System and method for verifying payment

• US 20060015458A1
• Filed: 11/17/2004
• Published: 01/19/2006
• Est. Priority Date: 07/13/2004
• Status: Active Grant

• Current Assignee: SanDisk IL Ltd. (Western Digital Corporation)
• Original Assignee: M-Systems Flash Disk Pioneers Ltd. (Western Digital Corporation)
• Inventors: Teicher, Mordechai
• Granted Patent: US 8,249,988 B2
• Time in Patent Office: Days
• US Class Current: 705/40
• CPC Class Codes: G06Q 20/102 Bill distribution or payments
• CPC Class Codes: G06Q 20/341 Active cards, i.e. cards including their own processing means, e.g. including an IC or chip
• CPC Class Codes: G06Q 20/4093 Monitoring of device authentication
• CPC Class Codes: G07F 7/1008 Active credit-cards provided with means to personalise their use, e.g. with PIN-introduction/comparison system

Abstract

A method, apparatus and system for verifying a charge payment transaction subsequent to executing the charge payment transaction in a retail location. The method includes moving a charge payment device into the retail location and presenting the charge payment device at a merchant point of sale located at the retail location for performing the charge payment transaction. A transaction record of the charge payment transaction is stored in a transaction log within the charge payment device. A report record of the charge payment transaction is transmitted from the merchant point of sale to a settlement system and added to an electronic payments report. The transaction log is electronically correlated with the electronic payments report, checking for discrepancies between the transaction log and the electronic payments report.

Claims

1. A method for verifying a charge payment transaction subsequent to executing the charge payment transaction in a retail location, the method comprising the steps of:

(a) moving a charge payment device into the retail location;

(b) presenting the charge payment device at a merchant point of sale located at the retail location for performing the charge payment transaction;

(c) storing a transaction record of the charge payment transaction in a transaction log within said charge payment device;

(d) transmitting a report record of the charge payment transaction from the merchant point of sale to a settlement system for adding to an electronic payments report; and

(e) electronically correlating said transaction log with said electronic payments report thereby checking for at least one discrepancy between said transaction log and said electronic payments report.

2. The method of claim 1, wherein said at least one discrepancy includes said transaction record being different from said report record.

3. The method of claim 1, wherein said at least one discrepancy includes said payments report including said report record while a corresponding transaction record is absent from said transaction log.

4. The method of claim 1, wherein said at least one discrepancy includes said transaction log including said transaction record while a corresponding report record is absent in said payments report.

5. The method of claim 1, further comprising a step of:

(f) checking for at least one exception in said electronic payments report.

6. The method of claim 1, further comprising a step of:

(f) removably connecting said charge payment device to a computer for performing said correlating by said computer.

7. The method of claim 6, wherein said charge payment device forms part of a portable device, said portable device including further a comparator software, the method further comprising the step of:

(g) loading said comparator software onto said computer for enabling said correlating.

8. The method of claim 1, wherein said charge payment device forms part of a portable device, said portable device also including:

(i) a user interface and (ii) a comparator performing said correlating;

the method further comprising the step of displaying a result of said correlating on said user interface.

9. The method of claim 1, wherein said charge payment device forms part of a portable device including a comparator performing said correlating, the method further comprising the step of removably connecting said portable device to a computer for displaying by said computer a result of said correlating.

10. A system for verifying a charge payment transaction made at a retail location, the system comprising:

(a) a charge payment device movable into the retail location;

(b) a merchant point of sale at the retail location which receives said charge payment device for performing the payment transaction;

(c) a log storage device included in said charge payment device for storing a transaction record in a transaction log of the payment transaction;

(d) a communication port operatively connectable to a settlement system, for receiving from the settlement system an electronic payments report including a report record of the charge payment transaction; and

(e) a comparator for receiving and correlating said transaction log and said electronic payments report thereby checking for at least one discrepancy.

11. The system of claim 10, wherein said at least one discrepancy includes said transaction record being different from said report record.

12. The system of claim 10, wherein said at least one discrepancy includes said payments report including said report record while a corresponding transaction record is absent in said transaction log.

13. The system of claim 10, wherein said at least one discrepancy includes said transaction log including said transaction record while a corresponding report record being absent in said payments report.

14. The system of claim 10, wherein said comparator also checks for at least one exception in said electronic payments report

15. The system of claim 14, wherein said exception is selected from the group consisting of an amount of the charge payment transaction is greater than a previously defined maximum amount and the charge payment transaction is performed in a foreign country.

16. The system of claim 10, wherein said comparator forms part of a computer removably connectable to said charge payment device.

17. The system of claim 16, wherein said charge payment device forms part of a portable device, said portable device also including a comparator software for loading onto said computer thereby enabling said correlating by said comparator.

18. The system of claim 10, wherein said charge payment device forms part of a portable device, said portable device also including:

a comparator to perform said correlating, and a user interface to show a result of said correlating.

19. The system of claim 10, wherein said charge payment device forms part of a portable device including a comparator for performing said correlating, the system further comprises a computer that is removably connectable to said portable device for displaying a result of said correlating.

20. A portable device for verifying a charge payment transaction, the charge payment transaction performed by the portable device when visiting a merchant point of sale within a retail location, the merchant point of sale connectable to a settlement system for producing an electronic payments report, the portable device comprising:

(a) a charge payment device which interfaces with the merchant point of sale, said charge payment device including a payment module to perform the charge payment transaction and a log storage device for recording the charge payment transaction; and

(b) a comparator which receives the electronic payments report, retrieves a transaction log from said log storage device, and correlates the electronic payments report with said transaction log to check whether said transaction log and said electronic payments report include at least one discrepancy.

21. A portable device for verifying a charge payment transaction, the charge payment transaction being performed by the portable device when visiting a merchant point of sale within a retail location, the merchant point of sale being connectable to a settlement system for producing an electronic payments report, the portable device being removably connectable to a computer, the portable device comprising:

(a) a charge payment device which interfaces with the merchant point of sale, the charge payment device including a payment module for performing the charge payment transaction, the charge payment device further including a log storage device for recording the charge payment transaction; and

(b) a comparator software for being loaded onto the computer and running thereon for;

(i) receiving the electronic payments report, (ii) retrieving a transaction log from said log storage device, and (iii) correlating the electronic payments report and said transaction log to check whether the electronic payments report and said transaction log include at least one discrepancy.