Point-of-sale tax collection system and method of using same
First Claim
1. A method of facilitating the collection of sales or use taxes by a bank computer means, comprises:
- using a plurality of merchant point-of-sale terminal means by a group of different merchants at different point-of-sale locations, each terminal means including cash and credit/debit card payment means for facilitating the receipt of payment of merchandise;
collecting cash and credit/debit card payments from the sale of merchandise transactions with the merchant terminal means by the group of merchants;
determining sales or use tax information for each individual payment collected by said terminal means at the time of the collection thereof;
accumulating the total of all sales or use tax information for each terminal means during a given short periodic time interval substantially less than quarterly;
storing the accumulated totals of tax information for each terminal means;
sending to merchant computer means from each one of said terminal means a message including the accumulated totals of tax information for a given terminal means, the identification of the merchant terminal means sending the message, and an authorization code to instruct the merchant bank to pay the taxes based on the collected payments from the bank account of the merchant;
receiving the messages and storing them in said merchant computer means from said terminal means for each merchant;
accumulating the stored merchant tax information for the group of merchants; and
sending a single tax payment corresponding to the accumulated tax information for the group of merchants to a taxing authority bank and sending a report message including the identification of the merchants making the tax payments corresponding to the single tax payment.
3 Assignments
0 Petitions
Accused Products
Abstract
A new and improved tax collection system and method collects and remits taxes in real time at point-of-sale locations. The system includes a group of point-of-sale terminals at merchant point-of-sale facilities that receive and store tax collection information under merchant control. A bank computer at a merchant bank accesses the stored tax collection information and wire transfers the collected sums periodically to at least one computer at a tax authority bank. For credit or debit transactions, a service computer receives the tax collection information daily from certain ones of the point-of-sale terminals, and wire transfers the credited or debited taxes to the tax authority bank computer.
149 Citations
13 Claims
-
1. A method of facilitating the collection of sales or use taxes by a bank computer means, comprises:
-
using a plurality of merchant point-of-sale terminal means by a group of different merchants at different point-of-sale locations, each terminal means including cash and credit/debit card payment means for facilitating the receipt of payment of merchandise; collecting cash and credit/debit card payments from the sale of merchandise transactions with the merchant terminal means by the group of merchants; determining sales or use tax information for each individual payment collected by said terminal means at the time of the collection thereof; accumulating the total of all sales or use tax information for each terminal means during a given short periodic time interval substantially less than quarterly; storing the accumulated totals of tax information for each terminal means; sending to merchant computer means from each one of said terminal means a message including the accumulated totals of tax information for a given terminal means, the identification of the merchant terminal means sending the message, and an authorization code to instruct the merchant bank to pay the taxes based on the collected payments from the bank account of the merchant; receiving the messages and storing them in said merchant computer means from said terminal means for each merchant; accumulating the stored merchant tax information for the group of merchants; and sending a single tax payment corresponding to the accumulated tax information for the group of merchants to a taxing authority bank and sending a report message including the identification of the merchants making the tax payments corresponding to the single tax payment. - View Dependent Claims (2, 3)
-
-
4. A system for facilitating the collection of sales or use taxes by a bank computer means, comprises:
-
a plurality of merchant point-of-sale terminal means for a group of different merchants at different point-of-sale locations, each terminal means including cash and credit/debit card payment means for facilitating the receipt of payment of merchandise; means for collecting cash and credit/debit card payments from the sale of merchandise transactions with the merchant terminal means by the group of merchants; means for determining sales or use tax information for each individual payment collected by said terminal means at the time of the collection thereof; means for accumulating the total of all sales or use tax information for each terminal means during a given short periodic time interval substantially less than quarterly; means for storing the accumulated totals of tax information for each terminal means; merchant bank computer means; means for sending to the merchant computer means from each one of said terminal means a message including the accumulated totals of tax information for a given terminal means the identification of the merchant terminal means sending the message, the identity of each one of the applicable taxing authorities, the allocation of the total sum of collected taxes to the individual taxing authorities, and authorization codes to instruct the merchant bank to pay the taxes based on the collected payments from the bank account of the merchant; means for receiving the messages and storing them in said merchant computer means from said terminal means for each merchant; means for accumulating the stored merchant tax information for the group of merchants for each applicable taxing authority; and means for sending single tax payments corresponding to the accumulated tax information for the group of merchants to the applicable taxing authority banks and report messages including the identification of the merchants making the tax payments corresponding to the single tax payments for each applicable taxing authority. - View Dependent Claims (5, 6, 7, 8, 9, 10, 11, 12, 13)
-
Specification