EP2318991A1 - Process of and system for facilitating check processing at point of sale and accelerated credit for check transactions - Google Patents
Process of and system for facilitating check processing at point of sale and accelerated credit for check transactionsInfo
- Publication number
- EP2318991A1 EP2318991A1 EP09798371A EP09798371A EP2318991A1 EP 2318991 A1 EP2318991 A1 EP 2318991A1 EP 09798371 A EP09798371 A EP 09798371A EP 09798371 A EP09798371 A EP 09798371A EP 2318991 A1 EP2318991 A1 EP 2318991A1
- Authority
- EP
- European Patent Office
- Prior art keywords
- retailer
- checks
- safe
- check
- deposited
- Prior art date
- Legal status (The legal status is an assumption and is not a legal conclusion. Google has not performed a legal analysis and makes no representation as to the accuracy of the status listed.)
- Withdrawn
Links
Classifications
-
- G—PHYSICS
- G06—COMPUTING; CALCULATING OR COUNTING
- G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
- G06Q20/00—Payment architectures, schemes or protocols
- G06Q20/04—Payment circuits
- G06Q20/042—Payment circuits characterized in that the payment protocol involves at least one cheque
-
- G—PHYSICS
- G06—COMPUTING; CALCULATING OR COUNTING
- G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
- G06Q20/00—Payment architectures, schemes or protocols
- G06Q20/04—Payment circuits
-
- G—PHYSICS
- G07—CHECKING-DEVICES
- G07F—COIN-FREED OR LIKE APPARATUS
- G07F17/00—Coin-freed apparatus for hiring articles; Coin-freed facilities or services
- G07F17/10—Coin-freed apparatus for hiring articles; Coin-freed facilities or services for means for safe-keeping of property, left temporarily, e.g. by fastening the property
- G07F17/105—Coin-freed apparatus for hiring articles; Coin-freed facilities or services for means for safe-keeping of property, left temporarily, e.g. by fastening the property for money boxes
Definitions
- the present invention relates to a process of and system for facilitating check processing at the point of sale and accelerated credit for check transactions and, more particularly, relates to the advancing of credit to commercial establishments based upon transactions entailing checks during the commercial establishments' normal business operations.
- the present invention entails a process of providing credit to a retailer that comprises collecting checks from customers during financial transactions between the customers and the retailer over a period of time, depositing the collected checks into a safe located at the retailer facility, calculating the total monetary value of the checks that are deposited into the safe, and electronically transmitting a data file that identifies the calculated total monetary value of the checks in order to enable for the retailer to
- 24684/046/1107747.1 be credited by a financial institution with the total monetary value of the deposited checks.
- the checks are imaged to produce image data when deposited into the safe.
- the image data is transmitted along with the data file to further facilitate crediting as well as subsequent check processing. Both sides of each check may be imaged.
- an image of the check is displayed on a display, such as monitor, disposed within or coupled to the safe in order to allow a clerk of the retailer to verify that the image is clear. If the image is not clear, then the check may be rescanned.
- the customer is provided with a printed receipt that includes a printed version of the check that the customer provided to the retailer.
- the identity of the payee and the monetary value of the check are electronically captured when the check is scanned.
- the check number and the routing/account number on the check also may be captured.
- the data file includes the captured information.
- the checks are transferred in the safe into a sealed cassette.
- the data file may also include the number of checks in the sealed cassette, the monetary value of each check, and the time and date of deposit into the safe of each check.
- cash is collected from customers during retail transactions with the retailer.
- the collected cash also is deposited into the safe.
- the deposited cash may be transferred in the safe into a second sealed cassette.
- the data file also may identify the total amount of cash deposited into the cash.
- the retailer receives a credit as identified by the amount indicated in the transmitted data file.
- the credit may be applied before the checks and cash are physically withdrawn from the safe disposed at the retailer.
- the process further includes transferring the checks to a check processing facility, verifying by the check processing facility the total monetary value of the checks to produce a verified amount, and adjusting the credit previously provided to the retailer based on differences, if any, between the verified amount and the calculated total monetary value of the checks deposited into the safe as identified in the electronically transmitted data file.
