CA2211871C - Automated, classified expenditure data card recording system - Google Patents
Automated, classified expenditure data card recording systemInfo
- Publication number
- CA2211871C CA2211871C CA002211871A CA2211871A CA2211871C CA 2211871 C CA2211871 C CA 2211871C CA 002211871 A CA002211871 A CA 002211871A CA 2211871 A CA2211871 A CA 2211871A CA 2211871 C CA2211871 C CA 2211871C
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- CA
- Canada
- Prior art keywords
- card
- credit
- sales
- terminal
- data
- Prior art date
- Legal status (The legal status is an assumption and is not a legal conclusion. Google has not performed a legal analysis and makes no representation as to the accuracy of the status listed.)
- Expired - Fee Related
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Classifications
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- G—PHYSICS
- G06—COMPUTING; CALCULATING OR COUNTING
- G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
- G06Q30/00—Commerce
- G06Q30/04—Billing or invoicing
-
- G—PHYSICS
- G06—COMPUTING; CALCULATING OR COUNTING
- G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
- G06Q20/00—Payment architectures, schemes or protocols
- G06Q20/04—Payment circuits
-
- G—PHYSICS
- G06—COMPUTING; CALCULATING OR COUNTING
- G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
- G06Q20/00—Payment architectures, schemes or protocols
- G06Q20/08—Payment architectures
- G06Q20/20—Point-of-sale [POS] network systems
-
- G—PHYSICS
- G06—COMPUTING; CALCULATING OR COUNTING
- G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
- G06Q20/00—Payment architectures, schemes or protocols
- G06Q20/38—Payment protocols; Details thereof
- G06Q20/40—Authorisation, e.g. identification of payer or payee, verification of customer or shop credentials; Review and approval of payers, e.g. check credit lines or negative lists
-
- G—PHYSICS
- G06—COMPUTING; CALCULATING OR COUNTING
- G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
- G06Q20/00—Payment architectures, schemes or protocols
- G06Q20/38—Payment protocols; Details thereof
- G06Q20/40—Authorisation, e.g. identification of payer or payee, verification of customer or shop credentials; Review and approval of payers, e.g. check credit lines or negative lists
- G06Q20/403—Solvency checks
-
- G—PHYSICS
- G06—COMPUTING; CALCULATING OR COUNTING
- G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
- G06Q40/00—Finance; Insurance; Tax strategies; Processing of corporate or income taxes
-
- G—PHYSICS
- G07—CHECKING-DEVICES
- G07G—REGISTERING THE RECEIPT OF CASH, VALUABLES, OR TOKENS
- G07G1/00—Cash registers
- G07G1/12—Cash registers electronically operated
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- Y—GENERAL TAGGING OF NEW TECHNOLOGICAL DEVELOPMENTS; GENERAL TAGGING OF CROSS-SECTIONAL TECHNOLOGIES SPANNING OVER SEVERAL SECTIONS OF THE IPC; TECHNICAL SUBJECTS COVERED BY FORMER USPC CROSS-REFERENCE ART COLLECTIONS [XRACs] AND DIGESTS
- Y10—TECHNICAL SUBJECTS COVERED BY FORMER USPC
- Y10S—TECHNICAL SUBJECTS COVERED BY FORMER USPC CROSS-REFERENCE ART COLLECTIONS [XRACs] AND DIGESTS
- Y10S283/00—Printed matter
- Y10S283/904—Credit card
Abstract
This is an expenditure data recording system using a uniquely designed classification binary code (or its equivalent) stored within the point of sales terminal system consisting of a cash register, a credit/debit card reader, and a telecommunications line. In a sales transaction, a credit/debit card passes through this reconfigured point of sales terminal not only to furnish relevant information (date/time, vendor identification, cardholder's name and account number, and transaction amount), but also to classify the expenditure by category via instant telecommunications link upon approval by the credit/debit card issuer (financial institution). Whenever there is a needed classification change at the point of sales terminal, one utilizes a unique set of color, binary-encoded cards to redefine a new expenditure category. Whereupon the credit/debit card issuer can process this classified expenditure sales transaction information to produce a periodic financial report, and remit it to the credit/debit account holder at any time. This entire operational system is virtually transparent to the cardholder and sales personnel.
