Aggregation of validated transactions for settlement

At each of a plurality of merchant Point Of Service terminals (POS), for each of a plurality of consumers, where each consumer seeks to conduct a transaction with the merchant for a good or service by using a payment device issued by an issuer in a payment system, data is read from the payment devic...

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Bibliographische Detailangaben
Hauptverfasser:	DIXON PHILIP B, EL-AWADY KHALID
Format:	Patent
Sprache:	eng
Schlagworte:	ANALOGUE COMPUTERS CALCULATING CHECKING-DEVICES COIN-FREED OR LIKE APPARATUS COMPUTING COUNTING DATA PROCESSING SYSTEMS OR METHODS, SPECIALLY ADAPTED FORADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL, SUPERVISORYOR FORECASTING PURPOSES FARE-REGISTERING APPARATUS FRANKING APPARATUS PHYSICS SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE,COMMERCIAL, FINANCIAL, MANAGERIAL, SUPERVISORY OR FORECASTINGPURPOSES, NOT OTHERWISE PROVIDED FOR TICKET-ISSUING APPARATUS
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Beschreibung
Zusammenfassung:	At each of a plurality of merchant Point Of Service terminals (POS), for each of a plurality of consumers, where each consumer seeks to conduct a transaction with the merchant for a good or service by using a payment device issued by an issuer in a payment system, data is read from the payment device. The data can include an identifier for an account issued by an issuer. The consumer is permitted to receive the good or service from the merchant prior to validating the account with the issuer. Transaction information for each transaction is stored during a predetermined aggregation criteria, such as time period, number of transactions, monetary volume, etc., into an aggregation set of said transactions. During the predetermined aggregation criteria, an evaluation is made, by communication with the corresponding issuer, whether the accounts in the aggregation set of transactions are valid.