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Method and system for electronic payment and check guarantee

  • US 20020026365A1
  • Filed: 08/22/2001
  • Published: 02/28/2002
  • Est. Priority Date: 08/29/2000
  • Status: Abandoned Application
First Claim
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1. A process for settling and guaranteeing a point-of-sale transaction between a consumer and a merchant comprising:

  • presenting a prepared bank check, in relation to a point-of-sale transaction, to the merchant;

    scanning the prepared bank check with a point-of-sale terminal located at the point-of-sale transaction, creating a scanned image of the prepared bank check;

    transmitting the scanned image of the prepared bank check and transmitting transaction information to a central database from the point-of-sale terminal; and

    obtaining consumer bank account information from the scanned image of the prepared bank check;

    submitting the consumer bank account information and transaction information to a originating depository financial institution for subsequent electronic settlement.

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