Importance

Loading Importance Indicators...

Abstract

Disclosed are methods for providing electronic settlement of authorized financial transactions via a wireless transmission system. A conventional financial transaction processing point-of-sale terminal is connected to a wireless adapter. The wireless adapter is connected to a wireless transmission system, through which the adapter can communicate with a host computer. Transaction authorizations are processed via the wireless adapter, wireless transmission system and the host computer. A main transaction database is maintained by the host computer, and the adapter maintains a database of transactions which have been authorized but not yet settled. When the terminal initiates a settlement procedure, the adapter and the terminal communicate so that the adapter collects from the terminal all the transactions which are to be settled before initiating the settlement procedure with the host computer. The adapter compresses the data blocks which carry the settlement information by using its local database prior to sending these blocks to the host computer. If no change was made to the authorized transaction (e.g., no tip was added) then the adapter only needs to send the database index code and minimal other information in order to post the transaction. If a change was made to the transaction, then the adapter sends the database index code and a small block of data which updates the transaction.

Loading the Abstract Image...

First Claim