Registers – Systems controlled by data bearing records – Banking systems
Patent
1993-10-29
1995-06-20
Pitts, Harold
Registers
Systems controlled by data bearing records
Banking systems
235380, 902 24, 902 40, G06F 1530
Patent
active
054262810
ABSTRACT:
A transaction protection system is provided that permits non-related third parties to offer an impartial, readily accessible standardized service that will protect and encompass any moneys that are tendered by an individual or business entity to a transaction in relation to a second business or entity. Delivery of payment will occur upon a future condition being met automatically whereby the system both performs an escrowing function, a payment function and a notifying function automatically. The transaction processing system acts as a temporary depository control in the flow of the moneys from parties in a transaction ensuring that sufficient balances are available for the transaction and assuring that payment is made only upon satisfaction of the conditions set by the parties to the transaction. The system is implemented by means of either an integrated credit/debit system, deposit slips and forms or through conventional checks combined with either credit card or deposit slips. The system may be implemented using site dependent or site independent (portable) point of sales terminals, computers or touch tone telephones. The system further implements electronic accessing means for allowing either of the parties to the transaction to affect the processing of the transaction.
REFERENCES:
patent: 32985 (1989-06-01), Nagata et al.
patent: 3652795 (1972-03-01), Wolf et al.
patent: 4270042 (1981-05-01), Case
patent: 4321672 (1982-03-01), Braun et al.
patent: 4341951 (1982-07-01), Benton
patent: 4454414 (1984-06-01), Benton
patent: 4713761 (1987-12-01), Sharpe et al.
patent: 4750119 (1988-06-01), Cohen et al.
patent: 4823264 (1989-04-01), Deming
patent: 4941090 (1990-07-01), McCarthy
patent: 5010485 (1991-04-01), Bigari
patent: 5025372 (1991-06-01), Burton et al.
LandOfFree
Transaction protection system does not yet have a rating. At this time, there are no reviews or comments for this patent.
If you have personal experience with Transaction protection system, we encourage you to share that experience with our LandOfFree.com community. Your opinion is very important and Transaction protection system will most certainly appreciate the feedback.
Profile ID: LFUS-PAI-O-1845651