Description
. CA 02211871 1997-08-2~
IN THE CANADIAN PATENT OFFICE
APPLICATION OF MASON K. YU
"AUTOMATED, C! '\SSlrlCD EXPENDITURE DATA CARD RECORDING SYSTEM"
SPECIFICATION
s FIELD OF INVENTION
The field of invention relates to the automatic classificalion and categorization of consumer and business expenditures activated by a unique ~lassific~lion card; this card initializes a transaction terminal 10 only once prior the first classKied sales transaction; subsequently, each input data amount from credit/debit card sales transactions will be c~c s;fies accordingly; and this categori~ed amount will be further processed by a credit/debit card issuer, and a data cards system contr. "e - via its elcut-on , computerized interchange network. A detailed report will be available to the car.ll, 'der.
~'' OSS'\nY OF TERMS
ABCC (Automatic Budget Credit/Debit Card) is the prospective trademark and trade name of the cl~cs;~ic~lioll card; denotes the c~cs;fic~lion card; and ~epresent~; the identification of expenditure classificcllion system for any form of credit care or debit card sales transactions between two parties for the benefit of an individual or an entity.
ATM is the autc""~led teller machine which gives the consumer 24-hours, 7 days a week availability to basic banking service transactions (deposit, withdrawal, cash advances transfers) through a ATM debit card with a secret PIN (personal ide,ltific~llion number code. [See debit card.]Binary Code is a numerical code where the only two possible integer o (zero) and 1 (one) are used 2s to form a contiguous non-zero sequence of these two integers for the express purpose of quantification and enu" lercllion.
Cardholder is a consumer who sues a credit card or a debit card to effect a sales transaction.
CA 022ll87l l997-08-2 APPUCANT: MASON K. YU PAGE 2 Cash Register is the merchant's leased/owned ele~,lrùl- c terminal device which enters and records the sales IrdnSa~:tiOn between the consumer and the ",eruhar,L The terminal internally stores coupons, vouchers, register tape, as well as cash/coin, checks, and credit/debit card sales slips and can be i,,cor,uordled into the point of sales terminal as one single apparatus. [See point of sales terminal.]
Clas~ificdlion Card is the unique " ,ag"~tically-encoded, color-coded, plastic card which represents the ABCC expenditure classKicdlion system as issued by the manufacturer of point of sales terminals to the ",er.;hant. The i~Hum~dlion from said card may be read/stored/transmitted from a point of sales terminal and/or a data cards system cont~"er.
This c~ if ici1l ion card's front side has physically embossed in raised lettering: the name of ABCC;
0 the ABCC expenditure classHicdlion name and its corresponding logo; the merchant's name and the validation date of the card. On its reverse side, a place for the ",er~;harn's or his representative's authorized signature adjacent to a magnetically-encoded strip which contains: the binary sequential code (or any other numerical sy~l~r"dlic code) of a specHic ABCC expenditure ~;las~ificdlion; the merchant's point of sales terminal serial number; and the validation date of said card.
Consumer is the person, entity, corporation who engages in a sales transaction by remitting funds to the ",erchanl for goods or services and other tangible and intangible benefits including charity, clothing, food, transportation, legal/medical services, entertainment, etc.
Credit Card is the financial l,dnsac~ion instrument, usually of magnetically-encod~h'e plastic, which authorizes a consumer to remit funds to the ",erchant against a pre-determined, unsecured line of credit;
or to obtain cash advances. the credit card seNes a dual function: (1 ) for sales transaction--the consumer presents this card to the " ,erchar,l in lieu of cash or checks; and (2) for future credit--the consumer can use a credit card as a revolving debt instrument.
On the front side of this card physically embossed, raised lettering identifies the name of the cardholder and his current account number, PX~ ~ dlion date of the account, and the credit card issuer's identificdlion number as predesignated by the data cards system controller. On the reverse side of this card within the magnetic-encoded strip (binary code or any other numerical sy~l~n,dlic code includes the cardholder's data from the front side along with one's PIN code and his credit card issuer's transit/routing number according to the Federal Reserve System.
Credit Card Issuer is an institution (who can issue credit cards to the consumer) which includes local banks, state-clrd,lered banks, national banks, thrHt institutions, credit union/savings and loan associations, or any other authorized institution. A credit card issuer who is licensed by a data cards system controller can bear its business trademark and utilize its electronic, computerized, i"lelchange network and protocol to process credit card sales transaction. Not~itl,~ldnding a credit card issuer independently own its list caldl, '~er~' accounts, determines annual fees, interest rates, grace period, and any penalties, and most 3s importantly eva'-l~tes each prospective cardholder's credit limit. [Termed also consumer's bank.]
' CA 02211871 1997-08-2~
APPLICANT: MASON K YU PAGE 3 Data Card can refer to the ~,lassifi ;dlion card, or credit card or debit card.
Data Card Issuer can refer to the credit card issuer or debit card issuer.
