Arthur H Hall

US Patent:

20080228643, Sep 18, 2008

Filed:

Mar 16, 2007

Appl. No.:

11/724999

Inventors:

Arthur W. Hall - New York NY, US

International Classification:

G06Q 40/00

US Classification:

705 40

Abstract:

A system and method for payment by a consumer of a purchase from one of a plurality of participating vendors. Each product or service for purchase is classified by a central office into a unique class. A single vendor is permitted for each class of product or service thereby guaranteeing a maximum return of investment. The consumer establishes a vendor escrow account, wherein each vendor escrow accounts is associated with a specific participating vendor. In advance of the purchase, a predetermined amount of funds, as specified by the consumer, is diverted from their paycheck into the vendor escrow account and prohibited thereafter from withdrawal by the consumer. Appropriate funds are debited from the vendor escrow account in payment for the purchase made by the consumer from the associated participating vendor.