Method for closed loop processing of transactions utilizing bank card association
US6169974A · kind A · utility
Assignee
Inventors
Key dates
| Filing date | Oct 8, 1998 |
| Grant date | Jan 2, 2001 |
| Priority date | — |
| Expiry date | Oct 8, 2018 |
Classification
- Technology area (CPC G)Physics
- CPC primaryG06Q20/14
- WIPO fieldIT methods for management
- WIPO sectorElectrical engineering
Abstract
A procedure for tracking transactions carried out between multiple cost centers and an in-house supply facility of a business entity is carried out by setting up the supply facility to function essentially in the same manner as an independent retail merchant through the existing bank card association. Transaction information is then transferred as a batch to a merchant accounting system which transfers the information to the bank card association to the card issuer. The card issuer then provides a funds payment that is transferred through the bank card network to the merchant accounting system and finally to the merchant acquirer. The merchant acquirer, however, then transfers the funds back to the credit card issuer to cancel out the original funds transfer and thereby provide a closed loop funds transfer. Periodically, the merchant accounting system provides a comprehensive collection of the transaction information performed by the stock room to the credit card issuer who in turn generates a transaction report that is provided to the business entity for updating its general ledger. At the close of a month, the totality of transactions for the stock room of the business entity is …
Source: USPTO / EPO open patent data. Objective bibliographic and citation counts.