System and method for conducting cashless transactions

Details System and method for conducting cashless transactions System and method for conducting cashless transactions

1994-02-04

1996-09-17

Hayes, Gail O.

Boots, shoes, and leggings

364401R, G06F15700

Patent

active

055575161

ABSTRACT:
In a commercial transaction system, a system user uses a card device to interact with sales or transaction terminals to conduct cashless transactions. Each terminal processes data including a balance stored on the card device and updates the stored data at the end of the transaction. The system is specially designed for purchases of items or transactions of relatively small monetary value, where purchases are generally unattended by salespersons. In this manner, the amount of the transaction is deducted from the balance on the card device.
In accordance with the invention, when the existing balance associated with the card does not cover the price of the transaction, the system provides an automatic renewal feature which automatically increases the balance of the card device by a predetermined amount. Such a feature allows the purchase to be made without inconveniencing the card user to increase the balance by other means. Each time the balance is increased by an automatic renewal, the card issuing bank bills the card user for increments of the predetermined amount.

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