- a process of providing credit to a retailer comprises collecting checks from customers over multiple business days, depositing the collected checks into a safe at the retailer, calculating, at the end of each business day, a total monetary value of the checks that were deposited into the safe on each business day, and electronically transmitting, at the end of each business day, a data file that identifies the calculated total monetary value of the checks deposited on the respective business day.
- the retailer is credit with its check deposits based on the information in the transmitted data files.
- the check pickup schedule may be different, that is, not coincide with the end of business day of the retailer.
- the data file identifies the calculated total monetary value broken down by business day.
- the retailer also may be provided with a report identifying amounts of credit provided to the retailer on a business day basis.
- a process of providing credit to a retailer having multiple locations comprises collecting checks by the retailer at its multiple locations, depositing the checks collected at each location into a safe disposed at the respective location, calculating a total monetary value of the checks deposited at each location, electronically transmitting a data file for each location that identifies the calculated total monetary value of the checks deposited at each location, receiving by a facility all of the electronically transmitted data files, and arranging by the facility for the retailer to be provided by a financial institute with a total credit that corresponds to the sum of the total monetary values of the checks deposited into the safes at all of the locations as identified in the data files.
- a further aspect is to provide the credit before the checks deposited into the safes at each location are physically removed from the safes.
- different locations of the retailer transmit the data files at different times.
- the invention is embodied as an electronic system that includes a safe disposed at the retailer location, where the safe has stored therein checks that are collected from customers over a period of time.
- the safe is designed to calculate the total monetary value of the deposited checks and to electronically transmit a data file that identifies the calculated total monetary value of the deposited checks in order to enable for the retailer to be credited with the value of the deposited checks.
- the system embodiment may entail multiple retailer locations as previously mentioned.
- the safe may include an imager (coupled to or within the safe) for electronically imaging each check deposited into the safe, a display (e.g., monitor) (coupled to or within the safe) for displaying the imaged check in order to allow a clerk to verify (e.g., via a keyboard or other input device) that the scanned image is clear, and a printer (coupled to or within the safe) for printing a receipt that contains a printed image of the check.
- an imager coupled to or within the safe
- a display e.g., monitor
- a printer coupled to or within the safe
- Figure 1 is a block diagram that shows multiple entities that may be involved in a collection process that embodies the present invention
- Figure 2 is a schematic flow diagram that shows in general terms the process for advancing credit to retailers in accordance with the present invention
- Figure 3 shows the Brink's CompuSafe 4000® safe, which may be employed in the present invention.
- Figure 4 is a diagram useful for describing various features of the present invention.
- the present invention takes the store-level check handling process into the electronic age. As will be described, the present invention improves check processing, expedites funds availability, improves cash flow and provides other features and benefits to commercial establishments that routinely accept checks during the course of their business day.
- the present invention entails imaging customers' personal and business checks at the point of sale (e.g., retail establishment) and facilitates advance bank credit to the retail establishment in the amount of the financial transactions paid by check.
- the "point of sale" or retail establishment means the physical location at which a check (e.g., personal check) is supplied from an individual, such as a customer, generally in exchange for goods and/or services.
- the retail establishment can be an entity that sells, leases or otherwise offers goods, such as a grocery store, clothing store, gas station, etc., or an entity that sells or otherwise provides services, such as a transportation provider (e.g., an airline, bus company, etc.), a spa/gymnasium, a health care provider, a law office, etc., or an entity that offers, leases or otherwise provides both goods and services.
- a transportation provider e.g., an airline, bus company, etc.
- a spa/gymnasium e.g., a health care provider, a law office, etc.
- an individual typically pays for goods and/or services using cash (i.e., paper currency, coins), a credit card, a debit card, or by check.
- the present invention provides a process/system that eliminates or minimizes various shortcomings of retail check handling, thereby enabling retailers improved
- check refers to the common understanding of what a check is. More formally, a check is a negotiable instrument that authorizes a financial institution, such as a bank, to transfer to a specified entity a designated amount of money from an account held at that financial institution. There are different types of checks. The most common type of check is an "order" check, which is payable only to the named payee. Other types of checks (or sub-types of order checks) include a bearer check (e.g., made payable to "bearer” or "cash”), a bank check, a certified check, a traveller's check, a money order, a postal order, etc. As provided herein, a "check” may be any of these types of negotiable instruments.
