Check writing point of sale system
DCFirst Claim
1. A checkwriting system comprising:
- (a) a terminal adapted to receive consumer bank account information from any bank check;
(b) the terminal further adapted to receive consumer bank account information from a consumer communicating with the terminal over the Internet;
(c) a central computer system;
(d) first communications means for electronic communications between said terminal and the central computer system;
(e) second communication means for receiving information from a plurality of said terminals; and
(f) the central computer system second communication means enabling said central computer system to communicate with external databases for performing a consumer bank account status search and further enabling automated clearing house communication for transferring funds without using the bank check as a negotiable instrument.
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Accused Products
Abstract
A point of sale system designed to read information from a consumer'"'"'s check, credit card, or manual input with a subsequent debiting of a consumer'"'"'s account and crediting merchant'"'"'s account for the goods or services provided. Point of sale terminals are designed to accept a form of credit card with a consumer'"'"'s bank account information encoded thereon or in the alternative to read the MICR number from a consumer'"'"'s check in order to verify that a consumer has an appropriate balance to conduct the transaction with a given merchant. Thereafter the transaction of that information is transmitted to a central computer system which verifies the consumer'"'"'s credit worthiness and stores the transaction event information for subsequent bank reconciliation via the ACH or other competing network. The invention eliminates the need for paper checks with all bank reconciliation being accomplished electronically. The present invention also includes fraud protection provisions such as velocity controls, social security checks, and scans. The present invention has the further flexibility to differentiate between “first time” consumer usage and those limits otherwise assigned to “known” consumer accounts. Additionally, there is not need for the present system to retain the consumer'"'"'s check after verification.
80 Citations
104 Claims
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1. A checkwriting system comprising:
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(a) a terminal adapted to receive consumer bank account information from any bank check;
(b) the terminal further adapted to receive consumer bank account information from a consumer communicating with the terminal over the Internet;
(c) a central computer system;
(d) first communications means for electronic communications between said terminal and the central computer system;
(e) second communication means for receiving information from a plurality of said terminals; and
(f) the central computer system second communication means enabling said central computer system to communicate with external databases for performing a consumer bank account status search and further enabling automated clearing house communication for transferring funds without using the bank check as a negotiable instrument. - View Dependent Claims (2, 3)
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4. A checkwriting process comprising:
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(a) providing checking account information to a merchant or service provider;
(b) storing the checking account information obtained;
(c) providing transaction event information; and
(d) transmitting the transaction event information for subsequent automated clearing house operations;
wherein the checking account is debited for the transaction without using a check as a negotiable instrument.
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5. A method for electronic processing of consumer payment for goods or services comprising:
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receiving account information from a bank check;
receiving a transaction amount;
receiving authorization for an electronic funds transfer, the authorization being for the transaction amount;
transmitting the account information and the transaction amount;
annotating the bank check; and
submitting the account information and the transaction amount for electronic settlement. - View Dependent Claims (6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 101, 102, 103)
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36. A method for electronic processing and settlement of consumer payment for goods or services:
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reading preprinted account information from a bank check drawn on an account, the preprinted account information comprising a routing number, an account number, and a bank check serial number;
receiving a transaction amount;
transmitting the account information and the transaction amount;
receiving written authorization for electronic funds transfer debit in the transaction amount through an electronic settlement network selected from the group comprising national authorization networks and regional authorization networks;
receiving an approval for the debit based on the status of an account on which the bank check is drawn;
annotating the bank check by printing “
void”
;
returning the annotated bank check to a consumer;
printing a receipt for the debit; and
originating the debit for the purchase of goods or services, the debit replacing a transaction that relies on presentment of a written bank check. - View Dependent Claims (37)
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38. A method for a transfer of funds from a consumer account that eliminates presentment of a bank check for payment, the transfer based on electronic fund transfer authorization, the method comprising:
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receiving, at a central computer, account information from a bank check after account information is derived from the bank check at a system subscriber'"'"'s terminal;
receiving, at the central computer, a transaction amount after the transaction amount is entered into the system subscriber'"'"'s terminal; and
transmitting an authorization message to the system subscriber'"'"'s terminal, the authorization message causes the printing of the electronic fund transfer authorization at the system subscriber'"'"'s terminal, and an annotation on the bank check. - View Dependent Claims (39, 40, 41, 42, 43, 44, 45, 46, 47, 48, 49, 50, 51, 52, 53, 85, 86, 87)
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54. A method for authorizing the debit of funds from a consumer account, the authorization based on a signed electronic fund transfer authorization agreement, the method comprising:
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receiving, at a central computer, account information from abank check after account information is derived from the bank check at a system subscriber'"'"'s terminal, the account information comprising a routing number, an account number, and a bank check serial number;
receiving, at the central computer, a transaction amount after the transaction amount is entered into the system subscriber'"'"'s terminal;
receiving transaction information from a checkwriter database;
making a transaction authorization decision based on the transaction information;
transmitting an approval message to the system subscriber'"'"'s terminal, the approval message resulting in the printing of the electronic fund transfer authorization agreement at the system subscriber'"'"'s terminal, and an annotation on the bank check; and
updating a transaction database with transaction records for processing through an electronic settlement network. - View Dependent Claims (55, 56, 57, 58)
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59. A system for electronic processing and settlement of consumer payment for goods or services comprising:
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a. a central computer system that includes;
a first communication interface that is communicably connectable to at least one communication network for communicating with at least one terminal; and
at least one database; and
b. at least one terminal that includes;
a reader for reading preprinted account information from a bank check;
a keypad for receiving transaction amount entries;
at least one printer capable of printing an authorization agreement, transaction receipts, and annotation of a bank check; and
a communication interface that is connectable to at least one communication network for communication with the central computer system.
