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GPS database to manage risk for financial transactions

  • US 20050137975A1
  • Filed: 12/23/2003
  • Published: 06/23/2005
  • Est. Priority Date: 12/23/2003
  • Status: Active Grant
First Claim
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1. A system for assessing the risk of accepting proffered promissory payments being made at a plurality of merchants equipped with point of sale devices that transmit information about the proffered promissory payment wherein the point of sale devices further determine their location and transmit the location information, the system comprising:

  • a transceiver that communicates with the plurality of point of sale devices; and

    a risk assessment component that evaluates the financial information about the proffered payment and the location information of the point of sale device, wherein the risk assessment component determines the risk of accepting the proffered payment based on the financial information and the location information of the point of sale device and provides an indication of whether to accept the proffered payment to the point of sale device via the transceiver.

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