Data Cards System Controller is the entity that licenses its trademark to the data card issuer and to the ",ercl-anl for advertising/business purposes it also licenses a right to the data card issuer and the 11 ,e, ~;harll to use its electronic, computerized d~ e i"lel challge network according to a :ildndard protocol to process any form of credit or debit sales transactions between two parties where the ABCC ~;lassificdlion card irlfur",dlion can be read, stored, and transmitted to the end user. Examples of data cards system controller include MasterCard~, Visa~, Discover~.
Debit Card is the financial transaction, plastic instrument which a bank or brokerage pre-authorizes 10 a consumer to purchase goods and services according to this bank/brokerage account. Without the credit function of a credit card, a debit card is similar to an ele.,~lùn c checl~i"g account; it is also called a ATM
card or check gvarantee card.
On the debit card's front inside is the name of the debit card issuer (and in embossed lettering) the name of the debit cardl, 'der, the account number and its expiration date; on the card's reverse side a space for an authorized signature and within its magnetic encoded strip (in binary code or any other numerical sy~le",dlic code)--illrur"~dlional data front he front side plus the PIN code and the debit card issuer's transit routing number.
Debit Card Issuer is an institution (who can issuer ATM debit cards to the consumer) which includes local/state-chartered/national banks, thrift institutions, credit union/savings and loan associ~tions, or any other authorized institution. A debit card issuer who is licensed by a data cards system controller can bear its business trademark and utilize its i"lerchange, computerized d~ .se network and protocol to process debit card sales transaction; but similar to a credit card issuer, it independently own its lost of cardholders' accounts. [Termed also consumer's bank.]
IdenLiricdlion Color is the unique color of the classiricdlion card which can be dirrer~nlidled by 2s human sight, representing a specific category of expenditures as determined from time to time by a consoilium of all concerned parties.
Maanetic Encoded Strip is the physical substrate comprised of a ferrous/ferric oxide coating on the reverse side of a data card. A data card encoder per",anenlly alters the magnetic field on one or more of its ",ay"~tic tracks [according to the l,lte",dlional Standards Organization (ISO) ~lal~dald, specifications 30 ~tdndards for magnetic strip enc~ d ,9] into a unique, predefined sequential binary code (or any other numerical systematic code) identifying the ca,.ll,~la'er, the data card issuer, and any other necessary i"~u", IdliOn.
MICR is a process known as magnetic ink character recognition by a machine or computer.
Merchant is the individual, organi~dlion, col "pany or corporation which provides goods an services 35 to the consumer and receives funds in connec~ion with a sales transaction from the consumer in the form CA 022ll87l l997-08-2 APPUCANT: MASON K. YU PAGE 4 of credit/debit charges, legal tender, or check. For any sales transaction, the merchant utilizes his cash ~y;~.ter~/point of sales terminals. The "lercl1arlt may employ sales clerk(s) to assist in the sales transaction.
P is the per~onal identi~i~lion number, secret code issued by the data card issuer to the cardholder, or personally selected by the cardl,: '~ er, is used only by the car-lh: 'der for business, financial, banking, or sales transactions between two parties concurrently with a data card.
Point of Sales Terminal is the Iller;halll's leased/owned 01e~t-on ~ terminal/system which reflects and records the sales Irdnsactions between consumer and Illelcl-allt. Similar to the cash register terminal, the point of sales terminal accepts legal tender, checks, and credit/debit charges as payments for sales transactions. For credit/debit sales transaction, a magnetic card reader reads data from the consumer's credit/debit card, a telecommunications device, dial-up modem set to interact with the consumer's credit /debit card issuer, and the data card system contl.'ler; and a printer prints sales transaction receipts and slips. Input of the newABCC classification card il"or",dlion can be read and/or stored.
Sales Transaction is the human activity between the consumer and the ",er~;lrd,lt, exchanging the merchant's goods and services for the consumer's monetary means via: a pre-authorized credit/debit card limit; legal tender as issued and printed by the treasury department of any given country; or a personal check issued and cleared by the consumer's bank. The sales transaction--typically recorded on the sales receipt and/or the credit/debit card sales slip--can occur person to person, through mail ordering, or by telecorr"llunications (via telephone, facsimile, or computer auto-modem, or any other medium).
Telecorl " " chain is the telecol l ll l lunications means of exchanging i"~o", ldlion between and among two or more individuals, institutions, or entities. This dialogue of open exchange of ill~ur,,,dlion can occur anywhere, at any time by telel)hol1e, facsimile, telegraph, auto-answering computer modern, electronic mail --America-On-Line, Compusen/e, InteMet, Prodigy--through the means of microwave links, telephone lines, optical fibers, and any other technology now or her~i. ,d~ler in exi~tence.