- Figure 1 thereof is a block diagram that shows multiple entities that may be involved in financial collection processes that embody the present invention.
- the entities shown include retailer 10, armored car service provider 20, cash processing facility 30, a bank 40, process facilitator 50, and customers' banks 6OA, 6OB and 6OC. Additional entities may also be involved to assist with one or more entities with its respective functions.
- a process embodying the present invention may entail fewer entities than that shown in Figure 1.
- Various operations of retailer 10 initially are discussed.
- the functions of the other entities shown in Figure 1 are then discussed.
- the present invention provides for a novel process/system for processing checks at the retailer's place of business (i.e., at the point of sale) and advancing credit to retailers in amounts that correspond to the funds represented by checks received by those retailers during their normal business operations.
- retailers are able to enjoy the benefit of the value of the accepted checks almost immediately, thereby enabling retailers to immediately bear interest on such funds or to otherwise immediately utilize such funds in manners suitable for the retailers' successful operations.
- FIG. 2 of the drawings is a schematic flow diagram that shows in general terms the check handling process of the present invention.
- a retailer 10 accepts a check from, for example, a customer in payment for goods and/or services, as shown as step 100.
- a grocery store sales person or "clerk” accepts from a customer a personal check for twenty-five dollars, made out to the grocery store retailer, in exchange for a certain amount of groceries that are being purchased by that customer.
- the clerk deposits the check into an imaging device that images (or "scans") the front of the check to produce an image file (also called "check image file”) representing the front of the check, as shown as step 110.
- the image file may be stored within the imaging device or elsewhere.
- the imaging device is represented as imager 12 in Figure 1.
- 24684/046/1107747.1 check upon being imaged, preferably is stored (or "deposited") in a secure storage compartment, as shown as step 120 in Figure 2.
- the check is both imaged and deposited into an electronic cash register, electronic safe, electronic drop safe, or other electronic device (hereinafter, collectively, "safe") that includes both an imaging device and a suitable secure storage area for safely storing each check that is imaged.
- safe is represented as safe 14 in Figure 1.
- the imaging device and storage area may be integral with the safe, that is, be components disposed within the body of the safe.
- the imaging device and storage area may be located ancillary to the safe.
- the imaging device may be external to the safe and the storage area is disposed within the safe.
- the check may be both imaged and deposited into the safe during the transaction with the customer or after the transaction is completed.
- the safe also preferably has the capability to recognize the denomination of currency (i.e., cash) that is deposited into it and the capability to accumulate cash deposit totals over a predetermined period of time, such as a business day.
- cash is inserted into bill acceptors that identify the deposited currency, and checks are inserted into a separate acceptor ("check acceptor") that, in turn, images the inserted check and subsequently stores it.
- check acceptor a separate acceptor
- the safe also preferably has the capability to capture from the scanned check various information on the check including, for example, the payee, check number, date, amount of currency, and routing/account number.
- a suitable safe that may be employed with the herein-described process of the present invention is the Brink's CompuSafe 4000® safe that is additionally fitted with an imaging scanner.
- the Brink's CompuSafe 4000® safe is shown in Figure 3 of the drawings. Various features of the Brink's CompuSafe 4000® safe are discussed in U.S. Patent Numbers 5,695,038;
- the Brink's CompuSafe 4000® safe accepts a check, images one side of the check (or both sides of the check in another version) to produce an image file, stores the image file within internal memory, and transfers the imaged check into a sealed cassette disposed within the safe.
- the processor within the safe in a particular version, is suitably programmed to include within its deposit reports information that also identifies the total value of all of the checks stored within the safe (called herein "check deposit total").
- the deposit reports may also include additional information about the stored checks, including identifying the number of checks that are stored, the respective monetary amount of each of those checks, and the date/time each check was deposited.
- Brink's CompuSafe 4000® safe functions of the Brink' s CompuSafe 4000® safe are particularly described herein, and the Brink's CompuSafe 4000® safe fitted with an imaging device having the functions and features as described above is well- suited for carrying out various processes of the present invention
- other electronic devices having such functions may be employed.
- Brink's CompuSafe® 3000 Series fitted with an imaging device, also may be employed.
