David A Joseph

US Patent:

7801813, Sep 21, 2010

Filed:

Feb 9, 2004

Appl. No.:

10/775751

Inventors:

Owen H. Brown - Montclair NJ, US
David N. Joseph - Bowdoinham ME, US

Assignee:

Davo Financial Services LLC - Montclair NJ

International Classification:

G06Q 40/00

US Classification:

705 39

Abstract:

A method is employed to impound funds from merchant sales electronically in an escrow account for later use such as payment of associated sales taxes. An electronic funds processor (EFP) determines escrow information for credit/debit card charge payment requests made by the merchant via a credit/debit card terminal, forwards the requests to one or more credit/debit card issuers, extracts an escrow amount from payments made by the issuers to the merchant, and credits an escrow account of the merchant with the extracted amounts. An escrow agent periodically makes payments from the escrow account, and provides associated reporting to the merchant. The merchant is able to report cash sales via the credit/debit card terminal, and associated escrow amounts are extracted from credit/debit card payments or from another merchant account.

US Patent:

RE44189, Apr 30, 2013

Filed:

Jul 1, 2011

Appl. No.:

13/175108

Inventors:

Owen H. Brown - Montclair NJ, US
David N. Joseph - Bowdoinham ME, US

Assignee:

DAVO Technologies LLC - Montclaie NJ

International Classification:

G06Q 40/00

US Classification:

705 39, 705 37

Abstract:

A method is employed to impound funds from merchant sales electronically in an escrow account for later use such as payment of associated sales taxes. An electronic funds processor (EFP) determines escrow information for credit/debit card charge payment requests made by the merchant via a credit/debit card terminal, forwards the requests to one or more credit/debit card issuers, extracts an escrow amount from payments made by the issuers to the merchant, and credits an escrow account of the merchant with the extracted amounts. An escrow agent periodically makes payments from the escrow account, and provides associated reporting to the merchant. The merchant is able to report cash sales via the credit/debit card terminal, and associated escrow amounts are extracted from credit/debit card payments or from another merchant account.

US Patent:

20030105688, Jun 5, 2003

Filed:

Dec 5, 2001

Appl. No.:

10/010340

Inventors:

Owen Brown - Montclair NJ, US
David Joseph - Little Falls NJ, US

International Classification:

G06F017/60

US Classification:

705/031000, 705/038000, 705/039000

Abstract:

A secure digital escrow account transaction system and method provides that when a customer pays for retail goods or services by credit card, only the retailer's charges for goods and services are transferred from the customer's bank to the retailer's account. The customer sales tax payments in connection with those purchases however are transferred from the customer's bank into an impound account managed by, in one embodiment, a system linkage. The system linkage could be managed by an outside company which, at the end of each payment period, is responsible for transferring the appropriate amount to the State taxing authority with the appropriate forms and reports required by the State on behalf of the retailer.

US Patent:

20140006192, Jan 2, 2014

Filed:

Jun 29, 2012

Appl. No.:

13/537779

Inventors:

Owen H. Brown - Montclair NJ, US
David N. Joseph - Bowdoinham ME, US

Assignee:

DAVO FINANCIAL SERVICES LLC - Montclair NJ

International Classification:

G06Q 40/00
G06Q 20/40
G06Q 20/20
G06Q 20/10

US Classification:

705 19, 705 39, 705 44

Abstract:

A computer-implemented method is provided for segregating funds associated with transactions of a seller. Such method may comprise storing data relating to a seller; and determining a sales amount corresponding to transactions of the seller associated with a closeout period. The method may include determining an escrow amount based on the sales amount and a tax rate applicable to the transactions. An instruction can be transmitted to an electronic funds processor (EFP) to direct the EFP to credit an escrow account with the escrow amount.