Restricted purpose, commercial, monetary regulation method

Details Restricted purpose, commercial, monetary regulation method Restricted purpose, commercial, monetary regulation method

1986-07-21

1988-02-16

Pitts, Harold I.

Registers

Records

235381, G06K 1900

Patent

active

047257199

ABSTRACT:
A restricted purpose, commercial, monetary regulation method is provided whereby a network is established between the business user, the acceptor of the restricted purpose card and a financial institution so that the business user obtains a unique identification number that enables him to purchase only one specific product or service from the acceptor. As a result, employers are free to give this card to employees without endangering the employees by entrusting them with large sums of cash or currency and while also ensuring any use of the card will be for a purpose authorized by the business. Once the validity of the card is authenticated, the transaction is completed by the acceptor, the information is transferred to financial institution and the funds are transferred from the user's account to the acceptor's account. An audit trail is provided by the assignment of a unique transaction number to each transaction and statements are provided to the user and the acceptor detailing the specifics of each transaction over a period of time.

REFERENCES:
patent: 3697729 (1972-10-01), Edwards

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