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A procedure for tracking transactions carried out between multiple cost centers and an in-house supply facility of a business entity is carried out by setting up the supply facility to function essentially in the same manner as an independent retail merchant through the existing bank card associatio

A procedure for tracking transactions carried out between multiple cost centers and an in-house supply facility of a business entity is carried out by setting up the supply facility to function essentially in the same manner as an independent retail merchant through the existing bank card association. Transaction information is then transferred as a batch to a merchant accounting system which transfers the information to the bank card association to the card issuer. The card issuer then provides a funds payment that is transferred through the bank card network to the merchant accounting system and finally to the merchant acquirer. The merchant acquirer, however, then transfers the funds back to the credit card issuer to cancel out the original funds transfer and thereby provide a closed loop funds transfer. Periodically, the merchant accounting system provides a comprehensive collection of the transaction information performed by the stock room to the credit card issuer who in turn generates a transaction report that is provided to the business entity for updating its general ledger. At the close of a month, the totality of transactions for the stock room of the business entity is communicated to the credit card issuer which in turn determines the amount of interchange fees it has received from the merchant acquirer and pays a corresponding amount for the interchange fees back to the merchant acquirer, thus essentially zeroing out the interchange fees in a closed loop manner.

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[ What is claimed is:] [1.] A computer-implemented method for processing transactions between specific cost centers and an in-house supply facility of a business entity utilizing a bank card association functioning in conjunction with a financial entity's computerized processor which financial entit

[ What is claimed is:] [1.] A computer-implemented method for processing transactions between specific cost centers and an in-house supply facility of a business entity utilizing a bank card association functioning in conjunction with a financial entity's computerized processor which financial entity has both a merchant acquirer and a credit card issuer, the method comprising the steps of:generating transaction information for each transaction between said cost centers and said supply facility, said transaction information including at least data identifying the business entity cost center which initiated the transaction, the amount of the transaction, and the date of the transaction,transmitting said transaction information to a network services host computer which provides authorization data for said transactions,transferring said transaction information from said network services host computer to a merchant accounting system,transferring said transaction information from said merchant accounting system to said bank card association,transferring at least a part of said transaction information from said bank card association to said credit card issuer,after receipt of said transaction information by said credit card issuer, transferring transaction funds, which correspond to said transaction amounts transferred from said credit card issuer to said bank card association,transferring said transaction funds from said bank card association to said merchant accounting system,transferring said transaction funds from said merchant accounting system to said merchant acquirer,transferring said transaction funds from said merchant acquirer to said credit card issuer to offset said transaction funds previously transferred from said credit card issuer to said back card association,producing a report of said transactions by said credit card issuer, said report including for each said transaction at least data indicating the transaction amount and the cost center involved in the transaction, andproviding said transaction report in an electronic form to said business entity.