- Other electronic devices including those of other companies, may be utilized. It is noted that the Brink's name and the CompuSafe® mark are registered trademarks of Brink's Network, Inc., the assignee of the present application.
- the financial transaction being carried out is completed, as shown as step 130.
- various activities may be implemented, including displaying the scanned image on a display device and verifying by the clerk that the scanned image is clear and easily readable.
- the display device may be incorporated within the safe, be incorporated within an attached device, or be a separate device altogether.
- a receipt preferably is printed (e.g., by an attached printer or a printing device integrated within the safe) that includes information concerning the financial transaction and that also includes a printed image of the scanned check. The clerk provides the printed receipt to the customer and the transaction is concluded.
- step 130 During the course of the retailer's business day, additional financial transactions are processed, as represented by the arrow extending from step 130 to step 100 in Figure 2. Additional checks may be collected and the collected checks are imaged and deposited into the retailer's safe in the manner described above.
- the retailer deposits the collected cash into a suitable cash-receiving device, which may be the same safe into which checks are deposited, that is, the safe described above (transactions involving cash not shown in Figure 2).
- the safe maintains both the cash deposit totals and the check deposit totals during the course of the business day.
- 24684/046/1107747.1 are disposed within a single location or multiple safes that are disposed at multiple locations. No matter the case, checks are imaged and deposited (and similarly, cash is deposited) within each safe, and preferably the value of each deposited check (and deposited cash) is maintained by each safe.
- the deposit totals of each of the retailer's safes are calculated, as shown as step 140 in Figure 2.
- the total deposit amounts of the two safes are obtained to identify both the total monetary value of the checks that have been collected and the total amount of cash that have been collected by that retailer during the course of the business day.
- the total deposit amounts of all safes within all of the retailer's locations are obtained.
- the total deposit amounts of the safes within a select number of the retailer's locations are obtained. For example, a retailer with stores in different parts of a country (e.g., on both the east coast and west coast of the United States), or in different countries, may desire to employ the process of the present invention separately for its stores in such different areas.
- the monetary value of the checks collected and the amount of cash collected by a retailer generally is a function of the size of the retailer, the number of locations (e.g., retail stores) of the retailer, the types of goods/services that are provided, the relative amount of use of credit/debit cards by the retailer's customers, and other factors.
- the inventive process for advancing credit to retailers may be applied to retailers of any size who accept payment by check (and/or cash).
- deposit totals are calculated at a certain time of each day.
- the time of day may be defined by the retailer' s standard time of close of business day, or the respective store's end of business day. The time may
- 24684/046/1107747.1 be manually identified each day.
- a retailer's employee may manually instruct the safe to "close-out" the business day.
- another time may be selected that does not coincide with the retailer's business day.
- deposit totals are calculated every other day, every third day, or at other periods of time.
- deposit totals are calculated on an intraday basis, that is, deposit totals are calculated multiple times in a given day, whereby the herein-described process is carried out multiple times on that day.
- deposit totals are calculated (or calculated/maintained by the safes during the course of the retailer's operations) at a given point of time.
- the point of time deposit totals are calculated is referred to hereinafter generically as the "end of day.”
- the safe at one retailer location e.g., 10a shown in Figure 1
- Data file creation and transmission of the data and check image files are represented as step 150 in Figure 2.
- each safe at each of the retailer's other locations e.g., 10b, 10c
- the retailer's safe (or safes for multiple locations) transmits data and the stored check image files, either once at the end of day or periodically throughout the day, to another system within or controlled by retailer 10, such as a computer system, to enable that other system to create the data file, which is then transmitted along with
- the data and check image files may be transmitted to a temporary electronic storage medium located at retailer 10, or may be transmitted securely, for example, to retailer lO's main processing facility (e.g., via an intranet, via a website, etc.).
- Data and/or check image files may be transmitted multiple times and periodically within, for example, each business day from the retailer's safe, either directly or indirectly, to a system within or controlled by retailer 10 or to a system within or controlled by process facilitator 50.
- the safe (or safes for multiple locations) within retailer 10 transmits the total monetary value of the deposited checks, the value of each check, the check image files, as well as the total amount of cash that has been collected, since the safe's previous transmission. Then, the system to which all of the transmissions are sent calculates, based on all of the transmissions, the amounts of the deposit totals for that safe within retailer 10.
