Importance

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Abstract

An improved system and method of electronic check processing at an existing point-of-sale system. The system utilized to implement the present invention includes at least one point-of-sale (POS) terminal, a verification system, and an electronic settlement network. The POS terminal includes a printer, MICR scanner, and optical scanner. When a customer presents a check to pay for a transaction at the POS, the checker runs the check through an MICR scanner, which captures the MICR information from the check. The MICR information is forwarded to the verification system for approval of the check for ECC. Once the check is approved for ECC, the purchaser's contact information is scanned from the face of the check by the optical scanner, and the digitized contact information is utilized along with other information from the transaction to create an ECC Agreement slip, which is printed on the high speed receipt printer. The agreement slip includes a signature line for the purchaser sign. Once the purchaser signs the agreement slip, he returns the slip to the checker. The slip is retained by the retailer and handled for cash balancing similarly to a charge card slip. The point-of-sale terminal automatically voids the negotiable instrument prior to the instrument being returned to the purchaser to complete the transaction.

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First Claim