Importance

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Abstract

A demand deposit account data processing system is provided that allows merchants to settle transactions on line and in real time and that automatically processes transactions in a number of exception conditions. The system comprises demand deposit account data that originate from a data source, at least one point of sale terminal adapted to receive that data to initiate a transaction, a central computer system, first communication means integrated with the point of sale terminal for communicating with the central computer system, data storage means integrated with the point of sale terminal for storing the data, and second communication means integrated with the central computer system for receiving the data from the point of sale terminal and communicating with the data source. This configuration permits the central computer system to communicate with the data source to settle the transaction on line or through traditional automated clearing house channels. The system of the present invention preferably incorporates a number of authorization databases that can be used to verify a transaction even if it cannot be settled on line. The system also preferably automatically updates all of its databases with pertinent transaction information once a transaction result is obtained. Preferred embodiments of the present invention comprise a software program adapted to recognize and repair errors in the demand deposit account data before submission to the data source. Similarly, the present invention contemplates use of a software program adapted to submit demand deposit account data to a data source multiple times until the transaction is settled electronically. In this way, the cumbersome physical processing, temporal risk, and lack of flexibility to handle procedural variations at the point of sale associated with traditional check presentment systems can be avoided or eliminated.

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First Claim