Transaction Data Capture and Tagging System
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Solution Overview
Problem
Existing transaction processing systems at points of sale lack efficiency in data receipt and manipulation, particularly when dealing with foreign currency and requiring manual entry of expenses, which is time-consuming and prone to errors.
Innovation Solution
A system that employs a processor at the transaction point with communication devices like NFC, Bluetooth, or optics to generate and transmit transaction data, allowing for local or remote storage and tagging of transactions, using a hand-held device with expense transaction software to automate data capture and categorization.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If manual entry of expenses is used, then flexibility in data entry is maintained, but time consumption and error rate increase
Solution Approach 1:
The system performs preliminary actions by automatically capturing transaction data at the point of sale through integrated processors and communication devices, eliminating the need for manual data entry later. The data is pre-processed, categorized, and stored automatically, saving time while maintaining operational flexibility.
Solution Approach 2:
The system enables self-service by allowing the transaction processing system to automatically capture, categorize, and store expense data without requiring manual intervention. The system serves itself by generating and managing its own data records through integrated processors and communication protocols.
2Productivity
If optical character recognition software is used to scan receipts, then data entry speed is improved, but accuracy decreases especially for foreign currency
Solution Approach 1:
The system introduces an intermediary approach by using integrated processors and communication devices that directly capture transaction data at the point of sale, rather than relying on post-hoc optical character recognition. This intermediary layer ensures accurate data capture from the source, including foreign currency transactions, while maintaining high processing speed.
Solution Approach 2:
The system replaces the mechanical/optical recognition process with an electronic data capture system. Instead of using optical character recognition to read receipts, the system electronically captures transaction data directly at the point of sale through integrated processors, eliminating the inaccuracies associated with optical recognition of foreign currency.
3Loss of time
If automated data capture is implemented, then time consumption is reduced, but device complexity increases
Solution Approach 1:
The system achieves multi-functionality by integrating multiple capabilities into a single transaction processing system. The same processor handles data capture, communication, categorization, and storage functions, reducing overall system complexity while maintaining automation benefits. This universal approach eliminates the need for separate dedicated devices for each function.
Data Source
AI summary
A system for processing a transaction by a user at a transaction point comprising: a data processing module configured to generate a transaction signal when an initiation of the transaction at a POST device of a transaction point by the user using a transaction initiator is detected, wherein the transaction signal comprises a transaction data; a data delivery module configured to transmit the transaction data from the POS device to a remote processor and optionally to a secondary computer based device of the user; a tagging module configured to enable the user to tag the transaction data when a prompt is displayed on the hand held computer based device; and a report generation module configured to generate a report corresponding to any client selected by the user through the hand held computer based device of the user.