- one or more computing systems controlled by retailer 10 or, alternatively, controlled by process facilitator 50 remotely access the retailer's safes, pulling deposit totals, check value data, check image files and other data at predetermined times.
- Process facilitator 50 includes a suitably programmed computing system (or systems) that receives the electronically transmitted files. Transmission may occur in any known manner, such as via the Internet, telephone system, a private communications network or other suitable manner. Preferably, transmissions are encrypted to ensure proper security and privacy. Since electronic data transmission and encryption, as well as the hardware/software that carry out such transmission and encryption, are well known, further description thereof is omitted herein except where necessary for an understanding of the present invention.
- process facilitator 50 gathers and accumulates the check and cash deposit totals, and the check image files of all locations of retailer 10 (e.g., 10a, 10b, 10c, etc.) based on the information contained in the files transmitted from each location.
- Process facilitator 50 processes each transmitted file when received or at preset times.
- process facilitator 50 calculates the total check and cash deposits for all locations.
- the gathering of the data and check image files, and calculating (accumulating) of the total check and cash deposits for retailer 10 for that particular business day/time period is represented as step 160 in Figure 2.
- process facilitator 50 Upon calculating the check and cash deposit totals for all locations of retailer 10, for the relevant time period, process facilitator 50 electronically transmits an encrypted data file containing the total deposit information, along with retailer 10 identification information, (also called “credit data” herein) to bank 40, as represented as step 170 in Figure 2.
- bank 40 (or other type of financial institute, collectively referred to herein as a "bank") processes the transmitted credit data (e.g., performs identity verification and other security handling as is well known) and credits the bank account of retailer 10 with the identified total check and cash deposit, as represented as step 180 in Figure 2.
- the above-discussed files are transmitted from retailer 10 to bank 40, which in turn carries out the herein-described functions of process facilitator 50 and then credits retailer 10 based upon the ascertained total check and cash deposit.
- bank 40 and process facilitator 50 preferably enter into a contractual relationship to facilitate the herein-described crediting to retailer 10 of funds in the amount of the total deposits of retailer 10.
- each of the deposited checks are also processed by process facilitator 50 by utilizing the check image files that have been transmitted from retailer 10.
- process facilitator 50 carries out electronic processing of the imaged checks (i.e., the check image files).
- process facilitator implements all processing of the imaged checks necessary to draw the funds from the accounts held by the customers (e.g., within customer banks 6OA, 6OB, 6OC shown in Figure 1).
- Process facilitator may carry out any industry accepted electronic conversion process, including, as an example only, Back Office Conversion (BAC) wherein accepted checks are converted to ACH debits. Since the requirements and operations to process a check are well known, a description thereof is not provided except where necessary for an understanding of the present invention.
- BAC Back Office Conversion
- the actual checks collected by retailer 10 may be destroyed by the retailer (e.g., 7 business days after receipt) or delivered to another entity for storage or destruction thereof.
- the check image files stored by retailer 10 may be deleted after a preset period of time after collection or processing (e.g., 10 business days after receipt).
- any legally acceptable manner of check handling may be employed, including as an example depositing of a customer check within the bank holding the account (i.e., On-Us check).
- Other suitable check handling processes may be employed.
- retailer 10 may have multiple locations (e.g., 10a, 10b, 10c), wherein a safe (or other device) at each location calculates the check and cash deposit totals at the respective location at the identified end of day and thereafter creates and transmits to process facilitator 50 a respective data file with the deposit total information (along with appropriate retailer location identification data and the check image files).
- a safe or other device
- 24684/046/1107747.1 may occur at the same time of day or may occur at different times of day.
- different locations may likely have different "end of day" times.
- certain retailer locations may have different times of operation, may have the same times of operation but operate in different time zones, or a combination of the two.
- FIG. 4 is a diagram that is used to explain the operation of the present invention entailing a retailer with multiple locations and where different locations have different ends of day.
- an exemplary retailer has a number of store locations "X" that have an end of day at 6:00pm (each such location identified herein as an "X location”).
- the exemplary retailer also has a number of other store locations "Y” that have an end of day at 9:00pm (each such location identified herein as a "Y location”).
