, US

International Classification:

G06Q 40/00
G06Q 50/00

US Classification:

705 40, 705314

Abstract:

A system operated by a non-bank financial institution (NBFI) for receiving and processing payments made by renters to property management companies, and method of use therefor, are disclosed. The NBFI provides an electronic payment platform for accepting payments from renters of one or more rental communities owned or managed by one or more property management companies. The NBFI platform processes and directs rental payment to the payment processing systems of a partner bank or other financial institution which has bank accounts owned by the rental communities or property management companies. The partner bank directs the renters' payments into the appropriate account after processing. The NBFI creates and maintains records of all such transactions which are received through its platform, and provides the partner bank and rental communities with access to records in standardized format, such as a format compatible with existing property management or bank software, including any processing and convenience fee information.