DESCRIPTION OF PRIOR ART
CREDIT CARDS:
U.S. Patent No. 4,179,139 to Savar, et al. (1979) sets forth a preprinted form which embodies on one side a ~Idndald bank check, and on the other side a standard credit card sales slip.
U.S. Patent No. 4,522,670 to Caines (1985) sets forth the process to manufacture an amorphous polyester, tamper-l~s;~t~inl data card.
U.S. Patent No. 4,557,963 to Caines (1985) sets forth an a"~or,uhous polyester data card which contains embossed lettering which is tamper-resistant.
CREDIT CARDS SYSTEMS:
APPLICANT: MASON K. YU PAGE 5 U.S. Patent No. 4,172,552 to Case et al. (1979) sets forth a credit card process;llg system which integrates a magnetic data card reader, then imprints said data in MICR format on the credit card sales slip, then des;.J"~les the sales Lrdnsh~;tion to either Ele~:tron c Data Plucessi"g (EDP) or Electronic Funds Transfer (EFT).
U.S. Patent No. 4,700,055 to KashX~ hidn, Jr. (1987) sets forth a credit card system which enables a cardll:'c;er to use a multi-indexed credit card instead of multiple credit cards. More specifically, only one magnetically-encoded credit card would index essential data regarding each valid credit ca,dll:1der to be accessed by either a Ill ~oprucessor system or central d~se computer.
U.S. Patent No. 5,241,600 to Hillis (1993) sets forth a v~rificdtion of credit cards or identKication cards employing an image embossed or laminated onto the card, and essential data would be stored on its magnetic-encoded strip.
U.S. Patent No.5,334,823 to Noblett, Jr., et al. (1994) sets forth a cor"prel1ensive operational system of data card terminals which includes: a credit card IrdnSa~;liOn terminal with an embossed character reader, a magnetic strip reader, and a signature capturing printer such that the entire l,dnsaction data is communicated to the host computer system of a transaction processor which then conrill''s the sales transaction as clrdryeback-prule~;led to the nlel~l1dllt in certain circumstances.
U.S. Patent No.5,352,876 to Wdlanabe, et al. (1994) sets forth a credit card sales transaction system which utilizes both a credit card and an identiric-dtion card within a prepaid vending machine.
U.S. Patent No. 5,355,411 to MacDonald (1994) sets forth another credit card verification system similar to U.S. Patent No. 5,241,600 to Hillis (1993); both the cardh~'der's signature and photo image are digitized by scanning, colll~ ssed and ll,ayrlelically encoded onto the credit card's magnetic strip for enhanced security during sales IrdnSd~:tiOnS.
U.S. Patent No. 5,384,449 to Peirce (1995) sets forth an aulhori~dlion matching system for credit card transaction systems using the same idelltificdlion number with each authorized transaction.
MAGNETIC / MICR:
U.S. Patent No. 4,100,011 to Foote (1978) sets forth a process to manufacture a thenl)op'~ ic, surface laminate layer, magnetically-encc~ e strip data card.
U.S. Patent No. 5,019,696 to Chang, et al. (1991) sets forth a system and mechanism of detecting, converting, decoding and reconstructing Illay"~lic data from a ~Idndard credit card.
POINT OF SALES SYSTEMS:
U.S. Patent No. 4,722,054 to Yorozu et al. (1994) sets forth an a consumer-based i~unlldlion input system from a multitude of points of sales terminals which can receive, process, and transmit sales 35 transaction data.
' CA 02211871 1997-08-2~
APPLICANT: MASON K YU PAGE 6 U.S. Patent No. 5,119,294 to Tanaka (1992) sets forth a sales l.dnsaction processing systems including a multitude of point of sales terminals, a group l,lanage me nt device of point of sales terminals, and a sales management device with the express purpose of i"creasi"g ~fricien~y of processing sales transaction data.
s U.S. Patent No. 5,256,863 to Ferguson, et al. (1993) sets forth an autor,rdLed data acql~;si~ion and process;l lg system at the point of sales transaction which integ~dles two local area networks of point of sales terminals into a universal contr~'ler system.
ACCOUNTING SYSTEMS:
U.S. Patent No. 3,980,3~3 to Boyreau (1976) sets forth a system for manually prepari,lg and preserving tax records by manually crossil lg out a numbered box whose expenditure category is referenced on a separate check register.
U.S. Patent No.4,400,017 to Pendergrass (1983) sets forth a manually prepared, monthly checkbook register for recording budget items and accounting data system.
