초록 ▼

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 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.

대표청구항 ▼

[ What is claimed is:] [1.] A checkwriting point of sale system comprising:(a) a point of sale terminal adapted to receive consumer bank account information from any bank check;(b) the point of sale terminal further adapted to receive consumer bank account information from a consumer communicating w

[ What is claimed is:] [1.] A checkwriting point of sale system comprising:(a) a point of sale terminal adapted to receive consumer bank account information from any bank check;(b) the point of sale terminal further adapted to receive consumer bank account information from a consumer communicating with the point of sale terminal over the Internet;(c) a central computer system;(d) first communications means integral to said point of sale terminal for electronically communicating with the central computer system;(e) memory means integral to said point of sale terminal for temporarily storing the consumer bank account information;(f) the central computer system having second communication means for receiving information from a plurality of said point of sale terminals; and(g) 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.