Method for transaction processing in a capture and deposit

Abstract

A system and method for processing transactions is disclosed. The different processes are integrated by use of a controlling processing engine which contains instructions on how the processes should be treated. The system and method provides an end to end integrated system for processing payments and reporting the transaction results in real time. The system and method allows customers to have access to the transaction data in real time and return any excepted payments in real time.

Description

CROSS REFERENCE TO RELATED APPLICATIONS [0001] The present invention is a continuation-in-part (CIP) of U.S. application Ser. No. 11 / 400,171, filed Apr. 10, 2006, entitled “Method for Transaction Processing in a Capture and Deposit,” which claims priority to U.S. Provisional Application No. 60 / 743,157, filed Jan. 20, 2006, both of which are incorporated herein by reference in their entirety.FIELD OF THE DISCLOSURE [0002] The present disclosure relates generally to integrating processes related to electronic payment, and is particularly directed to data processing related to data capture and deposit management systems. BACKGROUND OF THE DISCLOSURE [0003] The need to make and efficiently track payments is a major concern for business and individuals alike. Generally, there are separate lines of processing for each payment type and particular payment locations may only accept or prefer certain payment types but not others. For instance, a small merchant may not accept a credit card bec...

AI Technical Summary

Benefits of technology

[0025] Some of the features in the present disclosure include: (1) the ability to convert one type of payment, such as a physical check, into another type of payment, such as a purely electronic transaction; (2) the ability to report or access real-time transaction data; (3) the web-enabled access; (4) the ability to enable payors, payees, processors, their agents or other interested parties to choose appropriate payment channels to clear payments; (5) the ability to detect high risk transactions, which reduces fraud and prevents double posting; and (6) the ability to tailor the system design for changing needs.

Problems solved by technology

For instance, a small merchant may not accept a credit card because he does not want to pay the high cost of the credit card payment transaction, just as a large entity may prefer not to accept checks as payment due to the amount of manual labor required to process the payment and the systemic risks.

Each of the above solutions is generally fixed to a single type of payment and does not integrate processing across different payment types.

Also, many of the above solutions are cost prohibitive to all but the largest institutions.

In all solutions but ACH, the cost of presenting an electronic check is projected to be more expensive than presenting a traditional paper check.

However, some merchants do not like to use ACH as payment mechanism due to the potential payment risks.

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