Electronic check processing systems
First Claim
1. A transaction processing system which accepts transactions originating with a user'"'"'s presentation of a payment device, and coverts the transactions into electronic debits form a checking account, wherein the payment device comprises devices other than paper checks, credit cards or debit cards, the transaction processing system comprising:
- one or more computing devices configured to accept transaction requests including MICR data from a check uniquely associated with a payment device other than a check, a credit card or a debit card, presented by a user to a merchant as payment for goods or services;
MICR conversion data usable to covert the MICR data into information used by a clearinghouse system to perform electronic check processing; and
historical transaction data usable to assess a risk of performing the transaction requests.
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Accused Products
Abstract
The present invention includes transaction processing systems that process transactions from merchant systems designed to convert the presentation of virtually any payment device or technology into electronic debits from a checking account. For example, the payment device can include a transponder, a loyalty card, one or more smart cards, a computing device, a personal digital assistant, a wireless telephone, one or more biometric elements, and one or more devices using biometric information.
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Citations
34 Claims
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1. A transaction processing system which accepts transactions originating with a user'"'"'s presentation of a payment device, and coverts the transactions into electronic debits form a checking account, wherein the payment device comprises devices other than paper checks, credit cards or debit cards, the transaction processing system comprising:
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one or more computing devices configured to accept transaction requests including MICR data from a check uniquely associated with a payment device other than a check, a credit card or a debit card, presented by a user to a merchant as payment for goods or services;
MICR conversion data usable to covert the MICR data into information used by a clearinghouse system to perform electronic check processing; and
historical transaction data usable to assess a risk of performing the transaction requests. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12)
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- 13. A transaction processor comprising a one or more computing devices which convert MICR data into electronic debits to be settled against a checking account of a user through a clearinghouse system when a user presents to a merchant an alternative payment device as payment for goods or services being purchased, wherein the alternative payment device is other than a paper check, credit card or debit card.
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19. A method of enrolling a user in a transaction processing system which provides for payment for goods or services by a user through a payment device associated with a checking account, wherein the payment device is not a paper check, credit card, or debit card, the method comprising:
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formatting at least one validation transaction from enrollment data provided by a user, wherein the enrollment data includes data associated with a checking account;
processing the at least one validation transaction to a clearinghouse system as an electronic debit or credit to the checking account;
receiving confirmation indicating whether the at least one validation transaction was properly settled; and
transmitting an indication of the confirmation to be used in the determination of whether to enroll the user in a transaction processing system which provides for payment for goods or services through a payment device other than a paper check, credit card, or debit card, the payment device being associated with the checking account. - View Dependent Claims (20, 21, 22)
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23. A method of processing purchase transactions from a payment device, the method comprising:
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converting MICR data from a merchant'"'"'s transaction request into at least a portion of an electronic debit when the merchant indicates that a user has presented a payment device as payment for goods or services, wherein the payment device is not a paper check, credit card, or debit card and wherein the MICR data is associated with a paper check from a checking account;
submitting the electronic debit to the clearinghouse system; and
receiving confirmation indicating whether the electronic debit was properly settled. - View Dependent Claims (24, 25, 26, 27, 28)
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29. A transaction system comprising:
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means for receiving a transaction request when a payment device other than a paper check, a credit card, or a debit card is presented as payment of a purchase price for goods or services being purchased, wherein the transaction request includes at least MICR data corresponding to a paper check and associated with a checking account, and the purchase price;
means for converting the MICR data into an electronic debit to be submitted for settlement to a clearinghouse system; and
means for receiving reports of the settlement. - View Dependent Claims (30, 31, 32, 33, 34)
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Specification