- the exemplary retailer further has a number of store locations "Z” that have an end of day at 12:00am (i.e., midnight) (each such location identified herein as a "Z location”).
- a safe or safes
- a safe at each Z location ascertains at 12:00am (i.e., the "end of day” of each Z location) on January 6 the total amount of checks and cash that were collected at that location between 12:00am of the previous business day of January 5 and 12:00am of that business day of January 6, and the ascertained total amount is transmitted to the process facilitator.
- Process facilitator then sums the reported amounts and arranges for a bank to credit the retailer with the summed amount.
- the retailer may be provided with a credit each day based upon check and cash collections that occur over different periods of time within the retailer' s different store locations.
- Each end of day may represent the time at which a respective retailer location closes.
- one or more locations of the retailer may close at a time that differs from the respective location' s end of day.
- one or more locations of the retailer may be open 24 hours, that is, not be closed at all. In such cases, a credit may be provided for checks and cash collected at one location at the end of that business day, while a credit may be provided for checks and cash collected at another location at the end of the next business day.
- process facilitator 50 receives data files that collectively identify the collections (checks and cash) at all of the retailer's locations and thereafter ascertains the total credit to be provided to the retailer (e.g., for that business day).
- process facilitator 50 may impose a predefined cut-off time by which files from all locations of the retailer must be received. Then, at such cut-off time, process facilitator 50 calculates the total check and cash deposits for those locations that have transmitted the respective files and transmits such total deposit information to bank 40 for subsequent credit to retailer 10 in the amount indicated. In such case, advance credit still is provided even if all of the retailer's locations are unable, for whatever reason, to transmit the files to process facilitator 50.
- the present invention provides advance credit of all, or at least a part, of a retailer's check and cash deposits. If only a part of the retailer's deposits are credited, the non-reported deposits may be credited at a later time, such as at the end of the next "end of day.”
- the herein-described inventive process for advancing credit for check and cash collections expedites funds availability to a retailer.
- the "end of day" occurs at a certain point in time.
- the retailer is credited once each day for the checks and cash that are collected generally during the preceding 24-hour period.
- the herein-described process may be carried out multiple times a day, such as at every 12- hour period. Conversely, the process may be carried out less than once per day, such as every other day. For example, smaller retailers (e.g., with only a single location or a few locations) may accumulate relatively few checks (or checks of small value) and/or little cash each day and, thus, carrying out the process every two or three days may be sufficient for such smaller retailers.
- a retailer with multiple locations may, in a sense, be treated as multiple retailers. For example, credit may be provided after retailer locations in one part of the country report their deposit totals and then, separately, credit is provided after the other retailer locations report their deposit totals. Such a subdivision may be based on geographic criteria or other basis.
- a retailer is credited with the total deposits accumulated over a period of time (e.g., each business day) based on deposit totals as reported by each of the retailer's locations. Accordingly, the present invention enables a retailer to enjoy the benefit of the value of the accepted checks and its cash receipts almost immediately upon collecting those checks and cash from its customers. The actual checks and cash, however, still remain at the retailer location(s) even after the retailer is credited with those receipts.
- Co-pending application serial no. 12/178,109, filed August 23, 2008, entitled Process of and System for Facilitating Cash Collections Deposits and Deposit Tracking, owned by the assignee of the present application and incorporated herein by reference, is directed to facilitating novel cash collections
- an armored car service provider 20 ( Figure 1) picks up from retailer 10 the cash deposits and possibly the collected checks at preset periods of time (e.g., daily, twice daily, every other day, weekly, etc.) and transports the picked up deposits to a processing facility (e.g., cash processing facility 30 shown in Figure 1) for further handling.
- an armored car service refers to any entity that picks up the cash deposits and/or the collected checks, and includes courier or message services (including governmental and private postal delivery services) that employ or do not employ armored cars. Still further, the cash deposits and the collected checks may be delivered together or separately to the same processing facility or may be delivered to different processing facilities. For example, cash deposits may be picked up by an armored car service that, in turn, transports the picked up cash to a cash processing facility and, separately, the collected checks are picked up by a courier service and delivered to a bank (or other financial or non-financial institute). As described herein, any reference to the pickup or delivery of cash deposits and collected checks shall include any of the above-identified pickup/delivery variations.
