METHOD FOR FACILITATING FINANCIAL AND NON FINANCIAL TRANSACTIONS BETWEEN CUSTOMERS, RETAILERS AND SUPPLIERS

• US 20080275760A1
• Filed: 04/25/2008
• Published: 11/06/2008
• Est. Priority Date: 08/15/2006
• Status: Active Grant

• Current Assignee: Signature Systems LLC
• Original Assignee: Last Mile Technologies LLC
• Inventors: Mason, Cliff, Easterly, Frank
• Granted Patent: US 8,027,917 B2
• Time in Patent Office: Days
• US Class Current: 705/10
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/20 Point-of-sale [POS] network systems
• CPC Class Codes: G06Q 30/0207 Discounts or incentives, e.g. coupons or rebates
• CPC Class Codes: G06Q 30/06 Buying, selling or leasing transactions
• CPC Class Codes: G06Q 40/12 Accounting

Abstract

A new medium of tender employs both a primary barcode and a merchant specific extension barcode that are both associated with specific consumers. The system operates within preexisting merchant platforms and links merchant systems, POS systems, inventory systems, SKU systems, barcode readers and a server switch. The system allows the ready linking and access of consumer transaction related information including purchase history, credit information, merchandise details and similar information. It further allows for the ready remittance of payment via the ACH network through the eCache computer network or other funding networks based on criteria established by the merchant itself. It further facilitates the administration of consumer rewards or loyalty programs and also facilitates consignment arrangements between suppliers and merchants.

Claims

1. On a system comprising at least a merchant'"'"'s computer network including a POS terminal attached to said network, a virtual private network (VPN), and a traditional financial computer network capable of funding financial transactions, each said network being linked to a server switch, a method for making a financial transaction comprising the steps of:

creating a user specific primary barcode and at least one user specific extension barcode and associating said user specific extension barcodes with a business entity and associating said user specific extension barcode with a source of funds to close a financial transaction accessible through a computer network;

presenting items for purchase at said POS terminal;

presenting said primary barcode at said POS terminal;

transmitting said primary barcode to said VPN for validation and authorization by the operator of said VPN to conduct transactions on said VPN;

presenting said extension barcode at said POS terminal;

entering data representing said items into said POS terminal and associating said data with said extension barcode;

transmitting said extension barcode and said data to said VPN for approval of a purchase transaction of said items;

applying predetermined rules to said data and to data associated with said primary barcode to determine whether said transaction is authorized to close through the funding source designated by the extension barcode;

if authorized to close, forwarding said approval and data to said source for closing said transaction and closing said transaction.

2. The method of claim 1 further comprising the steps of;

associating said primary barcode and said extension barcode with a master barcode;

maintaining said master barcode as confidential and limiting access to said master barcode to said VPN operator.

3. The method of claim 2 wherein, upon refusal to authorize a transaction through a designated funding source, the server switch routes the customer'"'"'s request to close a transaction to an external verification service for consideration, and if approved by the external verification service, to close the transaction based upon that approval.

4. The method of claim 1 wherein consumer specific-data related to a consumer'"'"'s past purchases is gathered, and maintained in a database format associated with the consumer for use in determining whether to issue future approvals for purchases by a consumer.

5. The method of claim 2 wherein consumer specific-data related to a consumer'"'"'s past purchases is gathered and maintained in a database format associated with a consumer by associating said data with the consumer'"'"'s master barcode for use in determining whether to issue future approvals for purchases by a consumer.

6. The method of claim 2 wherein consumer specific data related to a consumer'"'"'s purchase is gathered and maintained in a database format for use in administering a buyer rewards program.

7. The method of claim 5 wherein the server switch is capable of earmarking a predetermined percentage or fixed amount of the funds received for any sales transaction wherein the earmarked funds are maintained by the VPN in a pooled account for purposes of funding the buyer rewards program.

8. On a system comprising at least a merchant'"'"'s computer network including a POS terminal attached to said network, a virtual private network (VPN), a consignor'"'"'s computer network and a traditional financial computer network capable of funding financial transactions, each said network being linked to a server switch, a method of managing consignment sales comprising the method steps of claim 2 and further comprising the steps of:

Within a merchant'"'"'s computer inventory system, identifying items which are being sold on a consignment basis;

Upon presentation of consignment items by a customer for purchase, transmitting the consignment status of those items to the server switch;

Allocating portions of the paid amount to the consignor and the consignee based upon application of predetermined rules by the server switch; and

Remitting the allocated portions to the consignor and consignee as provided for in the consignment agreement.

9. The method of claim 2 wherein consumer and purchase data related to a consumer'"'"'s purchase is gathered and maintained in a database format for use in marketing.