PROCESS OF AND SYSTEM FOR FACILITATING CHECK PROCESSING AT POINT OF SALE AND ACCELERATED CREDIT FOR CHECK TRANSACTIONS

• US 20090222381A1
• Filed: 05/07/2009
• Published: 09/03/2009
• Est. Priority Date: 08/02/2007
• Status: Abandoned Application

• Current Assignee: Brink's Network, Inc. (The Brink's Company)
• Original Assignee: Brink's Network, Inc. (The Brink's Company)
• Inventors: MORGAN, William C., POTEET, James, BLACHOWICZ, Paul, PURCHES, Frederick
• Application Number:
  US12/437,216
• Publication Number:
  US 20090222381A1
• Time in Patent Office: Days
• US Class Current: 705/42
• CPC Class Codes: G06Q 20/042 characterized in that the payment protocol involves at least one cheque
• CPC Class Codes: G06Q 20/108 Remote banking, e.g. home banking
• CPC Class Codes: G06Q 20/20 Point-of-sale [POS] network systems
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03

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.

Claims

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.

2. The process of claim 1, further comprising electronically imaging each of the checks deposited into the safe to produce image data;

and wherein said at least one data file includes the image data.

3. The process of claim 2, wherein electronically imaging of each check is carried out during the respective financial transaction in which the respective check is collected by the retailer from a customer.

4. The process of claim 3, further comprising, during each financial transaction during which a check is collected from a customer by the retailer, displaying on a display disposed in or coupled to the safe an image of the electronically imaged check as represented by the image data;

and receiving a verification from a clerk of the retailer indicating that the image on the display is readable.

5. The process of claim 3, further comprising providing to the customer a printed receipt containing a printed image of the electronically imaged check at an end of a financial transaction in which a check is collected from the customer by the retailer.

6. The process of claim 2, wherein electronically imaging of each check includes electronically capturing from the imaged check an identity of a payee on the check and a monetary value of the check;

and said at least one data file includes data identifying the captured identity of the payee and the monetary value of the imaged check.

7. The process of claim 6, wherein electronically capturing includes electronically capturing a check number on the check, a date identified on the check and a routing/account number on the check;

and said at least one data file includes data identifying the captured check number, date and the routing/account number.

8. The process of claim 1, further comprising electronically imaging both sides of each of the checks deposited into the safe to produce image data;

and wherein said at least one data file includes the image data.

9. The process of claim 1, wherein the step of depositing the collected checks comprises electronically imaging each of the checks during deposit into the safe, producing image data representing each imaged check, and transferring the imaged checks into a sealed cassette disposed within the safe, said at least one data file including the image data of each imaged check.

10. The process of claim 9, wherein said at least one data file includes data identifying a number of checks transferred into the sealed cassette disposed within the safe, a monetary value of each of the checks transferred into the sealed cassette, and a respective date and time of deposit of each of the checks into the safe.

11. The process of claim 9, further comprising collecting cash from customers by the retailer during other financial transactions over said period of time;

and depositing the collected cash into a second sealed cassette disposed within the safe into which the collected checks are deposited.

12. The process of claim 11, further comprising calculating a total monetary amount of the cash deposited into the safe over said period of time;

and wherein said at least one data file includes data identifying the calculated total monetary amount of the cash.

13. The process of claim 1, further comprising the steps of receiving by a facility the electronically transmitted data file;

and arranging by the facility for the retailer to be credited by the financial institute with the calculated total monetary value of the checks collected by the retailer as identified in the data file.

14. The process of claim 13, wherein arranging by the facility for the retailer to be credited by the financial institute occurs before the checks deposited into the safe are physically removed from the safe.

15. The process of claim 13, further comprising the steps of transferring the checks deposited into the safe to a check processing facility, verifying by the check processing facility the total monetary value of the checks to produce a verified amount;

and adjusting the credit previously provided to the retailer based on differences, if any, between the verified amount and the calculated total monetary value of the checks deposited into the safe as identified in the electronically transmitted data file.

16. 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 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.

17. The process of claim 16, wherein depositing the collecting checks into at least one safe includes electronically imaging each of the checks deposited into the safe to produce image data;

and wherein said at least one data file includes the image data.

18. The process of claim 17, further comprising, during each financial transaction during which a check is collected from a customer by the retailer, displaying on a display disposed in or coupled to the safe an image of the electronically imaged check as represented by the image data;

and receiving a verification from a clerk of the retailer indicating that the image on the display is readable.

19. The process of claim 17, further comprising providing to the customer a printed receipt containing a printed image of the electronically imaged check at an end of a financial transaction in which a check is collected from the customer by the retailer.

20. The process of claim 16, further comprising the steps of receiving by a facility, on each of the business days, the respective electronically transmitted data file;

and arranging by the facility for the retailer to be credited by the financial institute with the respective calculated total monetary value.

21. The process of claim 16, wherein the checks deposited into the safe over the plurality of business days are not withdrawn from the safe over the plurality of business days.

22. The process of claim 16, further comprising picking up the checks deposited into the safe in accordance with a pickup schedule;

and wherein the end of day does not coincide with the pickup schedule.

23. The process of claim 16, wherein each data file identifies the calculated total monetary value broken down by business day, including a total monetary value of checks deposited into the safe between the end of day of the preceding business day through an end of the preceding business day, and a total monetary value of checks deposited into the safe between a beginning of the respective business day and the end of day for the respective business day.

24. The process of claim 23, further comprising the steps of receiving by a facility, on each of the business days, the respective electronically transmitted data file;

and arranging by the facility for the retailer to be credited by the financial institute on a business day basis based on the respective calculated total monetary values identified in the respective electronically transmitted data file.

25. The process of claim 24, further comprising the step of providing the retailer with a report identifying amounts of credit provided to the retailer on a business day basis.

26. A process of providing credit to a retailer for collections occurring during financial transactions with the retailer, comprising the steps of:

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.

27. The process of claim 26, wherein arranging by the facility for the retailer to be provided by the financial institute with a total credit occurs before the checks deposited into the safes are physically removed from the safes.

28. The process of claim 26, wherein calculating a respective total monetary value of the checks deposited into the respective safe at each of the retailer locations is carried at a respective designated time for each of the retailer locations, and a designated time for a first of the retailer locations is substantially different from a designated time for a second of the retailer locations.

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.

30. The system of claim 29, further comprising an imager associated with the safe for electronically imaging each of the checks deposited into the safe to produce image data;

and the data file includes the image data.

31. The system of claim 30, further comprising a display associated with the safe for displaying an image of one of the electronically imaged checks as represented by the image data;

and an input device for receiving a verification from a clerk of the retailer indicating that the image on the display is readable.

32. The system of claim 30, further comprising a printer associated with the safe for printing a receipt containing a printed image of one of the electronically imaged checks at an end of a financial transaction in which the respective check was collected from a customer by the retailer.

33. A system for providing credit to a retailer for collections occurring during financial transactions with the retailer, comprising:

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.