- a retailer is credited with its check and cash collections in advance of, sometimes several days or more prior to, when the checks are processed, when the monetary funds represented by the checks become available for use by the retailer and/or when the actual cash reaches the bank.
- a retailer can be provided with credit for its check and cash collections on a more frequent basis than when
- those collections are picked-up, for example, by an armored car service and/or when the checks are delivered to a check processing facility (e.g., bank or other facility).
- a check processing facility e.g., bank or other facility.
- a retailer's deposits are picked up every other day, or every third day, or based on a cash volume basis, or based on another basis, whereupon that retailer may be credited in accordance with the present invention with its check and cash collections on a daily basis.
- a retailer obtains the benefit of daily credit without incurring the expense of daily pick-up.
- the present invention disassociates the time and frequency of a retailer' s pickup schedule from the time and frequency of when that retailer is credited for its collections.
- a retailer is able to enjoy the benefit of its collections on a basis that is independent of when those collections are actually picked up, when the checks are processed, when funds represented by the checks become available for use by the retailer, when the cash is processed (e.g., by a third party cash processing facility), or when the cash is deposited into a bank.
- retailer 10 is credited with its collections based on a schedule that is independent from the schedule at which collected cash and/or checks are delivered to processing facilities.
- armored car service provider 20 picks up from retailer 10 the collections at preset periods of time (e.g., daily, twice daily, every other day, weekly, etc.) and transports the collections, preferably stored within secured deposit bags to a processing facility (e.g., cash processing facility 30 shown in Figure 1) for further handling.
- a retailer may manually schedule a pickup by armored car service provider 20. Regardless of whether pickups are pre-scheduled or manually scheduled, the retailer is provided with advance credit for its check and cash collections shortly after the retailer receives the checks and cash.
- Cash processing facility 30 upon receiving the deposit bags (i.e., the collected cash and/or checks), verifies the contents of the deposit bags.
- deposit bags i.e., the collected cash and/or checks
- verification may occur at any time after receipt, but it need not occur on the same day that the deposit bags are received. For example, verification may occur on the next business (or calendar) day or even on a future date. In any event, verification entails identifying the deposit bags, opening the deposit bags, removing the cash/checks contained within the deposit bags and counting the cash and/or check values to verify that the actual cash and/or check values content coincides with the deposit detail information supplied by retailer 10 (called "verification" herein).
- Cash processing facility 30 (or bank 40 or process facilitator 50) transmits to retailer 10 a report (e.g., an electronic file) that identifies actual cash and check deposit information for retailer 10 to utilize for reconciliation, tax and other purposes.
- the report may be an intraday report, a daily report, a weekly report, a monthly report, etc.
- the information transmitted to retailer 10 includes an accounting of the particular business day or business days to which the credit is applied, including a credit breakdown by business day.
- the data file preferably includes a breakdown by business day of the respective amounts collected during each of those business days. For example, with reference again to Figure 4, a location "X" has an end of day at 6:00pm as shown, but is open 24 hours a day. If, for example,
- the retailer's business day coincides with a calendar day, then at 6:00pm on January 5, a data file is created (e.g., by the safe) and then transmitted for that location that identifies the total amount (i.e., checks and cash) collected from between 6:00pm of January 4 through 12:00am of January 5, and separately identifies the total amount collected from 12:00am through 6:00pm of January 5. With such transmitted information, the total amount of credit provided to the retailer is applied on a business day basis.
- the total amount of credit provided for the business day of January 5 is based on a first transmission (at or shortly after 6:00pm on January 5) that identifies a partial collection on January 5 (i.e., cash and checks collected from 12:00am through 6:00pm) and a second transmission (at or shortly after 6:00pm on January 6) that identifies another partial collection on January 5 (i.e., cash and checks collected from 6:00pm through 11:59pm).
- business day does not coincide with the end of day, where the business day coincides or does not coincide with a calendar day, and/or where the end of day coincides or does not coincide with the calendar day.
- the retailer additionally may access the system/database of process facilitator 50 to track the retailer's deposits, produce reports, view historical information including exceptions and variances, and receive statistical information including total expected daily deposits.
- the present invention expedites funds availability, including improved cash flow and provides other features and benefits to commercial establishments who take-in checks and cash as part of their normal business operations.
