Point-of-transaction machine with improved versatility and related method

• US 7,328,844 B2
• Filed: 04/19/2004
• Issued: 02/12/2008
• Est. Priority Date: 01/17/2002
• Status: Expired due to Fees

• Current Assignee: Hummingbird Investment Trust DDT 11/27/
• Original Assignee: Darwin Innovations Corporation
• Inventors: Workens, Monica L
• Primary Examiner(s): WALSH, DANIEL I
• Application Number:
  US10/827,554
• Publication Number:
  US 20040195315A1
• Time in Patent Office: 1,394 Days
• Field of Search: 235/375, 235/379, 235/380, 235/435, 235/449, 235/451, 235/487, 235/492, 235/493, 705/1, 705 16- 18, 705 39- 44, 705/64
• US Class Current: 235/451
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/382 insuring higher security of transaction
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G07F 19/20 Automatic teller machines [ATMs]
• CPC Class Codes: G07F 19/201 Accessories of ATMs
• CPC Class Codes: H04L 2209/56 Financial cryptography, e.g. electronic payment or e-cash

Abstract

A system and method for conducting sales transactions in a manner that permits a user to access all aspects of their finances to debit or withdraw funds from an account to fund a sales transaction. The system employs a universal account card that permits the user to link to a server associated with a given account. Linking may be achieved through a terminal, which may be employed to read information from the universal account card, and a network that relays information between the server associated with the given account and the terminal.

Claims

1. A method of funding a transaction between a customer account and a merchant account, comprising:

a customer receiving a communication of an amount for a purchase from the merchant, loading into a card reading terminal, a card of a customer to be used to complete the transaction, the card including a plurality of account identifiers of different accounts stored in a memory of the card, which can be used to fund a transaction, the account identifiers being stored in the memory by either scanning a document containing account identifier barcodes or by a card reader copying account identifiers from a magnetic strip of a different customer card into the card memory, verifying the customer through input of a Personal Identification Number (PIN) into the card reading terminal, selecting, by the verified customer, one of the accounts to be used for the transaction, the selection causing an associated server of the account to be contacted through a network, the associated server for the selected account causing the displaying of a prompt and real time information on the card reading terminal for the user to initiate the transaction and transferring funds, directly, in real time, from the selected account on the card to the merchant account, without the funds undergoing further processing, clearing, or verification by an intermediated or third party before the funds are transferred, to pay the merchant account to complete the transaction, whereby the customer and merchant directly settle through their own bank, the respective side of the transaction, and wherein the memory of the card stores account identifiers of accounts of merchants on the cards, permitting the direct and real time transferring of funds to occur.

2. The method of claim 1, wherein the account identifiers of accounts of merchants are receive from the card or provided by the institution directly.

3. The method of claim 1, wherein scanning the bar code comprises scanning account identifiers, to deposit onto the card.

4. The method of claim 1, wherein scanning the bar code comprises scanning account identifiers, such as, a routing number and an account number.

5. The method of claim 1, wherein storing the account identifiers comprises storing account identifiers onto the card through the card reader and terminal, such as, the routing number and the account number.

6. The method of claim 1, wherein copying the account information comprises, copying account identifiers, such as, a routing number and an account number to the memory.

7. The method of claim 1, wherein storing the account identifier comprises importing a routing number and an account number from the magnetic stripe card to the multiple account identifiers card.

8. The method of claim 1 wherein finding a transaction comprises the customer to authorize the transfer of funds by entering a PIN to conduct a banking or non-banking transaction.

9. The method of claim 1, wherein funding a transaction, comprises authorizing the transfer of funds directly from a credit card account.

10. The method of claim 1, further comprising:

displaying, in real time, a balance related to at least one account associated with the respective account identifiers stored in the card memory.

11. The method of claim 1, further comprising:

levying a fee for handling the funding of the transaction.

12. The method of claim 1, wherein transferring the funds to the merchant account comprises transferring at least a portion of the funds to a utility account.

13. The method of claim 1, wherein transferring the funds to the merchant account comprises making a payment on a loan with at least a portion of the funds.

14. The method of claim 1, wherein transferring the funds to the merchant account comprises transferring at least a portion of the funds to a securities account.

15. The method of claim 1, wherein transferring the funds to the merchant account comprises making a payment on a revolving line of credit with at least a portion of the funds.

16. The method of claim 15, wherein making the payment on the revolving line of credit comprises making a payment toward a credit card balance with at least a portion of the funds.

23. The method of claim 1, whereby the merchant credits at least a portion of the funds to the users chosen account.

24. The method of claim 1, whereby the user allows the merchant to credit at least a portion of the funds to a selected account by inputting a Personal Identification Number (PIN).

25. The method of claim 1, whereby the user selects the account identifier(s) that the merchant will credit at least a portion of the funds to the selected account.

