Point-of-sale tax collection system and method of using same
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United States of America Patent
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Jul 1, 1997
Grant Date -
N/A
app pub date -
Sep 28, 1994
filing date -
Sep 28, 1994
priority date (Note) -
In Force
status (Latency Note)
Importance
Abstract
A new and improved tax collection system and method collects and remits taxes in real time at point-of-sale locations. The system includes a group of point-of-sale terminals at merchant point-of-sale facilities that receive and store tax collection information under merchant control. A bank computer at a merchant bank accesses the stored tax collection information and wire transfers the collected sums periodically to at least one computer at a tax authority bank. For credit or debit transactions, a service computer receives the tax collection information daily from certain ones of the point-of-sale terminals, and wire transfers the credited or debited taxes to the tax authority bank computer.
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