First Data Corporation

Precash, Inc.

Other

Randy J Templeton

Sharat Shankar

Cassandra J Mollett

Lisa Tidwell

David Wayne Smith

Leslie Michelassi

Daniel Ahles

Tamila Barron

A system and method of payment of an end-user account with a service provider includes a computer system that makes payments to service providers on behalf of end-users and that is operable to exchange information with a terminal at the point of sale or a web-enabled computer system operated by the end-user and with the computer system of the service provider. In one embodiment, the computer system of an intermediary receives and fulfills a request to make a payment on an end user's account with a service provider. In another preferred embodiment, a payment router together with an issuing/sponsoring bank and a processor, as implemented by their computer systems, facilitate payment transactions in which the router transacts at least thousands of payments for at least hundreds of payors with at least dozens of payees using at least one open system card association network, preferably in a day.

System and method for facilitating large scale payment transactions

A system and method of payment of an end-user account with a service provider includes a computer system that makes payments to service providers on behalf of end-users and that is operable to exchange information with a terminal at the point of sale or a web-enabled computer system operated by the end-user and with the computer system of the service provider. In one embodiment, the computer system of an intermediary receives a request to make a payment on an end user's account with a service provider. The computer system of the intermediary may communicate with the computer system of the service provider by logging on to the web page of the service provider as the end-user, and entering a universally accepted open system number and the amount of the payment received from the end user's source of funds to effect payment on the end user's account with the service provider. In another preferred embodiment, a payment router together with an issuing/sponsoring bank and a processor, as implemented by their computer systems, facilitate payment transactions in which the router transacts at least thousands of payments for at least hundreds of payors with at least dozens of payees using at least one open system card association network, preferably in a day.

Systems and methods are provided for selectively determining when and from what source to access information received from a demand deposit account (DDA) associated with a given check or other promissory payment transaction, as well as for selectively incorporating the DDA information into a risk assessment for the transaction. Information received from the DDA can include an indication of the existence of sufficient funds in the account (or lack thereof) to cover the check in question, as well as a current status code for the account. Use of the DDA information may be integrated into an overall risk assessment process performed for the transaction, such that the influence of negative factors in one part of the risk assessment may be mitigated by other factors in the risk assessment and such that overall effectiveness of the risk assessment is enhanced. Systems and methods for selecting an access path for accessing a DDA to settle a promissory payment are also provided.

Systems and methods for selectively accessing or using financial account data for subsequent risk determination

Systems and methods are disclosed for assisting a check-cashing entity to efficiently and accurately locate relevant positive pay information or other reconcilement information regarding a check or other negotiable instrument that has been presented to a check-cashing entity in association with a request to cash, deposit, use as payment or other otherwise accept the check or negotiable instrument. In various embodiments, when a plurality of potentially useful sources of reconcilement information are identified for querying in association with a proposed check-cashing transaction, a decision regarding how many of the sources to query and/or how long to continue to query may be based at least in part on factors relating to the transaction, factors relating to characteristics of the information sources, and factors relating to preferences on the part of the check-cashing entity.

Systems and methods for accessing reconcilement information

An integrated point of sale terminal for processing multiple payment types including payment by check includes a compact housing, a processor, and memory. The housing has a base shaped to sit on a merchant counter and has a document slot for receiving a check. The processor is disposed in the housing, and the memory is in communication with the processor. The payment terminal is located at the point of sale during use to allow a store merchant to accept multiple payment types. The payment terminal further includes a magnetic ink character recognition device for reading a string of magnetic ink characters on the check. The magnetic ink character recognition device is affixed to the housing at the document slot and is in communication with the processor. Further, the payment terminal includes an imaging device for capturing an image of the check. The imaging device is affixed to the housing at the document slot and is in communication with the processor. The processor is programed to process multiple payment types including processing a checking account transaction when the check is placed in a document slot.

Point of sale payment terminal

Systems and methods are disclosed for assisting a check-cashing entity to efficiently and accurately locate relevant positive pay information or other reconcilement information regarding a check or other negotiable instrument that has been presented in association with a request to cash, deposit, use as payment or other otherwise accept the check or negotiable instrument. In various embodiments, when a plurality of potentially useful reconcilement information sources are selected for querying in association with a proposed check-cashing transaction from amongst a set of available reconcilement information sources, factors relating to the transaction, factors relating to characteristics of the information sources, and factors relating to preferences on the part of the check-cashing entity may be considered in order to select and prioritize the querying of information sources that are deemed likely to hold desired reconcilement information.

Systems and methods for prioritizing reconcilement information searches

A risk system that performs a risk assessment of a financial transaction to obtain an initial risk score. Based on the initial risk score, the risk system performs at least one post-score assessment by selectively utilizing various scoring engines and databases. The at least one post-score risk assessment may include delaying the shipment of merchandise in financial transactions that are of marginal risk to thereby provide a check acceptance service with more time to further evaluate the financial transaction risks. Thus, marginally risky financial transactions that are likely to benefit the check acceptance service and a merchant that subscribes to the check acceptance service are authorized for increased profitability and customer satisfaction. Furthermore, the post-score risk assessment may approve or authorize financial transactions that generally fail standard risk assessments that use a cut-off risk score to divide the financial transactions into either approved or declined groups. As a result, the post-score assessment process efficiently re-evaluates some of the borderline exception cases for the purpose of securing beneficial financial transactions.

Growing community of inventors

Sugar Land, TX, United States of America

Randy J Templeton