Method and system of check presentation

• US 20070214086A1
• Filed: 03/10/2006
• Published: 09/13/2007
• Est. Priority Date: 03/10/2006
• Status: Active Grant

• Current Assignee: David Homoki
• Original Assignee: David Homoki
• Inventors: Homoki, David
• Granted Patent: US 7,747,529 B2
• Time in Patent Office: Days
• US Class Current: 705/45
• CPC Class Codes: G06Q 20/00 Payment architectures, schemes or protocols apparatus for performing or posting payment transactions G07F7/08, G07F19/00; electronic cash registers G07G1/12
• CPC Class Codes: G06Q 20/042 characterized in that the payment protocol involves at least one cheque
• CPC Class Codes: G06Q 30/06 Buying, selling or leasing transactions

Abstract

A method and system of check presentation. At least some of the illustrative embodiments are methods comprising accepting a first paper check and a second paper check in exchange for a good or service (the second paper check postdated), converting the first paper check and the second paper check into a first electronic request and a second electronic request respectively, presenting the first electronic request for payment through a funds transfer network, electronically storing the second electronic request, and then presenting the second electronic request for payment through the funds transfer network on the postdated date.

Claims

1. A method comprising:

accepting a first paper check and a second paper check in exchange for a good or service, the second paper check postdated;

converting the first paper check and the second paper check into a first electronic request and a second electronic request respectively;

presenting the first electronic request for payment through a funds transfer network;

electronically storing the second electronic request; and

then

presenting the second electronic request for payment through the funds transfer network on the postdated date.

2. The method as defined in claim 1 further comprising, prior to the accepting, performing a check verification with respect to the first paper check.

3. The method as defined in claim 2 wherein performing a check verification further comprises accessing a database comprising information on one or more selected from the group:

the person writing the check;

the account number of the check; and

history of checks written on the account returned for insufficient funds.

4. The method as defined in claim 1 wherein converting further comprises:

creating a digital image of the first paper check; and

creating a digital image of the second paper check, and associating with the digital image of the second paper check the postdated date.

5. The method as defined in claim 1 wherein presenting in each case further comprises presenting through the Automated Clearing House network.

6. The method as defined in claim 1 further comprising:

wherein presenting the first electronic request further comprises presenting the first electronic request as a point of purchase transaction; and

wherein presenting the second electronic request further comprises present the first electronic request as an accounts receivable conversion transaction.

7. A system comprising:

a point of sale (POS) device configured to accept data regarding a first paper check and a second paper check, the second paper check postdated and the first and second paper checks in payment for the same purchase;

a computer system configured to couple to the POS device, the computer system also configured to couple to a funds transfer network;

wherein the POS device creates a digital image of a first paper check, and communicates the digital image to the computer system, and wherein the POS device creates a digital image of a second paper check and communicates the digital image and the postdated date to the computer system;

wherein the computer system is configured to present a transaction represented by the first paper check as an electronic debit through the funds transfer network, and wherein the computer system is configured to store the digital image of the second paper check and present a transaction represented by the second paper check as an electronic debit through the funds transfer network on the postdated date.

8. The system as defined in claim 7 wherein the POS device couples to the computer system by one or more selected from the group:

a telephone modem;

an Internet connection;

a dedicated connection over a telephone network;

a satellite connection.

9. The system as defined in claim 7 wherein the computer system is further configured to send to the POS device an indication of whether the first paper check should be accepted.

10. The system as defined in claim 7 wherein the computer system further comprises a processor and a long term digital data storage device, wherein the computer system stores the digital image of the second paper check in the long term storage device.

11. The system as defined in claim 7 wherein the computer system is further configured to present the transaction represented by the first paper check to the funds transfer network as a point of purchase transaction, and wherein the computer system is configured to present the transaction represented by the second paper check to the funds transfer network as an accounts receivable conversion transaction.

12. A method comprising:

receiving a digital image of a current dated check;

receiving a digital image of a postdated check along with a postdated date, the current dated check and postdated check payment for a purchase;

presenting a first electronic request representing the current dated check, the presenting to an electronic funds transfer network;

presenting a second electronic representing the postdated check, the presenting to the electronic funds transfer network and proximate in time to the postdated date.

13. The method as defined in claim 12 further comprising, prior to presenting:

analyzing information related to the current dated check, at least some of the information related only to the first dated check; and

sending approval to accept the both the current dated check and the post dated check.

14. The method as defined in claim 13 wherein analyzing further comprises accessing third party database services.

15. The method as defined in claim 13 wherein analyzing further comprising analyzing using the check number and draft amount of the current dated check.

16. The method as defined in claim 12 further comprising:

wherein presenting the first electronic request further comprises presenting the first electronic request as a point of purchase transaction; and

wherein presenting the second electronic request further comprises present the first electronic request as an accounts receivable conversion transaction.

17. A computer readable media storing a computer program that, when executed by a processor, performs a method comprising:

receiving a digital image of a current dated check and a postdated check;

receiving a digital image of a postdated check along with a postdated date, the current dated check and postdated check payment for a purchase;

presenting a first electronic request representing the current dated check, the presenting to an electronic funds transfer network;

presenting a second electronic representing the postdated check, the presenting to the electronic funds transfer network and proximate in time to the postdated date.

18. The computer readable media as defined in claim 17 wherein the method further comprising:

analyzing information related to the current dated check, at least some of the information related only to the first dated check; and

sending approval to accept the both the current dated check and the post dated check.

19. The computer readable media as defined in claim 18 wherein the method further comprises accessing third party database services.

20. The computer readable media as defined in claim 18 wherein analyzing further comprises analyzing analyzing using the check number and draft amount of the current dated check.

21. The computer readable media as defined in claim 17 wherein the method further comprising:

wherein presenting the first electronic request further comprises presenting the first electronic request as a point of purchase transaction; and

wherein presenting the second electronic request further comprises present the first electronic request as an accounts receivable conversion transaction.