Importance

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Abstract

A financial transaction system makes use of an automated terminal or terminals in communication with a host computer which is capable of accessing any of a number of institutionalized or private label credit/debit card data bases, check verification data bases, and institutionalized automated clearing houses in accordance with records developed at the terminal as interpreted by the host computer. The terminal is capable of entering data identifying the credit/debit card provided by the customer, or the number of an offered check, in combination with financial information supplied by the retail merchant, to access a host computer which organizes the information supplied in addition to accessing the desired data base to determine whether or not the proposed transaction should be accepted or rejected. Operation of the terminal, as complemented by operation of the host computer with which it communicates, also enables the merchant's financial transactions to be monitored and recorded throughout a given business day, making the host computer available to assist the retail merchant in collecting, organizing, resolving and settling a day's receipts in automated fashion, for prompt and accelerated payment.

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First Claim