- advance credit is provided to retailers in novel manners that enable retailers to enjoy the benefit of check and cash collections almost immediately, without having to wait for those checks to be deposited or otherwise delivered to a processing facility or to wait for collections to be picked-up by armored car service providers, and then processed by third party cash processing facilities and then eventually deposited into and/or otherwise processed by a bank.
- Such post-collection activity commonly takes several days, if not more, during which time retailers historically are not able to utilize the funds that have been collected. Retailers, both large and small, are disadvantaged by this lag period.
- the present invention enables retailers to enjoy the benefit
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- Business, Economics & Management (AREA)
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- General Physics & Mathematics (AREA)
- Accounting & Taxation (AREA)
- Strategic Management (AREA)
- General Business, Economics & Management (AREA)
- Engineering & Computer Science (AREA)
- Theoretical Computer Science (AREA)
- Financial Or Insurance-Related Operations Such As Payment And Settlement (AREA)
- Management, Administration, Business Operations System, And Electronic Commerce (AREA)
Abstract
Description
Claims
Applications Claiming Priority (2)
Application Number | Priority Date | Filing Date | Title |
---|---|---|---|
US8088508P | 2008-07-15 | 2008-07-15 | |
PCT/US2009/043154 WO2010008662A1 (en) | 2008-07-15 | 2009-05-07 | Process of and system for facilitating check processing at point of sale and accelerated credit for check transactions |
Publications (2)
Publication Number | Publication Date |
---|---|
EP2318991A1 true EP2318991A1 (en) | 2011-05-11 |
EP2318991A4 EP2318991A4 (en) | 2011-11-23 |
Family
ID=41550640
Family Applications (1)
Application Number | Title | Priority Date | Filing Date |
---|---|---|---|
EP09798371A Withdrawn EP2318991A4 (en) | 2008-07-15 | 2009-05-07 | Process of and system for facilitating check processing at point of sale and accelerated credit for check transactions |
Country Status (5)
Country | Link |
---|---|
EP (1) | EP2318991A4 (en) |
BR (1) | BRPI0916195A2 (en) |
EA (1) | EA201100217A1 (en) |
MX (2) | MX2010013989A (en) |
WO (1) | WO2010008662A1 (en) |
Family Cites Families (5)
Publication number | Priority date | Publication date | Assignee | Title |
---|---|---|---|---|
US5252811A (en) * | 1991-08-09 | 1993-10-12 | U.S.A. Save Corporation | Device, system and method for increasing saving account participation and investment by small investors |
US6363164B1 (en) * | 1996-05-13 | 2002-03-26 | Cummins-Allison Corp. | Automated document processing system using full image scanning |
US20020063034A1 (en) * | 2000-09-21 | 2002-05-30 | Dobbins Bob M. | Methods and apparatus for an electronic drop safe |
US7216098B1 (en) * | 2000-10-20 | 2007-05-08 | At Systems, Inc. | Electronic transmission and tracking of deposit information |
GB0130480D0 (en) * | 2001-12-20 | 2002-02-06 | Ncr Int Inc | Self service terminal |
-
2009
- 2009-05-07 BR BRPI0916195-3A patent/BRPI0916195A2/en not_active Application Discontinuation
- 2009-05-07 MX MX2010013989A patent/MX2010013989A/en active IP Right Grant
- 2009-05-07 EP EP09798371A patent/EP2318991A4/en not_active Withdrawn
- 2009-05-07 EA EA201100217A patent/EA201100217A1/en unknown
- 2009-05-07 WO PCT/US2009/043154 patent/WO2010008662A1/en active Application Filing
-
2010
- 2010-12-16 MX MX2014012262A patent/MX338613B/en unknown
Non-Patent Citations (2)
Title |
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No further relevant documents disclosed * |
See also references of WO2010008662A1 * |
Also Published As
Publication number | Publication date |
---|---|
EA201100217A1 (en) | 2011-06-30 |
WO2010008662A8 (en) | 2011-03-03 |
EP2318991A4 (en) | 2011-11-23 |
BRPI0916195A2 (en) | 2020-09-15 |
WO2010008662A1 (en) | 2010-01-21 |
MX338613B (en) | 2016-04-25 |
MX2010013989A (en) | 2011-01-20 |
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