Financial transaction approval system and method

• US 7,801,764 B2
• Filed: 03/30/2009
• Issued: 09/21/2010
• Est. Priority Date: 09/16/2004
• Status: Active Grant

• Current Assignee: Target Brands Inc. (Target Corporation)
• Original Assignee: Target Brands Inc. (Target Corporation)
• Inventors: Ash, Robert W.
• Primary Examiner(s): Gart; Matthew S
• Assistant Examiner(s): CRAWLEY, TALIA F
• Application Number:
  US12/413,733
• Publication Number:
  US 20090182641A1
• Time in Patent Office: 540 Days
• Field of Search: 186/61, 705/21
• US Class Current: 705/21
• CPC Class Codes: G06Q 20/20 Point-of-sale [POS] network systems
• CPC Class Codes: G06Q 20/202 Interconnection or interaction of plural electronic cash registers [ECR] or to host computer, e.g. network details, transfer of information from host to ECR or from ECR to ECR
• CPC Class Codes: G06Q 20/204 comprising interface for record bearing medium or carrier for electronic funds transfer or payment credit
• CPC Class Codes: G06Q 20/382 insuring higher security of transaction
• CPC Class Codes: G06Q 20/40 Authorisation, e.g. identification of payer or payee, verification of customer or shop credentials; Review and approval of payers, e.g. check credit lines or negative lists
• CPC Class Codes: G06Q 20/42 Confirmation, e.g. check or permission by the legal debtor of payment
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G07G 1/00 Cash registers alarm indicators G07G3/00
• CPC Class Codes: G07G 1/0036 Checkout procedures

Abstract

A method of sale including processing a plurality of purchases to be sold to a consumer, identifying a consumer financial account held by a financial institution, receiving authorization from the financial institution to enable payment for the plurality of purchases from the consumer financial account, and providing the consumer with an option to approve the payment from the consumer financial account. The option is provided during processing of the plurality of purchases. Transaction approval systems provide additional advantages.

Claims

1. A method of processing a retail sales transaction, the method comprising:

receiving a plurality of items for purchase near a transaction approval system within a retail store operated by a retail merchant, wherein each item of the plurality of items for purchase was selected by a consumer from a larger plurality of items offered for sale at the retail store;

processing the plurality of items for purchase using the transaction approval system including determining associated price information for each item included in the plurality of items for purchase, wherein processing the plurality of items for purchase begins when a product code of a first one of the plurality of items for purchase is entered into a point-of-sale terminal and ends when a product code of a final one of the plurality of items for purchase is entered into the point-of-sale terminal;

during processing of the plurality of items for purchase, determining, using the transaction approval system, an identification of a financial account that will be used by the consumer to pay for the plurality of items for purchase;

during processing of the plurality of items for purchase, providing the consumer with an option to provide a digitally captured signature via the transaction approval system, wherein the digitally captured signature serves as consumer approval to apply payment from the financial account toward a total cost of the plurality of items for purchase; and

determining the total cost of the plurality of items for purchase after processing of the plurality of items for purchase, determining the identification of the financial account, and providing the consumer with the option to provide the digitally captured signature.

2. The method of claim 1, further comprising:

receiving the digitally captured signature from the consumer via the transaction approval system during processing of the plurality of items for purchase, such that the consumer is free from providing another signature as part of the retail sales transaction.

3. The method of claim 2, further comprising:

completing the retail sales transaction after determining the total cost of the plurality of items for purchase, wherein the consumer is free to take the plurality of items for purchase from the retail store only after completing the retail sales transaction;

wherein the retail sales transaction is completed in a single visit by the consumer to the transaction approval system in the retail store.

4. The method of claim 2, wherein:

the transaction approval system includes the point-of-sale terminal and a financial transaction terminal in electrical communication with the point-of-sale terminal,

processing the plurality of items for purchase and determining the total cost of the plurality of items are completed using the point-of-sale terminal, and

determining the identification of the financial account and receiving the digitally captured signature of the consumer are each substantially completed free from assistance from a retail store employee operating the point-of-sale terminal and decrease an amount of time that would otherwise be required to complete the retail sales transaction.

5. The method of claim 1, wherein:

the transaction approval system includes the point-of-sale terminal and a financial transaction terminal in electrical communication with the point-of-sale terminal,

processing the plurality of items for purchase and determining the total cost of the plurality of items for purchase are completed using the point-of-sale terminal, and

determining the identification of the financial account and providing the consumer with the option to provide the digitally captured signature are completed using the financial transaction terminal.

6. The method of claim 5, wherein:

the financial transaction terminal includes a reception slot, and

determining the identification of the financial account includes receiving a financial transaction card from the consumer via the reception slot such that the financial transaction terminal can determine the identification of the financial account by reading from the financial transaction card.

7. The method of claim 5, wherein:

the financial transaction terminal includes a user interface,

providing the consumer with the option to provide the digitally captured signature via the transaction approval system includes communicating the option to the consumer via the user interface, and

the method further comprises receiving the digitally captured signature from the consumer via the user interface during processing of the plurality of items for purchase, such that the consumer is free from providing another signature as part of the retail sales transaction.

8. The method of claim 5, wherein:

the financial transaction terminal includes a user interface, and

the method further comprises;

prior to determining the total cost of the plurality of items for purchase, visually indicating to the consumer via the user interface that the total cost of the plurality of items for purchase has not yet been determined, and

after determining the total cost of the plurality of items for purchase, visually indicating to the consumer via the user interface the total cost of the plurality of items for purchase via the user interface of the financial transaction terminal.

9. The method of claim 1, further comprising:

receiving authorization from a financial institution supporting the financial account that the financial account is sufficiently funded to support the retail sales transaction for the total cost of the plurality of items for purchase; and

charging the total cost of the plurality of items for purchase against the financial account.

