System and method for point-of-sale check authorization
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United States of America Patent
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-
Nov 11, 2003
Issued Date -
N/A
app pub date -
Aug 15, 2000
filing date -
Oct 9, 1998
priority date (Note) -
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status (Latency Note)
Importance
Abstract
A point-of-sale check authorization method inputs transaction and financial institution information from a check to be authorized. This information is communicated to a merchant processor operable to make a check authorization determination. The merchant processor discriminating whether or not the financial institution upon which the check was written is a participating financial institution. If not, the check authorization determination is based upon experiential databases accessible by the merchant processor. If it is discriminated that the financial institution information is a participating financial institution, the merchant processor transmits an information request to the financial institution upon which the check was written, and the financial institution, if sufficient funds are available and other predetermined criteria are met, debits the account in the amount of the transaction.
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