Method and system for processing payment items at a central processor

• US 20050273347A1
• Filed: 06/04/2004
• Published: 12/08/2005
• Est. Priority Date: 06/04/2004
• Status: Abandoned Application

• Current Assignee: JP Morgan Chase Bank, N.A. (JP Morgan Chase & Co)
• Original Assignee: Bank One Delaware National Association (JP Morgan Chase & Co)
• Inventors: Dudley, Christopher A., Guelda, Arthur F. IV, Shishmanian, Carl
• Application Number:
  US10/860,287
• Publication Number:
  US 20050273347A1
• Time in Patent Office: Days
• US Class Current: 705/39
• CPC Class Codes: G06Q 10/0833 Tracking
• CPC Class Codes: G06Q 20/023 the neutral party being a clearing house
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 30/06 Buying, selling or leasing transactions

Abstract

A method and system of the present invention are directed to processing payment items at a central processing facility for a merchant with multiple merchant locations. A computer implemented method for processing payment items may involve receiving an envelope with a label wherein the envelope comprises payment items from a merchant location; wherein the label indicates to a sorter at a mail facility that the envelope is destined for a central processor and the envelope skips regular mail channels; encoding one or more of the payment items at the central processor; depositing the payment items into a single national account associated with a merchant entity, wherein the merchant entity comprises a plurality of merchant locations; clearing the payment items through one or more payor entities; and providing funds availability information to the merchant entity through an online interface.

Claims

1. A computer implemented method for processing payment items, the computer implemented method comprising the steps of:

receiving an envelope with a label wherein the envelope comprises payment items from a merchant location;

wherein the label indicates to a sorter at a mail facility that the envelope is destined for a central processor and the envelope skips regular mail channels;

encoding one or more of the payment items at the central processor;

depositing the payment items into a single national account associated with a merchant entity, wherein the merchant entity comprises a plurality of merchant locations;

clearing the payment items through one or more payor entities; and

providing funds availability information to the merchant entity through an online interface.

2. The method of claim 1, wherein the funds availability information is available at a time period less than 24 hours from a time when the merchant location transports the payment items in the envelope with the label.

3. The method of claim 1, wherein the payment items are collected at a merchant location during a time period within a single day.

4. The method of claim 1, providing report generating options through the online interface.

5. The method of claim 1, wherein the plurality of merchant locations are located throughout a plurality of states.

6. The method of claim 1, wherein the payment items comprise one or more of checks and cash.

7. The method of claim 1, wherein the funds availability information is sorted by a merchant location identifier assigned to each merchant location.

8. The method of claim 1, wherein the envelope is an envelope for overnight delivery.

9. The method of claim 1, wherein each merchant location of the merchant entity collects payment items where the payment items are transported from each merchant location to the central processor in the envelope.

21. At least one processor readable carrier for storing a computer program of instructions configured to be readable by at least one processor for instructing the at least one processor to execute a computer process for performing the method as recited in claim 1.

10. A method for processing payment items, the method comprising the steps of:

collecting payment items at a merchant location, wherein a merchant entity comprises a plurality of merchant locations;

obtaining a label for an envelope to transport the payment items, wherein the label indicates to a sorter at a mail facility that the envelope is destined for a central processor and the envelope skips regular mail channels;

transporting the payment items in the envelope with the label to the central processor wherein the payment items are deposited into a single national account and processed accordingly; and

tracking one or more deposits associated with the payment items through an online interface.

11. A computer implemented system for processing payment items, the computer implemented system comprises:

receiving module for receiving an envelope with a label wherein the envelope comprises payment items from a merchant location;

wherein the label indicates to a sorter at a mail facility that the envelope is destined for a central processor and the envelope skips regular mail channels;

clear payment module for encoding one or more of the payment items at the central processor;

depositing the payment items into a single national account associated with a merchant entity, wherein the merchant entity comprises a plurality of merchant locations; and

clearing the payment items through one or more payor entities; and

funds availability module for providing funds availability information to the merchant entity through an online interface.

12. The system of claim 11, wherein the funds availability information is available at a time period less than 24 hours from a time when the merchant location transports the payment items in the envelope with the label.

13. The system of claim 11, wherein the payment items are collected at a merchant location during a time period within a single day.

14. The system of claim 11, providing report generating options through the online interface.

15. The system of claim 11, wherein the plurality of merchant locations are located throughout a plurality of states.

16. The system of claim 11, wherein the payment items comprise one or more of checks and cash.

17. The system of claim 11, wherein the funds availability information is sorted by a merchant location identifier assigned to each merchant location.

18. The system of claim 11, wherein the envelope is an envelope for overnight delivery.

19. The system of claim 11, wherein each merchant location of the merchant entity collects payment items where the payment items are transported from each merchant location to the central processor in the envelope.

20. A system for processing payment items, the system comprising:

a collection means for collecting payment items at a merchant location, wherein a merchant entity comprises a plurality of merchant locations;

a label interface for obtaining a label for an envelope to transport the payment items, wherein the label indicates to a sorter at a mail facility that the envelope is destined for a central processor and the envelope skips regular mail channels;

wherein the payment items are transported in the envelope with the label to the central processor wherein the payment items are deposited into a single national account and processed accordingly; and

an online interface for tracking one or more deposits associated with the payment items through an online interface.

22. At least one signal embodied in at least one carrier wave for transmitting a computer program of instructions configured to be readable by at least one processor for processing payment items, the computer process comprising:

receiving means for receiving an envelope with a label wherein the envelope comprises payment items from a merchant location;

wherein the label indicates to a sorter at a mail facility that the envelope is destined for a central processor and wherein the envelope skips regular mail channels;

encoding means for encoding one or more of the payment items at the central processor;

depositing means for depositing the payment items into a single national account associated with a merchant entity, wherein the merchant entity comprises a plurality of merchant locations;

clearing means for clearing the payment items through one or more payor entities; and

funds availability means for providing funds availability information to the merchant entity through an online interface.