17. A computer readable medium encoded with a computer program product for facilitating the funding of a truncation between customer and merchant accounts, the computer program product being tangibly stored on a point of sale machine and at servers of the merchants comprising instructions operable to cause one or more processors to:

store a plurality of account identifiers of a plurality of accounts usable by a customer to fund a transaction, into a memory of a card of the customer by either scanning a document containing account identifier barcodes or by a card reader copying account identifiers from a magnetic strip of a different customer card into the card memory;

accept a selected account identifier stored in memory on a card presented by a user to fund a transaction;

facilitate access to the selected customer account by verification of a customer through a Personal Identification Number (PIN) entry;

receive real time information, including account balances associated with the account identifier;

receive a command to complete a transaction and receive information on the amount required to complete the transaction, and responsive to the request of the card user, directly send the information to facilitate the transfer of funds in real time from the chosen account to a merchant account to complete a transaction;

provide individual and aggregated account transaction information completed through the system;

transfer funds in real time from the selected account of the customer to an account of the merchant to complete the transaction, whereby the customer and merchant each settle their side of the transaction directly through their own bank;

transfer funds directly from the customer account to the merchant account without the funds undergoing further processing, clearing or verification by an intermediate or third party before funds are transferred, wherein the memory of the card stores account identifiers of accounts of merchants on the cards, permitting the direct and real time transferring of funds to occur.

18. The product of claim 17, wherein the second account is an account of a retailer;

and further comprising instructions to;

facilitate the credit to the account of the retailer with at least a portion of the funds.

19. The product of claim 17, wherein the second account is an account of a retailer;

and further comprising instructions to;

accept the transfer the funds directly from the first account to the retailer account.

20. The product of claim 17, further comprising instructions to:

receive the account identifier information from the card and a terminal device having a card reader.

21. The product of claim 17, further comprising providing individual and aggregate account transaction information completed through the system.

22. The product of claim 17, further proving a transaction and authorization number for each transaction.

26. A point of sale transaction system for funding a transaction between a customer and a merchant comprising:

a point of sale terminal having a card reader to read a card of the customer, the card including a plurality of account identifiers of different accounts stored in a memory of the card which can be used to fund a transaction, a barcode reading device or a card reading device for storing the account identifiers in the memory by either scanning a document containing account identifier barcodes or by a card reader copying account identifiers from a magnetic stripe of a different customer card into the card memory, each account identifier being associated with an account from which funds can be transferred to fund a transaction, the point of sale terminal operable to permit the customer to select an account associated with one of the plurality of account identifiers stored on the card after customer verification by Personal Identification Number (PIN) entry into the point of sale terminal, displaying a prompt and real time account information to a customer whereby a customer selects an account to fund the transaction, a server connected to the point of sale terminal via a network, and operable, in response to a signal, to transfer funds in real time from the selected account of the customer to an account of the merchant to complete the transaction, whereby the customer and merchant each settle their side of the transaction directly through their own bank, and wherein funds are transferred directly from the customer account to the merchant account without the funds undergoing further processing, clearing or verification by an intermediate or third party before funds are transferred, and wherein and the memory of the card stores account identifiers of accounts of merchants on the cards, permitting the direct and real time transferring of funds to occur.

27. The point-of-sale transaction system of claim 26, further comprising a cash register communicably coupled to the point-of-sale terminal and sends a transaction amount to the card from the point-of-sale terminal.

28. The point-of-sale transaction system of claim 26, further comprising a vending machine communicably coupled to the point-of-sale terminal and sends a transaction amount to the card from the point-of-sale terminal.

29. The point-of-sale transaction system of claim 26, further comprising a parking meter communicably coupled to the point-of-sale terminal and sends a transaction amount to the card from the point-of-sale terminal.

30. The point-of-sale transaction system of claim 26, further comprising a ticket dispenser communicably coupled to the point-of-sale terminal and sends a transaction amount to the card from the point-of-sale terminal.

31. The point-of-sale transaction system of claim 26, further comprising a toll booth communicably coupled to the point-of-sale terminal and send a transaction amount to the card from the point-of-sale terminal.

32. The point-of-sale transaction system of claim 26, wherein at least one of the account identifiers comprises a routing number and an account number.

33. The point-of-sale transaction system of claim 26, wherein the first or selected account initiates the transfer the funds to the second account to conduct a banking transaction.

34. The point-of-sale transaction system of claim 26, wherein the first or selected account initiates the transfer the funds to the second account to conduct a non-banking transaction.

35. The point-of-sale transaction system of claim 26, wherein the funding account and merchant account can have the same or different financial institution.

36. The point-of-sale transaction system of claim 26, wherein the funding accounts'"'"' server initiates a transfer of funds directly to the merchant account, to fund a payment on a loan.

37. The point-of-sale transaction system of claim 26, wherein the funding accounts'"'"' initiates a transfer of funds directly to the merchant account to fund a payment on a revolving line of credit.

38. The point-of-sale transaction system of claim 26, wherein the funding account initiates a transfer of funds directly to the merchant account to fund a payment on a utility account.

39. The point-of-sale transaction system of claim 26, wherein the funding account initiates the transfer of funds directly to the merchant account to fund a securities transaction.

40. The system of claim 26, where the network can include a wide area network (WAN).