Electronic Check Construction with GPS Location and MICR Ink
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Solution Overview
Problem
Consumers with overdue accounts often face difficulties in making payments due to challenges such as being out of touch with their postal mail, hospitalization, or struggling with daily tasks like writing checks, and existing technologies do not provide a comprehensive solution for creditors to address these issues.
Innovation Solution
A method of constructing a check using a computer system that generates a transaction number, processes data into a webpage, transmits a link to the payor's device, receives a digital signature, and prints the check with a GPS location using MICR toner ink, allowing for electronic and secure payment processing.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If traditional paper check writing methods are used, then consumers can make payments, but consumers who are hospitalized or struggling with daily tasks cannot effectively complete payment processes
Solution Approach 1:
The patent replaces the mechanical system of manually writing checks with an electronic automated system. The computer generates the check image, prints it with MICR toner ink, and handles all processing electronically, eliminating the need for the consumer to physically write or handle the check.
Solution Approach 2:
The system allows consumers to initiate payments through simple electronic communication without requiring them to perform complex tasks. The automated system handles check generation, printing, and processing, making the service accessible to consumers who cannot perform traditional check-writing tasks.
2Reliability
If consumers are required to manually write and mail checks, then payments can be made, but consumers out of touch with postal mail or traveling cannot ensure timely delivery
Solution Approach 1:
The patent replaces the postal mail system with electronic communication and electronic check processing. The check is transmitted electronically and processed through automated systems, eliminating dependency on physical mail delivery and ensuring reliable payment processing regardless of the consumer's location or mail access.
3Adaptability or versatility
If electronic check generation is implemented, then payment accessibility is improved, but check security and authenticity verification become more complex
Solution Approach 1:
The patent uses MICR (Magnetic Ink Character Recognition) toner ink to print the check, which has specific magnetic properties that enable automated verification. The unique magnetic characteristics of the ink provide a security feature that simplifies verification compared to other electronic methods, as the ink's properties can be easily detected and validated by processing systems.
4Productivity
If MICR toner ink is used for printing checks, then check processing automation is improved, but the cost of specialized ink increases
Solution Approach 1:
The system uses MICR toner ink that is already integrated into standard office printers and copiers, allowing the check-printing function to utilize existing infrastructure. This approach leverages the self-service capability of standard printing equipment to perform specialized MICR printing without requiring separate expensive equipment or materials.
Applied Scientific Principles
This section explains which scientific principles are used to turn an abstract innovation direction into a practical engineering solution.
Function Achieved in This Case
Facilitates secure and convenient payment processing for consumers with overdue accounts by enabling electronic check construction and signing, even for those who may struggle with traditional payment methods, ensuring timely payments and reducing unmet needs in debt management.
Implementation Method 1
printing (such as, e.g., printing in MICR toner ink) a GPS location thereon
Data Source
AI summary
For a consumer having a bank checking account but who is without a preprinted paper check, a signed paper check is electronically constructed for the consumer on a transaction basis, by a computer system. The system captures GPS location from the consumer's phone and prints numerical GPS coordinates onto the check as part of electronically constructing the signed check. One usage context is a system used by creditors obtaining payment from debtors who are overdue on their accounts.