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System and method for verifying the authenticity of a check and authorizing payment thereof

  • US 20080091603A1
  • Filed: 10/31/2007
  • Published: 04/17/2008
  • Est. Priority Date: 12/10/1999
  • Status: Active Grant
First Claim
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1. A method of assuring payment for and receipt of merchandise involved in a commercial transaction between a customer and a vendor, said method comprising:

  • the customer communicating an intent to purchase predetermined merchandise and a payment medium to the vendor, the vendor communicating to a verification center and intended arrival date of the merchandise to the customer, the vendor communicating the purchase price of the merchandise to the verification center, the verification center isolating a monetary amount corresponding to the purchase price from the payment medium, establishing a predetermined time period for accepting or rejecting the merchandise by the customer, releasing the isolated monetary amount to the vendor if the customer either accepts or fails to reject the merchandise within the predetermined time period, and returning the isolated monetary amount to the customer, if the customer rejects the merchandise within the predetermined time period.

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