Systems and methods for processing promissory transactions as debit transactions
OwnerDaniel Ahlesinventor
Life of this patent
Estimating the term…
Abstract
Systems and methods are provided for determining when to convert promissory transactions, such as checking transactions, into direct debit transactions. A set of rules evaluates the risk associated with a check transaction. When the check transaction has a predetermined level of risk, a debit determination system evaluates the transaction to determine when to convert the check transaction into the debit transaction.
Claims53
A method for determining when to convert a check transaction into a direct debit transaction, the method comprising:
- receiving from a merchant point of sale device check transaction data associated with a check transaction by a consumer for a purchase of goods or services;
- evaluating the check transaction data to determine a projected risk associated with the check transaction;
- generating a risk score that quantifies the projected risk associated with the check transaction;
- if the risk score indicates that the check transaction has an undesired level of risk, indicating on the merchant point of sale device that the check transaction will be converted into a direct debit transaction;
- and
- converting the check transaction into the direct debit transaction.
A method for determining when to convert a promissory transaction into a direct debit transaction, the method comprising:
- receiving a request to evaluate a risk associated with a promissory transaction;
- receiving data associated with the promissory transaction;
- evaluating the risk of the promissory transaction using the data associated with the promissory transaction to produce a risk evaluation;
- and
- initiating a direct debit transaction based at least in part on the risk evaluation, wherein the promissory transaction is converted into the direct debit transaction.
A method of determining when to convert a promissory transaction to a direct debit transaction, the method comprising:
- initiating a direct debit transaction wherein a promissory transaction is converted into the direct debit transaction;
- and
- performing a risk analysis of the promissory transaction when the direct debit transaction fails.
A method of determining when to convert a promissory transaction to a direct debit transaction, the method comprising:
- performing a risk analysis of a promissory transaction to produce a level of risk;
- and
- initiating a direct debit transaction when the level of risk is unacceptable, wherein the promissory transaction is converted into the direct debit transaction.
An apparatus for processing promissory transactions as direct debit transactions comprising:
- a promissory transaction request associated with a promissory transaction;
- a risk analysis process that is configured to determine a level of risk associated with the promissory transaction;
- a debit determination process to determine a method of acquiring demand deposit account information, wherein the debit determination process is invoked based at least in part on the level of risk;
- and
- a direct debit transaction based at least in part on a result of the debit determination process, wherein the promissory transaction is converted into the direct debit transaction.
An apparatus for converting a promissory transaction into a direct debit transaction comprising:
- a means for receiving a promissory transaction request associated with a promissory transaction;
- a means for evaluating a risk associated with the promissory transaction, wherein the means for evaluating the risk produces a level of risk for the promissory transaction;
- and
- a means for initiating a direct debit transaction based at least in part on the level of risk, wherein the promissory transaction is converted into the direct debit transaction.
Dependencies are inferred from the claim text.