Electronic Receipt Management System for Automated Transaction Reconciliation
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Solution Overview
Problem
Users face inefficiencies in managing and organizing receipts from point-of-sale (POS) and online transactions, which can be cumbersome and time-consuming.
Innovation Solution
An electronic system, referred to as the Beyond Receipts (BR) system, provides a centralized repository for storing and managing electronic receipts. Users can access their accounts securely to reconcile and monitor receipts in real-time through a mobile app or website.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If users manually manage and organize paper receipts, then they can track transactions, but the process becomes cumbersome and time-consuming
Solution Approach 1:
The system automatically captures receipts through integration with payment cards and merchant systems, eliminating the need for users to manually collect and organize paper receipts. The automated reconciliation process further reduces user involvement by matching transactions with received data without manual intervention.
Solution Approach 2:
The patent replaces the mechanical process of manually handling, filing, and reconciling paper receipts with an electronic system that automatically captures, stores, and processes receipt data through digital integration with payment and merchant systems.
2Loss of information
If users store paper receipts temporarily or permanently, then they have a record of transactions, but they need to arrange storage space which is cumbersome
Solution Approach 1:
The system creates and stores electronic copies of receipts in a centralized digital repository, replacing the need for physical paper storage. These digital copies are maintained in the cloud or on connected devices, eliminating the need for physical filing cabinets or storage spaces.
Solution Approach 2:
The electronic storage system serves multiple functions: it stores receipts, enables searching and filtering by various criteria, provides access from multiple devices, and integrates with accounting software, replacing multiple separate storage and management systems with a single unified platform.
3Productivity
If a centralized receipt management system is implemented, then receipt organization efficiency is improved, but system complexity increases
Solution Approach 1:
The system introduces a centralized receipt management platform that acts as an intermediary between users, merchants, and payment processors. This intermediary automatically receives, standardizes, and processes receipt data from multiple sources, simplifying the overall ecosystem despite the added complexity of the central platform itself.
Solution Approach 2:
The system transforms receipt data from various formats and sources into a standardized structure with consistent parameters and fields. By changing the parameter representation of receipt information into a unified format, the system enables efficient processing and comparison across diverse transaction types.
4Loss of substance
If electronic receipts are used instead of paper receipts, then paper usage is reduced, but users need secure access protocols to protect against hackers
Solution Approach 1:
The system implements automated security measures including encryption, authentication, and access control protocols that operate without user intervention. Security credentials are automatically managed, and access is controlled through programmed protocols rather than manual security procedures.
Solution Approach 2:
The system applies encryption and security protocols in advance to protect receipt data before it is accessed or transmitted. Security measures are built into the system architecture from the beginning, cushioning against potential security threats before they can exploit vulnerabilities.
Data Source
AI summary
Systems and methods for electronic receipt management are provided. The system may include a network device that determines completion of a transaction, by an entity, on behalf of a user(s). The network device may receive an electronic receipt(s) by the entity to determine an item(s) of information from the receipt(s) responsive to determining the user(s) has an account associated with facilitating receipts, associated with the user(s), from entities. The network device may predict, by performing machine learning based on analyzing training data associated with prior transactions by the user(s) associated with a historical time period, a category associated with an item(s) associated with the transaction and predicting the entity. The network device may provide a communication to a device of the user. The communication may indicate the predicted category and the entity. The network device may receive an indication from the device indicating whether the transaction is valid or invalid.