Patent Number: 8,719,126

Title: Funds collection tools and techniques

Abstract: Tax collection tools and techniques automatically and electronically separate tax amounts from other funds in a commercial transaction, and divert the collected tax into a holding fund. The holding fund bears income, at little or no risk. Funds collected are tracked, as are their payment due dates, and tax payments are made automatically from the holding fund to tax authorities in a timely manner on behalf of merchants. Income from the holding fund may be distributed among various parties. Collection of debt, whether taxes or otherwise, through automatic incremental billing is also described.

Inventors: Hall; Josh (Provo, UT), Ogilvie; John W. (Salt Lake City, UT)

Assignee: Ogilvie; John

International Classification: G06Q 40/00 (20120101)

Expiration Date: 5/06/12018