Shared Billing Platform for SME Electronic Payments
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Solution Overview
Problem
Small and medium-sized enterprises (SMEs) face challenges in adopting electronic transaction systems due to high costs and lack of standardized systems for cost sharing, and traditional payment methods require explicit bank account information, making it difficult for entities to maintain privacy during transactions.
Innovation Solution
A computer-implemented method and SAAS-based system that allows entities to invite others to open accounts in a billing and payment system, enabling secure sharing of invoice information and electronic payments without revealing bank account details, using a downloadable program interface to configure third-party accounting systems and deploy communication modules for data exchange.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If SMEs install dedicated electronic transaction systems, then electronic transaction capability is improved, but cost increases significantly
Solution Approach 1:
The patent merges multiple SMEs into a single shared electronic transaction system platform. Instead of each SME installing separate dedicated systems, they consolidate their needs into one common infrastructure that serves all participants, thereby reducing individual costs while maintaining electronic transaction capabilities.
Solution Approach 2:
The system is designed as a universal platform that can serve multiple different SMEs with diverse transaction needs. The standardized architecture allows the same system to handle various types of electronic transactions for different entities, making the system adaptable and cost-effective for widespread adoption.
2Ease of operation
If traditional payment methods are used, then bank account transfers are simple, but bank account information privacy is compromised
Solution Approach 1:
The patent introduces an intermediary layer (the electronic transaction system platform) that mediates between payors and payees. This intermediary handles the transfer of funds and information without requiring direct exposure of bank account details between trading parties, thus maintaining privacy while enabling electronic payments.
Solution Approach 2:
The system uses standardized transaction data formats and templates that replicate essential payment information without requiring actual bank account numbers. Entities can share standardized transaction copies rather than sensitive banking details, preserving privacy while maintaining payment functionality.
Data Source
AI summary
A Software As A System (SAAS)-based system is disclosed herein for sending bills and payments in conjunction with a third-party accounting system. The system deploys a downloadable program interface to configure the third-party accounting system and then send and receive data between the two systems. The transmitted bills may contain an electronic signature, a line item billing, and/or other transaction-specific meta data, and, based on cash flow needs and outstanding bills, some or all customers may be offered a very substantial time-limited discount for immediate payment. Also, customers may use the line-item billing feature to withhold partial payments for specific issues attributed to specific items. Alternatively, a communication module between SAAS units (CSU) may be deployed to configure the third-party accounting system and then send and receive data between the two systems.