PROCESS OF AND SYSTEM FOR FACILITATING CHECK PROCESSING AT POINT OF SALE AND ACCELERATED CREDIT FOR CHECK TRANSACTIONS
First Claim
1. A process of providing credit to a retailer for collections occurring during financial transactions with the retailer, comprising the steps of:
- collecting checks from customers by a retailer during financial transactions between the customers and the retailer over a period of time;
depositing the collected checks into at least one safe disposed at the retailer;
calculating, at a designated time, a total monetary value of the checks deposited into the safe over said period of time; and
electronically transmitting at least one data file having data identifying the calculated total monetary value of the checks over said period of time to enable for the crediting of the retailer by a financial institute with the identified calculated total monetary value of the checks.
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Accused Products
Abstract
Process of and system for providing credit to a retailer by collecting checks from customers during financial transactions between the customers and the retailer, depositing by the retailer the collected checks into a safe located at the retailer facility, calculating the total monetary value of the checks that are deposited into the safe, and electronically transmitting a data file that identifies the calculated total monetary value of the deposited checks. Using the information in the transmitted data file, the retailer is credited by a bank or other financial institute with the total monetary value of the deposited checks. Crediting may be provided on a business day basis, and other features include imaging of the deposited checks, facilitating check processing using the image files of the checks, displaying the imaged checks on a display at the retailer during the financial transaction, depositing the checks into the same safe into which cash collected by the retailer is deposited, providing the checks within the safe in sealed cassettes, and printing an image of a collected check on a receipt that is provided to the customer. Other features also are described. The process and system advantageously make funds readily available and improves cash flow to retailers who take-in checks as part of their normal business operations.
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Citations
33 Claims
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1. A process of providing credit to a retailer for collections occurring during financial transactions with the retailer, comprising the steps of:
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collecting checks from customers by a retailer during financial transactions between the customers and the retailer over a period of time; depositing the collected checks into at least one safe disposed at the retailer; calculating, at a designated time, a total monetary value of the checks deposited into the safe over said period of time; and electronically transmitting at least one data file having data identifying the calculated total monetary value of the checks over said period of time to enable for the crediting of the retailer by a financial institute with the identified calculated total monetary value of the checks. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15)
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16. A process of providing credit to a retailer for collections occurring during financial transactions with the retailer, comprising the steps of:
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collecting checks from customers by a retailer during financial transactions between the customers and the retailer over a plurality of business days; depositing the collected checks into a safe disposed at the retailer; calculating, at an end of day for each of the business days, a total monetary value of the checks deposited into the safe between the end of day of a business day preceding the respective business day and the end of day for the respective business day; and electronically transmitting, at the end of day of each of the business days, a respective data file identifying the respective calculated total monetary value to enable for the respective crediting of the retailer by a financial institute with the respective calculated total monetary value. - View Dependent Claims (17, 18, 19, 20, 21, 22, 23, 24, 25)
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26. A process of providing credit to a retailer for collections occurring during financial transactions with the retailer, comprising the steps of:
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collecting checks by a retailer at a plurality of retailer locations over a period of time; depositing the checks collected at each of the retailer locations into safes respectively disposed at the retailer locations; calculating a respective total monetary value of the checks deposited into the respective safe at each of the retailer locations over the period of time; electronically transmitting, for each of the retailer locations, a respective data file identifying the respective calculated total monetary value of the checks deposited at each of the retailer locations; receiving by a facility all of the electronically transmitted data files; and arranging by the facility for the retailer to be provided by a financial institute with a total credit corresponding to a sum of the calculated total monetary values of the checks deposited into the safes at each of the retailer locations as identified in the received data files. - View Dependent Claims (27, 28)
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29. An electronic system, comprising:
a safe disposed at a retailer location, the safe having stored therein a plurality of checks collected by a retailer over a period of time, the safe being adapted to calculate a total monetary value of the checks deposited into the safe over the period of time, and adapted to electronically transmit a data file identifying the calculated total monetary value of the checks deposited into the safe over said period of time to enable for the crediting of the retailer by a financial institute with the calculated total monetary value of the checks deposited into the safe as identified in the data file. - View Dependent Claims (30, 31, 32)
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33. A system for providing credit to a retailer for collections occurring during financial transactions with the retailer, comprising:
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a plurality of checks collected by a retailer at a plurality of locations of the retailer; a plurality of safes, each of the safes disposed at a respective one of the plurality of locations of the retailer, the checks collected at each of the plurality of locations of the retailer being deposited into a corresponding respective one of the plurality of safes, each of the safes being adapted to calculate a respective total monetary value of the checks deposited into the respective safe and adapted to electronically transmit a respective data file identifying the respective calculated total monetary value deposited at each of the retailer locations; and a facility for receiving all of the electronically transmitted data files, the facility adapted to arrange for the retailer to be provided with a total credit corresponding to a sum of the calculated total monetary values of the checks deposited into the safes at each of the retailer locations as identified in the received data files.
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Specification