AU2015101403A4

AU2015101403A4 - "Cash In Digital Currency Out” Converting change from cash payments (e-change - Electronic Change) to Digital currency at any point of sale (POS). Cash is processed via the EFT, blockchain or Ethereum network.

Info

Publication number: AU2015101403A4
Application number: AU2015101403A
Authority: AU
Inventors: Robert Sauto John Mura
Original assignee: Individual
Current assignee: Individual
Priority date: 2015-09-26
Filing date: 2015-09-26
Publication date: 2015-11-19
Anticipated expiration: 2023-09-26

Abstract

Abstract Cash In Digital currency Out" is the future leading up to a Less-Cash society "Converting cash to digital currency". Cash transaction handled electronically using three possible networks - EFT, Block chain or Ethereum network. . Cash is accepted directly from the consumer inserting money into a safe that communicates to the POS of monies excepted. Retailers staff no longer handles cash. Excess cash from the sale price is then returned as e-change and debited back to either, bank/credit card, store card, bitcoin, e-wallet or printed barcode as credit to use in store. Excess cash can also be extra money the consumer would like to bank, providing the ability to bank cash at any retail outlet.

Description

Cash In Digital Currency Out Page | 1 "as h n Digital Currency Out" is the future leading up to a Less-Cash society "Converting cash to Digital currency" Page | 2 - Consumer pays for products using cash. - The cash is handled electronically through the EFT or Blockchain network and processed instantly. - Change can be returned in 4 forms. 1 . Credit / Debit card 2. Gift or store card 3. Crypto currency e.g. Bitcoin 4. Cash (External to retailers cash handling system) - If the cash does not cover the cost, funds are debited from the customers above accessible accounts. Page | 3 " Have you ever wondered why you always get asked "would you like cash out". " The answer is simple - When a cash out transaction is completed the store successfully completes their most desired task "BANKING". " The Cash Out amount through the EFT is directly put into their bank account and available the following day. Page | 4 1. Hours spent daily counting cash a. Start of shift cash tills b. Cash during shifts for till replenishments and clearances c. End of shift cash tills d. Back office counting for banking deposits 2. Shrinkage a. Cashier errors b. Internal theft (staff) c. External theft (robbery) d. Administrative errors 3. Reconciling with POS system 4. Daily Interest earnings lost of cash in store. Page 1 5 - Eliminate shrinkage - Staff no longer handle cash - Eliminate tills float management - Saving Hours Daily - Eliminate change orders from CIT/Bank - Cost Saving - Eliminate hold ups / theft - Staff Safety - Eliminate counterfeit and foreign currency - Loss - Eliminate variance reports - Complete secure closed cash system - One way cash transactions - Extended CIT collections intervals - Cost saving - Increased cash flow - Next day value - Direct consumer marketing even with cash transaction - No need to reconcile and balance. been validated, counted, sorted, re cCoanschil ehda sw aitlhre baodtyh the POS and EFT system and banked into your account. Page 1 6 - Keeping electronic records of cash transactions - Banking of extra cash at any retail outlet - Do away with small spending urges where cash only is accepted - Minimise the urge to gamble - No risk of lost or theft Page 1 7 Cash transactions are processed through the EFT, Ripple, blockchain or ethoruem networks as individual transaction. Patent Pending Returning Electronic Change (e-change) Patent Pending Page 1 8 -Retailers Transacting cash Dzmln-drkae Self Ser~ce Mass Niarlet 4,11 Major Banks :bver EFT next dav ka Automna'ed Service Large retail outlets PO roier aiue you retailers Et1Mcste d',3nj6 der-S Snaii shops -sv~n cash tovier Of 1' huid ls. tift we choose not to i ovetn cs orcuntheis erft a digita; currency Oa-, Crec develop our own) Creating a tess- Eiimlqme ire rn, -Bit Exchange : chsci- ah,.:an ecvsused provider Fxlpnwo , 'U fci~ciio nfmuen~~3 ~ C-ih ov ch-cs*Office WNorks Direct cotsm,: fl, ~ -es *W NW neec: to andol J DaMuph' bo ance Core has .rti vcy -Unnigs Bunq~ng's ben liat~l rc- "c Jvasters -7 Elevien, The nC6S and E--T syrtere P& Post eferl ip taV, IVU Target .4.11 Retailrs -ci coecybn Fuur ReerD development Intgaaio Po asilit ee 1. Bil paym nts troughPO s aned Re thgroc ris and payed for during the same transaction at any retailer. 2. Money/change transfer to any mobile number or email address at POS. Page 1 9

Claims

1. Remove the handling of cash to retailers by returning cash in a digital form (e-change).

2. Cash transaction handled electronically using 3 possible networks - EFT, Blockchain or Ethereum network.

3. Cash is accepted directly from the consumer inserting money into a safe that communicates to the POS of monies excepted. Retailers staff no longer handle cash.

4. Excess cash from the sale price is then returned as e-change and debited back to either, bank/credit card, store card, bitcoin, ewallet or printed barcode as credit to use in store.

5. Excess cash according to claim 4 can also be extra money the consumer would like to bank. Proving the ability to bank cash at any retail outlet.

6. A System that automates reconciliation between the POS and Cash eliminating variences and shrinkage. No need to reconcile and balance. Cash has already been validated, counted, sorted, reconciled with both the POS and EFT system and banked into your account

7. Complete secure closed cash system

8. Providing next day value for all cash transactions

9. Eliminate till float managment