Financial transaction approval system and method

• US 8,260,671 B2
• Filed: 09/16/2010
• Issued: 09/04/2012
• 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): Zare, Scott
• Assistant Examiner(s): Crawley, Talia
• Application Number:
  US12/884,014
• Publication Number:
  US 20110004527A1
• Time in Patent Office: 719 Days
• Field of Search: 705/21, 705/17, 186/61
• 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:

processing a plurality of items for purchase using a point-of-sale terminal, wherein;

the point-of-sale terminal is part of a transaction approval system at a point of sale in a retail store;

processing the plurality of items for purchase includes determining associated price and quantity information for each item included in the plurality of items for purchase based on identifiers associated with the plurality of items for purchase,

processing the plurality of items for purchase begins when an identifier of a first one of the plurality of items for purchase is entered into the point-of-sale terminal, and

processing the plurality of items for purchase is completed when the identifiers associated with all of the plurality of items for purchase have been entered into the point-of-sale terminal and all the associated price and quantity information for each item included in the plurality of items for purchase has been determined;

before completing processing the plurality of items for purchase, receiving via the transaction approval system an identification of a financial account that will be used by a 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 signature for electronic capturing by the transaction approval system, wherein the signature serves as consumer approval to apply payment from the financial account toward a total cost of the plurality of items for purchase; and

after processing the plurality of items for purchase ends and the consumer has been provided the option to provide the signature, determining the total cost of the plurality of items for purchase.

2. The method of claim 1, further comprising:

after providing the consumer with the option to provide the signature and during processing of the plurality of items for purchase, electronically capturing the signature from the consumer using the transaction approval system such that the consumer is free from providing another signature to complete purchase of the plurality of items.

3. The method of claim 2, wherein receiving the identification of the financial account and electronically capturing the signature of the consumer are each substantially completed free from assistance from a retail store employee operating the point-of-sale terminal.

4. The method of claim 1, 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 point of sale in the retail store.

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, and

the identification of the financial account is received and the signature is electronically captured via the financial transaction terminal.

6. The method of claim 5, wherein:

the financial transaction terminal includes a reception slot, and

receiving the identification of the financial account includes receiving a financial transaction card from the consumer via the reception slot such that the transaction approval system 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 signature for electronic capturing by the transaction approval system includes communicating the option to the consumer via the user interface, and

the method further comprises electronically capturing the signature from the consumer using the user interface during processing of the plurality of items for purchase, such that the consumer is free from providing another signature to complete 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 the total cost of the plurality of items for purchase to the consumer via the user interface.

9. The method of claim 5, wherein the option to provide the signature is a first option, and the method further comprises:

providing a second option to the consumer to provide the signature for electronic capturing by the transaction approval system after the total cost of the plurality of items has been determined only if the consumer does not accept the first option to provide the electronic signature.

10. 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.

11. A method of performing a retail sales transaction using a transaction approval system including a point-of-sale terminal and a financial transaction terminal, the method comprising steps performed in the following order:

using the point-of-sale terminal to determine an identity of a first one of a plurality of goods being purchased by a consumer based on a product code of the first one of the plurality of goods to begin the retail sales transaction;

providing the consumer with an opportunity to provide the transaction approval system with an electronically captured confirmation via the financial transaction terminal signifying consumer approval to charge a total price of all the plurality of goods to a financial account associated with the consumer;

determining the total price for all of the plurality of goods being purchased by the consumer; and

charging the total price of all the plurality of goods to the financial account.

12. The method of claim 11, further comprising receiving the electronically captured confirmation from the consumer via the financial transaction terminal at any time during the method following the providing the consumer with the opportunity.

13. The method of claim 12, wherein the electronically captured confirmation and a final indication of approval of at least one of the retail sales transaction and the electronically captured confirmation are final items required from the consumer to complete the retail sales transaction.

14. The method of claim 11, further comprising:

receiving a financial transaction card from the consumer via the financial transaction terminal, wherein;

the financial transaction card includes identification of the financial account, and

receiving the financial transaction card occurs anytime before providing the consumer with the opportunity to provide the transaction approval system with the electronically captured confirmation.

15. The method of claim 11, wherein:

the transaction approval system is located within the retail store, and

the consumer is free to take the goods from the retail store only after charging the total price of all of the plurality of goods and charging the total price of all the plurality of goods to the financial account.

16. The method of claim 11, wherein, while the transaction approval system provides the consumer with the opportunity to provide the transaction approval system with the electronically captured confirmation, the point-of-sale terminal identifies one or more additional ones of the plurality of goods being purchased by the consumer based on a product code of each of the one or more additional ones of the plurality of goods.

17. The method of claim 11, wherein:

the financial transaction terminal includes a user interface, and

the method further comprises;

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

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

18. A method of processing a retail sales transaction in a retail store, the method comprising:

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

after beginning and before completing processing the plurality of items for purchase, receiving a financial transaction card including determining an identification of a financial account that will be used by a consumer to pay for the plurality of items for purchase, wherein;

the identification is electronically received via a financial transaction terminal coupled with the point-of-sale terminal, and

the identification is electronically received substantially free from intervention by 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 using the financial transaction terminal, wherein the digitally captured signature serves as consumer approval to apply payment from the financial account toward the total price of the plurality of items for purchase;

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

charging the total price of the plurality of items for purchase to the financial account.

19. The method of claim 18, further comprising:

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.

20. The method of claim 18, 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 free to take the plurality of items for purchase from the retail store only 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.