Importance

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Abstract

In a commercial transaction system, a magnetic stripe data card is used to interact with a point of sale (POS) terminal, equipped with a card reader/writer device, a computer system, and a display device, and an input means for entering cost information, to conduct coinless transactions with cash or paper bill currency. The POS terminal is capable of processing data which includes comparing the fractional transaction cost of the goods and/or services to be purchased with an existing balance of change stored on the magnetic stripe data card, and updating the balance of change at the end of the transaction. In a preferred embodiment of the present invention, when the balance of change associated with the card does not cover the fractional dollar cost of the transaction, the system provides a change renewal algorithm which automatically increases the balance on the card by an amount equal to the difference between the cost of the transaction and the next highest whole dollar amount. This difference is also added to the transaction cost raising it to the next highest whole dollar amount. Likewise, when the balance of change stored on the card does cover the fractional dollar cost of the transaction, the system provides a change depletion algorithm which automatically decreases the balance on the card by an amount equal to the fractional dollar cost of the transaction. This amount is also deducted from the transaction cost lowering it to the next lowest whole dollar amount. In either case, whether the balance of change stored on the card is greater than, or less than or equal to, the fractional dollar cost of the transaction, the fractional dollar cost of the transaction, or the difference between 1.0 and the fractional dollar cost of the transaction, is automatically debited from or credited to both the balance on the card and the total cost of the transaction, respectively, thereby resulting in a whole dollar cost for the transaction. The lack of any fractional cost for the transaction eliminates the requirement to exchange coins of any denomination while conducting commercial transactions with cash or paper bill currency.

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First Claim