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60. A system for electronic processing and settlement of consumer payment for goods or services comprising:
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a. a central computer system that includes;
a first communication interface that is communicably connectable to at least one communication network for communicating with at least one terminal; and
at least one database; and
b. at least one terminal that includes;
an imaging apparatus for imaging a bank check;
a keypad for receiving transaction amount entries;
at least one printer capable of printing an authorization agreement, transaction receipts, and annotation of a bank check; and
a communication interface that is connectable to at least one communication network for communication with the central computer system.
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61. A central computer system for enabling the conversion of a bank check into an electronic funds transfer, the electronic funds transfer eliminates presentment of the bank check for payment, the central computer system comprising:
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a first communication interface for receiving transaction information and account information from a plurality of point of sale terminals, the account information being read from a bank check;
a memory for storing transaction information and account information;
a second communication interface for communicating with at least one database that includes consumer and merchant information; and
logic to determine whether transactions should be authorized or declined based on information in at least one database. - View Dependent Claims (62, 63, 64, 65, 66)
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67. A method of processing consumer payment from a checking account comprising:
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receiving account information via a communication network, the account information relating to a checking account;
storing the account information;
verifying the account information;
receiving transaction event information;
storing the transaction event information; and
transmitting the account information and the transaction event information to a financial institution to initiate an electronic funds transfer. - View Dependent Claims (68, 69, 70, 71, 72, 73, 74)
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75. A method for eliminating the physical presentment of a bank check for payment of goods or services, comprising:
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receiving account information from a signed bank check that was received via mail or at a lock box location;
verifying the accuracy of the account information;
receiving a transaction amount as entered on the bank check;
storing the account information and the transaction amount;
transmitting the account information and the transaction amount to a financial institution to initiate an electronic funds transfer. - View Dependent Claims (76, 77, 78, 79, 80, 81, 82)
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83. A method for eliminating the physical presentment of a bank check for payment of goods or services, comprising:
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receiving a signed bank check including authorization to convert the bank check process to an electronic funds transfer process via mail or at a lock box location;
reading, with an optical or magnetic reader, preprinted account information from the signed bank check;
verifying the accuracy of the account information;
receiving a transaction amount as entered on the bank check;
transmitting the account information and the transaction amount to a central computer;
storing the account information and the transaction amount;
transmitting the account information and the transaction amount to a financial institution to initiate an electronic funds transfer. - View Dependent Claims (84)
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88. A method of eliminating the presentment of a consumer bank check for payment of goods or services, the method comprising:
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receiving account information from a consumer bank check;
receiving a transaction amount;
transmitting the account information and the transaction amount;
annotating the bank check; and
originating an electronic funds transfer after the bank check has been annotated, wherein originating the electronic funds transfer is the last step of the method. - View Dependent Claims (89, 90, 91, 92)
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93. A system for electronic processing and settlement of consumer payment for goods or services comprising:
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at least one terminal adapted to receive consumer bank account information from a consumer communicating with the terminal over the Internet;
a central computer system;
at least one central computer system communication interface for electronic communication between at least one terminal and the central computer system; and
at least one database for performing a consumer bank account status search, and further enabling electronic funds transfer communication for transferring funds without presentment of a bank check to an issuing financial institution. - View Dependent Claims (94, 95, 96, 97, 98)
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99. A method for electronic processing and settlement of consumer payment for goods or services comprising:
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receiving from a bank check, at a point of sale, checking account information, including bank identification information;
storing the checking account information obtained;
providing transaction event information;
annotating the bank check; and
transmitting the transaction event information for subsequent electronic funds transfer operations;
wherein a checking account identified by the checking account information is debited for a transaction identified by the transaction event information without presenting the check to a bank.
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100. A method for electronic processing of consumer payment for goods or services comprising:
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receiving account information from a bank check;
receiving a transaction amount;
receiving authorization for an electronic funds transfer, the authorization being for the transaction amount;
submitting the account information and the transaction amount for electronic settlement; and
annotating the bank check.
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104. A method for electronic processing and settlement of consumer payment for goods or services comprising:
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reading preprinted account information from a bank check drawn on an account, the preprinted account information comprising a routing number, an account number, and a bank check serial number;
receiving a transaction amount;
transmitting the account information and the transaction amount;
receiving written authorization for an ACH debit in the transaction amount;
receiving an approval for the ACH debit based on the status of an account on which the bank check is drawn;
annotating the bank check by printing “
void”
;
returning the annotated bank check to a consumer;
printing a receipt for the ACH debit; and
executing a set of computer instructions to originate, without human intervention, the ACH debit for the purchase of goods or services, the ACH debit replacing a transaction that relies on presentment of a written bank check.
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Specification