CASH TRANSACTION SYSTEM

• US 20060080198A1
• Filed: 07/27/2005
• Published: 04/13/2006
• Est. Priority Date: 09/28/2004
• Status: Abandoned Application

• Current Assignee: Brian J. Doyle
• Original Assignee: Brian J. Doyle
• Inventors: Doyle, Brian J.
• Application Number:
  US11/161,242
• Publication Number:
  US 20060080198A1
• Time in Patent Office: Days
• US Class Current: 705/35
• CPC Class Codes: G06Q 20/04 Payment circuits
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/385 using an alias or single-use codes
• CPC Class Codes: G06Q 30/06 Buying, selling or leasing transactions
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes

Abstract

A cash avoidance system uses an identifier associated with a hardware token such as a card to establish an account. Change from cash transactions are credited to the account to be spent for future purchases anonymously. The person in possession of the card may then debit the account to purchase goods and services. The transactions may be carried out over a mesh network.

Claims

1. A method of completing a financial transaction, the method comprising the steps of:

creating an identifier relating to a person who is paying for one or more products or services having a purchase price with a tendered amount of cash that is in excess of the purchase price, leaving change due to the person;

transmitting the identifier, the purchase price and the tendered amount to a server; and

crediting an account associated with the identifier with all or a portion of the change.

2. The method of claim 1 further comprising the step of debiting the account during a purchase.

3. The method of claim 1 in which the identifier is biometric data.

4. The method of claim 1 in which the identifier comprises a unique identifier derived from a number associated with a card carried by the person.

5. The method of claim 4 in which the card is one of a driver'"'"'s license, student card, health card, and a financial card.

6. The method of claim 5 in which the identifier is derived from the numbers obtained when swiping a magnetic card.

7. The method of claim 1 in which transmission of the identifier is carried out over a mesh network.

8. A record stored in a computer readable storage medium, the record comprising:

a unique identifier; and

an asset identifier, where the asset identifier comprises amounts of change obtained from an aggregation of multiple transactions where the amount of cash tendered in a transaction exceeded the sale price of the transaction.

9. The record of claim 8 in which the unique identifier is derived from a number on one of a driver'"'"'s license, student card, health card, and a financial card.

10. The record of claim 8 in which the asset identifier includes amounts deposited or reloaded apart from change from a purchase transaction.

11. The record of claim 8 wherein the identifier is derived from electronically readable information from an electronically readable card.

12. The record of claim 8 where the identifier is or is derived from biometric data.