PAYMENT SYSTEM FOR TRAVELERS AND OTHER CHECKS AND A DEBIT CUM CREDIT CARD
First Claim
2. The process of claim further comprising:
- funding a reward incentive to the consumer from such discount collected, applying data processing means
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Accused Products
Abstract
A merchant discount is levied on receiving payments through Traveler'"'"'s and other checks, from which a consumer reward is funded. A line of credit is extended in a conventional bank deposit account with checking option. When a check payable from such an account is presented, it is processed as a debit transaction if the funds are available from the deposits, and as a credit if it is paid from the line of credit. A debit-cum-credit card is also issued and processed through the payment system networks in the same way as above. A merchant discount is levied in each case, which may be higher in credit and lower in debit. A different level of reward incentive linked to each payment may then be awarded to the consumer, funded from the savings in processing each transaction. In addition, in a new method of check payment on the Internet, the payer writes an original check on a special form, scans and sends the scan and other check data to a payment server, which in turn produces an image replacement document to process it as a substitute check.
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Citations
27 Claims
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2. The process of claim further comprising:
funding a reward incentive to the consumer from such discount collected, applying data processing means
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8. A computerized financial process of awarding reward incentives on payment with checks, comprising:
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enrolling a consumer in a reward incentive program for payment with checks issued against a checking account in a financial institution being presented by a merchant'"'"'s bank such check used by the consumer for payment to the merchant paying the merchant proceeds of the check presented, through clearing and settlement at par with the merchant'"'"'s bank debiting, invoicing and collecting from the merchant a contracted discount on processing the payment - View Dependent Claims (9, 10)
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11. A computerized financial process for a debit-cum-credit checking account comprising:
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opening a deposit checking account with a line of credit to a consumer receiving payment from the said consumer through a check issued to a merchant being presented with the check by the merchant'"'"'s bank to the issuer bank, through banking clearinghouse determining if there is sufficient fund available in the deposit account and if such fund is available processing the transaction as a debit entry, and if the fund is insufficient but within the line of credit processing the transaction as a credit advanced to the said consumer debiting, invoicing and collecting from the merchant a first contracted discount on processing the payment as debit and a second contracted discount on processing the payment as credit - View Dependent Claims (3, 12, 13, 16, 17, 18, 19)
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14. A computerized financial process for receiving payments through a Debit-cum-Credit card comprising:
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opening a deposit account with a line of credit to a consumer and providing him with a credit-cum-debit card linked to the said account at an issuer bank receiving payment through the said card from the said consumer at a merchant terminal;
inputting the card information and the amount and transmitting it to the issuer bank, through a payment system network meansdetermining if there is sufficient fund available in the deposit account processing the transaction as a debit transaction and deducting a first merchant discount, if such fund is available processing the transaction as a credit transaction and deducting a second merchant discount if the fund is insufficient but within the line of credit;
applying data processing program logic means - View Dependent Claims (15)
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20. A method of making check payments on a computer network including Internet comprising:
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being issued checks with MICR codes, for use in electronic payments to a payee, on a computer network including Internet manually writing on such a check a payee, an amount, a date and a signature scanning the manually written check with scanner means, encrypting the said scan and sending to a payee, on a secured server applying software means being presented with a confirmation of the receipt of the said scan and also being presented with a form for manually entering and confirming check data, through a GUI means manually entering and confirming the said check data, including the said payee, the said amount, the said date and the said MICR codes, through a keyboard, through a GUI means the said check scan and the said check data being used to create an image replacement document or a substitute check image the said image replacement document or substitute check image being processed through bank clearing - View Dependent Claims (1, 4, 5, 6, 7, 21, 22, 23, 24, 25, 26, 27)
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21-1. The method of claim 20 further comprising;
the said processing is through Automated Clearing House (ACH), and as an Accounts Receivable Conversion (ARC) or a Point of Presentment (POP) conversion.
Specification