Importance

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Abstract

A point of sale system designed to accept payer account number input with a subsequent debiting of a payer account and crediting merchant's account for the goods or services provided. Point of sale terminals are designed to accept bank account information by manually keying, MICR reading of a payer check, OCR reading of a payer check, magnetic stripe reading of a payer debit card, or electronic reading of a payer smart card. Thereafter, the transaction information is transmitted to a central computer system which stores the transaction event information for subsequent bank reconciliation via the ACH or other competing network. The invention eliminates the need for paper checks with all bank reconciliation being accomplished electronically. Additionally, there is no need for the present system to retain the check after verification.

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First Claim