System and method for verifying payment
First Claim
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.
3 Assignments
0 Petitions
Accused Products
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.
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Citations
21 Claims
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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:
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(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. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9)
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10. A system for verifying a charge payment transaction made at a retail location, the system comprising:
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(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. - View Dependent Claims (11, 12, 13, 14, 15, 16, 17, 18, 19)
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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:
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(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.
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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:
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(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.
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Specification