Electronic point-of-sale check processing method and system
First Claim
Patent Images
1. A method of conducting a check payment transaction, the method comprising:
- receiving a paper check issued by a payor financial institution at a point-of-sale;
capturing transaction data, including data from the paper check, at the point-of-sale;
processing the transaction data;
generating an authorization receipt;
obtaining a payor approval;
initiating an electronic check ACH entry; and
initiating a terminating process.
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Accused Products
Abstract
A method and system of improving the efficiency of electronic point-of-sale check processing. An electronic payment system infrastructure is positioned at a point-of-sale to support a process by which the MICR data from a paper check is converted into a fully electronic ACH transaction and entered into the banking system for a more rapid, and lower cost clearing process.
80 Citations
48 Claims
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1. A method of conducting a check payment transaction, the method comprising:
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receiving a paper check issued by a payor financial institution at a point-of-sale;
capturing transaction data, including data from the paper check, at the point-of-sale;
processing the transaction data;
generating an authorization receipt;
obtaining a payor approval;
initiating an electronic check ACH entry; and
initiating a terminating process. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9)
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10. A method of conducting a check payment transaction, the method comprising:
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capturing transaction data, including data from a paper check, at the point-of-sale;
processing the transaction data;
generating an authorization receipt;
obtaining a payor approval; and
initiating an electronic check ACH entry. - View Dependent Claims (11, 12, 13, 14, 15, 16, 17)
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18. A paper check payment system for a point-of-sale, the system comprising:
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a paper check transaction data terminal configured to be located at the point-of-sale, the paper check transaction data terminal operable to capture transaction data, including data from a paper check, generate an authorization receipt, and display a payor classification, and the paper check transaction data terminal also operable to transmit the transaction data and to receive the payor classification; and
a financial information management processor coupled to the paper check transaction data terminal, the financial information management processor operable to receive the transaction data, retrieve and store payor transaction data, determine a payor classification, generate an electronic check ACH entry, and transmit the payor classification. - View Dependent Claims (19, 20, 21, 22, 23)
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24. A method of conducting a check payment transaction processing, the method comprising:
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receiving a paper check issued by a payor financial institution at a point-of-sale;
capturing transaction data, including data from the paper check, at the point-of-sale;
retrieving a payor personal data file;
processing the transaction data;
generating an authorization receipt;
obtaining a payor approval;
initiating an electronic check ACH transaction processing entry; and
initiating a terminating process. - View Dependent Claims (25, 26, 27, 28, 29, 30, 31, 32, 33)
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34. A method of conducting a check payment transaction processing, the method comprising:
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capturing transaction data, including data from a paper check, at the point-of-sale;
retrieving a payor personal data file;
processing the transaction data;
generating an authorization receipt;
obtaining a payor approval; and
initiating an electronic check ACH transaction processing entry. - View Dependent Claims (35, 36, 37, 38, 39, 40, 41, 42)
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43. A paper check payment transaction processing system for a point-of-sale, the system comprising:
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a paper check transaction data terminal configured to be located at the point-of-sale, the paper check transaction data terminal operable to capture transaction data, including data from a paper check, generate an authorization receipt, display a payor classification, and display a payor personal data file, and the paper check transaction data terminal also operable to transmit the transaction data and to receive the payor classification; and
a financial information management processor coupled to the paper check transaction data terminal, the financial information management processor operable to receive the transaction data, retrieve and store payor transaction data, retrieve and store payor personal data file, determine a payor classification, generate an electronic check ACH transaction processing entry, and transmit the payor classification and the payor personal data file. - View Dependent Claims (44, 45, 46, 47, 48)
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Specification