CHECK CONVERSION PLUS

• US 20080162351A1
• Filed: 03/12/2008
• Published: 07/03/2008
• Est. Priority Date: 03/03/1998
• Status: Abandoned Application

• Current Assignee: Gayle M. Pena, J. D. Siembieda, Paul H. Green, Timothy S. Labadie
• Original Assignee: Gayle M. Pena, J. D. Siembieda, Paul H. Green, Timothy S. Labadie
• Inventors: LaBadie, Timothy S., Siembieda, J. D., Pena, Gayle M., Green, Paul H.
• Application Number:
  US12/046,973
• Publication Number:
  US 20080162351A1
• Time in Patent Office: Days
• US Class Current: 705/45
• CPC Class Codes: G06Q 20/02 involving a neutral party, e.g. certification authority, notary or trusted third party [TTP]
• CPC Class Codes: G06Q 20/042 characterized in that the payment protocol involves at least one cheque
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/102 Bill distribution or payments
• CPC Class Codes: G06Q 20/12 specially adapted for electronic shopping systems
• CPC Class Codes: G06Q 20/4014 Identity check for transactions
• CPC Class Codes: G06Q 20/407 Cancellation of a transaction
• CPC Class Codes: G06Q 30/06 Buying, selling or leasing transactions
• CPC Class Codes: G06Q 30/0601 Electronic shopping [e-shopping]

Abstract

A system for merchants to electronically process statistically-analyzed checks and receive payment on the same electronically from a third-party service provider while the image of the check writer'"'"'s check is stored electronically and the payment itself is presented through the normal check-processing system.

Claims

1. A computerized method for merchants to accept authorized checks and receive payment on the same electronically from a third-party service provider comprising the following steps:

scanning a check from a check writer at a merchant location to acquire a check image;

transmitting the image of the check to a third party service provider, wherein the third party service provider processes the check using the following steps;

retrieving statistical data related to the check writer from the check image;

validating the statistical data against a database of check writer data to determine a probability that the check will be honored;

notifying the merchant that the check is declined when the probability is low, and providing the merchant with an option to override the decline and accept the check;

storing the check image in an image repository;

printing a sight draft of the check; and

depositing the image of the check in a bank account for processing.

2. The method of claim 1 further comprising the step of making the sight draft payable to the third party service provider.

3. The method of claim 1 further comprising the step of making the sight draft as payable to the third party service provider.

4. The method of claim 1, wherein the sight draft is processed through traditional check processing means.