Financial data processing system using payment coupons

A financial data processing system which a non-negotiable payment coupon enables upon receipt an origination record to be generated for entry into an electronic funds transfer network, comprising

• a payment coupon in the form of a document having printed thereon human readable information and machine readable data, the human readable information including at least the name and bank account number of a payor, the account number of the payor with a payee, a payment amount, an indication for enabling the payor to direct an electronic funds transfer, and an authorization statement signable by the payor to allow the draft to be prepared, or the electronic funds transfer to occur to (i) debit the payor's bank account, (ii) credit the payee's account at a payee depository bank, and (iii) credit the payment amount to the payor's accounts receivable or loan balance forward with the payee, and the machine readable data including at least the payor's account number with payee;
• printing means for printing the payment coupon;
• and
• system means for receiving the payment coupon and reading therefrom sufficient machine readable data, to allow extraction of data from a data base for initiating the electronic funds transfer in response to retrieval of the machine readable data contained on the payment coupon.

In a financial data processing system wherein a payment coupon enables automatic preparation of a preauthorized draft that is capable of entering a conventional check clearing network,

• a payment coupon in the form of a non-negotiable document having printed thereon human readable information and machine readable data, the human readable information including at least the name and bank account number of a payor, the account number of the payor with a payee, a payment amount, an indication for enabling the payor to direct an electronic funds transfer, and an authorization statement signable by the payor to allow the draft to be prepared or the electronics funds transfer to occur to (i) debit the payor's bank account, (ii) credit the payee's account at a payee's depository bank and (iii) credit the payment amount to the payor's accounts receivable or loan balance forward with the payee, and the machine readable data including at least the payor's account number with the payee, and
• the machine readable data being readable to allow automatic extraction of data from a data base to enable a preauthorized draft to be automatically printed or an electronics transfer to occur, and the preauthorized draft comprising a document which is printed upon receipt by the payee, a lockbox or a bank and based upon the machine readable data contained on a respective payment coupon, said draft including both human readable information and machine readable data, the human readable information on the draft comprising at least the name of the payee, the name of the payor, the payor's bank account number and payor's account number with the payee, name of the bank, payment amount, information regarding the matter billed, the payment date, and the machine readable data on the draft comprising the payor's bank transit/routing number, the payor's bank account number, the payment amount, and information regarding the matter billed.

In a financial data processing system wherein a payment coupon enables automatic preparation of a preauthorized draft that is capable of entering a conventional check clearing network,

• a payment coupon in the form of a non-negotiable document having printed thereon human readable information and machine readable data, the human readable information including at least the name and bank account number of a payor, the account number of the payor with a payee, a payment amount, an indication for enabling the payor to direct an electronics funds transfer, and an authorization statement signable by the payor to allow the draft to be prepared or the electronics funds transfer to occur to (i) debit the payor's bank account, (ii) credit the payee's account at a payee's depository bank and (iii) credit the payment amount to the payor's accounts receivable or load balance forward with the payee, and the machine readable data including at least the payor's account number with the payee, and
• the preauthorized draft comprising a document which is printed upon receipt by the payee, a lockbox or a bank and based upon the machine readable data contained on a respective payment coupon, said draft including both human readable information and machine readable data, the human readable information on the draft comprising at least the name of the payee, the name of the payor, the payor's bank account number and payor's account number with the payee, name of the bank, payment amount, information regarding the matter billed, the payment date and the machine readable data on the draft comprising the payor's bank transit/routing number, the payor's bank account number, the payment amount, and information regarding the matter billed.