Method for facilitating financial and non financial transactions between customers, retailers and suppliers

• US 8,326,753 B2
• Filed: 08/01/2011
• Issued: 12/04/2012
• Est. Priority Date: 08/15/2006
• Status: Active Grant

• Current Assignee: Signature Systems LLC
• Original Assignee: Signature Systems LLC
• Inventors: Easterly, Frank, Mason, Clifford
• Primary Examiner(s): Borlinghaus, Jason M
• Application Number:
  US13/195,404
• Publication Number:
  US 20110288943A1
• Time in Patent Office: 491 Days
• Field of Search: None
• US Class Current: 705/39
• 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. 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 computer network comprising at least a merchant'"'"'s computer network including a point of sale (POS) device connected to said network, a virtual private network (VPN), at least one consignor'"'"'s computer network, an automated clearing house (ACH) network capable of funding financial transactions, one or more accounts controlled by a customer for funding a transaction, at least one of said one or more accounts being a demand deposit account (DDA) maintained by a bank, said DDA being accessible through said ACH network for funding financial transactions, each said network being linked to a server, a method of managing consignment sales comprising the steps of:

storing on said server information that identifies said customer and said one or more accounts controlled by said customer including said DDA, said information comprising at least an account number that identifies said DDA and an identification number identifying said bank where said DDA is maintained;

creating a customer specific primary barcode and at least one extension barcode linked to said primary barcode;

associating said primary barcode with said information that identifies said customer;

associating said extension barcode with said merchant;

transmitting said primary barcode to said server via said first VPN for validation that said customer is authorized to conduct transactions on said server;

receiving said validation;

transmitting said extension barcode to said server;

entering data representing said items for purchase into said POS device, associating said data with said customer, and sending said data to said server for approval of a purchase transaction of said items;

identifying items which are being sold on a consignment basis;

transmitting the consignment status of those items to the server switch;

receiving approval to transact a purchase of said items;

and if said account is said DDA, routing said transaction through said second VPN to said ODFI as an ACH transaction for processing and settling through said ACH network;

and if said account is not a DDA, routing said transaction through a network whereby said financial transaction is funded from said account;

allocating portions of the paid amount to one or more consignors and to said merchant based upon the application of predetermined rules by the server; and

remitting the allocated portions to said one or more consignors and to said merchant in accordance with said application of predetermined rules by said server.