10. The method of claim 1, wherein:

the transaction approval system includes the point-of-sale terminal and a financial transaction terminal in electrical communication with the point-of-sale terminal,

the financial transaction terminal includes a user interface and a reception slot,

processing the plurality of items for purchase and determining the total cost of the plurality of items are completed using the point-of-sale terminal,

determining the identification of the financial account includes receiving a financial transaction card via the reception slot such that the financial transaction terminal can determine the identification of the financial account by reading from the financial transaction card,

providing the consumer with the option to provide the digitally captured signature includes communicating the option to the consumer via the user interface,

and the method further comprises;

receiving the digitally captured signature from the consumer via the user interface during processing of the plurality of items for purchase, such that the consumer is free from providing another signature as part of the retail sales transaction, wherein determining the identification, providing the consumer with the option, and receiving the digitally captured signature are completed substantially free from retail store employee assistance; and

completing the retail sales transaction after determining the total cost of the plurality of items, wherein the consumer is free to take the plurality of items for purchase from the retail store only after completing the retail sales transaction.

11. The method of claim 1, wherein the option is a first option and the method further comprises:

after determining the total cost of the plurality of items for purchase, providing the consumer a second option to provide the digitally captured signature via the transaction approval system; and

receiving the digitally captured signature from the consumer via the transaction approval system following providing the consumer the second option.

12. A method of performing a retail sales transaction, the method comprising steps performed in the following order:

receiving goods for purchase from a consumer at a point-of-sale terminal in a retail store;

identifying and determining a current price for a first one of the goods for purchase using the point-of-sale terminal to begin processing the goods for retail sale to the consumer, wherein processing the goods includes identifying and determining a current price for each one of the goods using the point-of-sale terminal;

receiving a financial transaction card from the consumer via a financial transaction terminal in electrical communication with the point-of-sale terminal, wherein the financial transaction card includes identification of a financial account configured to facilitate consumer payment toward the goods;

electronically capturing a confirmation of the retail sales transaction from the consumer via the financial transaction terminal, the electronically captured confirmation signifying agreement of the consumer to pay for all charges associated with the retail sales transaction via the financial account, wherein the electronically captured confirmation is received via the financial transaction terminal and is the only confirmation required from the consumer to complete the retail sales transaction;

identifying and determining a current price for a last one of the goods for purchase using the point-of-sale terminal to complete processing the goods for retail sale to the consumer;

determining a total price for all of the goods received from the consumer at the point-of-sale terminal; and

charging at least a portion of the total price for all the goods to the financial account.

13. The method of claim 12, wherein receiving the electronically captured confirmation includes electronically capturing a signature of the consumer, and the electronically captured signature is the only signature required from the consumer to complete the retail sales transaction.

14. The method of claim 12, wherein the electronically captured confirmation includes an electronically captured signature and an indication from the consumer of a final approval of the retail sales transaction.

15. The method of claim, 12, wherein the consumer is free to take the goods from the retail store only after charging at least a portion of the total price for all of the goods and completing the retail sales transaction.

16. The method of claim 12, wherein processing the goods for retail sale continues by the point-of-sale terminal while operations of receiving the financial transaction card from the consumer and electronically capturing the confirmation of the retail sales transaction are each completed via the financial transaction terminal.

17. The method of claim 12, wherein:

the financial transaction terminal includes a user interface, and

receiving the electronic confirmation of the retail sales transaction is completed via the user interface.

18. The method of claim 12, wherein:

the financial transaction terminal includes a user interface, and

the method further comprises;

prior to determining the total price of the goods, visually indicating to the consumer via the user interface that the total price for all the goods has not yet been determined, and

after determining the total price of the goods, visually indicating the total price of the goods via the user interface of the financial transaction terminal.

19. A method of processing a retail sales transaction, the method comprising:

receiving a plurality of items for purchase near a transaction approval system within a retail store operated by a retail merchant, wherein each item of the plurality of items for purchase was selected by a consumer from a larger plurality of items offered for sale at the retail store, and the transaction approval system includes a point-of-sale terminal electrically coupled with a financial transaction terminal;

processing the plurality of items for purchase using the point-of-sale terminal including identifying and determining associated price information for each item included in the plurality of items for purchase, wherein processing the plurality of items for purchase begins by identifying and determining price information for a first one of the plurality of items for purchase and is completed when a total cost of the plurality of items for purchase is determined;

after beginning and before completing processing of the plurality of items for purchase, receiving a financial transaction card including determining an identification of a financial account that will be used by the consumer to pay for the plurality of items for purchase, wherein the identification is electronically read from the financial transaction card via the financial transaction terminal substantially free from assistance an employee of the retail store;

after beginning and before completing processing of the plurality of items for purchase, providing the consumer with an option to provide a digitally captured signature via the financial transaction terminal, wherein the digitally captured signature serves as consumer approval to apply payment from the financial account toward a total price of the plurality of items for purchase;

after providing the consumer with the option and before completing processing of the plurality of items for retail sale, receiving the digitally captured signature from the consumer via the financial transaction terminal, wherein the digitally captured signature is the only signature required from the consumer to complete the retail sales transaction;

after completing processing of the plurality of items for purchase, receiving the financial transaction card, and receiving the digitally captured signature, determining the total price of the plurality of items for purchase;

charging at least a portion of the total price of the plurality of items for purchase to the financial account.

20. The method of claim 19, further comprising:

completing the retail sales transaction after charging at least the portion of the total price of the plurality of items for purchase to the financial account, wherein the consumer is only free to take the plurality of items for purchase from the retail store after completing the retail sales transaction and the retail sales transaction is completed in a single visit by the consumer to the transaction approval system in the retail store.