System and method for processing financial transactions

a financial transaction and system technology, applied in the field of retail transactions, can solve the problems of high cost of implementation of customer purchasing trends tracking system for the purpose of identifying loyal customers, time-consuming process for promoting retail store loyalty, and high sales volume of retail store chains, so as to increase customer confidence, enhance security, and facilitate the effect of promotion

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a financial transaction and system technology, applied in the field of retail transactions, can solve the problems of high cost of implementation of customer purchasing trends tracking system for the purpose of identifying loyal customers, time-consuming process for promoting retail store loyalty, and high sales volume of retail store chains, so as to increase customer confidence, enhance security, and facilitate the effect of promotion

US20090228336A1Inactive Publication Date: 2009-09-10GIORDANO JOSEPH A +2

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[0037]In the following detailed description of the preferred embodiment, reference is made to the accompanying drawings that form a part thereof, and in which is shown by way of illustration a specific embodiment in which the invention may be practiced. This embodiment is described in sufficient detail to enable those skilled in the art to practice the invention and it is to be understood that other embodiments may be utilized and that structural changes may be made without departing from the scope of the present invention The following detailed description is, therefore, not to be taken in a limited sense.

[0038]To achieve these and other advantages, and in accordance with the purpose of the invention as embodied and broadly described, the invention provides a system for processing retail transactions. The system comprises a customer transceiver preprogrammed with a unique customer / transmitter ID number, and a merchant transceiver that receives a customer identification signal from ...

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Abstract

A network for processing retail sales transactions includes a customer transceiver with a unique customer number, a reader receiving the customer number and sending it to a point-of-sale device where it is combined with transaction information to form a transaction entry. The transaction entry is sent through a merchant computer to a transaction processing system having a customer database. The transaction processing system references an entry in the customer database corresponding to the customer / transmitter ID number and routes the transaction entry to a payment processing system specified in the customer database entry.

Description

[0001]This application claims priority in U.S. Provisional Application No. 60 / 120,760, entitled “System and Method for Processing Financial Transactions,” filed Feb. 19, 1999, bearing attorney docket no. 03204-6000.FIELD OF THE INVENTION[0002]The invention relates generally to retail transactions and, more particularly, to systems and methods for monitoring consumer behavior and for providing a secure, electronic payment in exchange for goods and services.DESCRIPTION OF THE RELATED ART[0003]Retail store chains survive on high sales volumes and low profit margins. Accordingly, retail professionals are constantly searching for cost-effective mechanisms to encourage consumers to shop at their retail stores and for efficient low-cost methods to process completed retail transactions. In the past, the most common approach utilized by retailers for motivating customers to shop in a particular establishment was to provide purchasing incentives to their customers, usually in the form of prin...

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Application Information

Patent Timeline

10 Sep 2009

Publication

US20090228336A1

IPC: G06Q30/00; G06Q10/00; G06Q20/00; G06F17/40; G06Q20/20; G05B19/00; G06Q20/04; G06Q20/10; G06Q20/32; G06Q20/40; G06Q30/02; G06Q30/06; G06Q40/00; G07G1/00; G07G1/12; G07G1/14

CPC: G06Q20/04; G06Q20/10; G06Q20/102; G06Q20/105; G06Q20/20; G06Q20/202; G06Q40/12; G06Q20/32

Inventors: GIORDANO, JOSEPH A.; TRAVIS, TORY N.