U.S. Patent No. 5,193,055 to Brown, et al. (1993) sets forth an accounting system using a pre-e~labli:,l1ed category cards and the entry of data by the consumer to be further process through a service con,parly.
DESCRIPTION OF DRAWINGS
FIG. 1A is the flow chart of the present credit card system.
FIG. 1 B is the flow chart of the present debit card system.
FIG. 2 is the front side of a credit/debit card.
FIG. 3A is the reverse side of a credit/debit card.
2s FIG. 3B is the magnetic strip andngelll~''t from the reverse side of a credit/debit card.
FIG. 4 is the flow chart of credit/debit card systems, merging the ABCC expenditure classif;cdlion system.
FIG. 5 is the front side of the A8CC cl~c:f~c~ti9n card.
FIG. 6A is the reverse side of the ABCC c~siflc~lion card.
FIG. 6B is the magnetic strip arrangement from the reverse side of the ABCC classificdlion card.
FIG. 7 is the detailed chart of the ABCC expenditure classificdlion, binary-encoded, color-coded ABCC ~;lassificdlion cards, and point of sales serial terminal numbers.
3s FIG. 8 is the sample of the ABCC expenditure classificdlion, binary-encoded, CA 02211871 1997-08-2~
APPUCANT: MASON K YU PAGE 7 color-coded ABCC classificdlion cards with corresponding pictographic icons.
FIG. 9 is the bar chart r~pr~selllil,g the monthlyABCC expenditure ~:lassificdlion system in a~sc'ute dollars.
FIG. 10 is the pie chart ,epl~se,l~i"g the monthlyABCC expenditure classificalion system s in percentages.
BACKGROUND OF INVENTION: PRIOR ART, PART ONE
CREDIT CARDS:
U.S. Patent No. 4,179,139 to Savar, et al. (1979) describes a duo, preprinted form: a conventional bank check, and a conventional credit card sales slip; but, neither format categorizes the expenditure for the consumer at the point of sales transaction; moreover, neither form extends beyond the basic transaction ir~ulll,dlion--date/time~ description, and monetary amount.
U.S. Patent No. 4,522,670 to Caines (1985) details the technical process to manufacture an adl"or,uhous polyester, tamper-,~si~ldrll data card; and U.S. Patent No. 4,557,963 to Caines (1985) describes said respective data card; however, both are indexed here as ~xdr"r'~s CREDIT CARDS SYSTEMS:
U.S. Patent No. 4,172,552 to Case, et al. (1979) details a credit card transaction system incorporating an i",pli"led MICR card (date, credit or charge, electronic data processing or electronic funds transfer onto the credit card slip; however, this process of encoding the information inconveniences the ",er-;hard and increases his business costs, while simultaneously ben~iti"g the financial institution's data p,ucess;~g system by decreasi"g its labor costs.
U.S. Patent No. 4,700,055 to Kasl,~;,hial1, Jr. (1987) describes one unique magnetically encoded 2s credit card which is indexed to a multitude of credit cards accounts; but, ~sponsibility rests on the consumer to ",e",ori~e which account is which and to ~hS~utely guard this special card from theft or unauthorized use.
U.S. Patent No. 5,241,600 to Hillis (1993) details an image-embossed, ve,i~icdlion system for credit cards/ide,dificdlion cards; on the other hand, this identity \l~lificdlion system assures the merchant from acce~li"g an unauthorized user prior to initiating a sales transaction.
U.S. Patent No. 5,334,823 to Noblett, Jr. et al. (1994) describes a credit card ope,dlional method which encor"passes a whole series of integrated, input/output computerized devices; but, this system mainly protects the ",er~hall~ after the sales transaction from begin charged back (credited) to this bank account.
U.S. Patent No. 5,352,876 to Wdldnabe, et al. (1994) states a prepaid vending machine sales transaction system which debits a pre-aull,ori~ed amount from the magnetic-encoded credit card, while . CA 022ll87l l997-08-2~
APPUCANT: MASON K YU PAGEB
crediting the same amount onto the may~tic-encoded identificdLion card; nevellh~less this may pose a minor inconvenience to the consumer who then needs to simultaneously carry and use two credit/debit cards to purchase a snack soda or candy bar.
U.S. Patent No. 5 355 411 to MacDonald (1994) states another document v~rilicdtion system for s credit cardtidentiricdlion by magnetically encoding the cardl ,older's like image and signature for co, l ,parison at the point of sales transaction; however this system again benefits the merchant from permitting unauthorized usage during a sales transaction between consumer and merchant.
U.S. Patent No.5 384 449 to Peirce (1995) details an identical alpha-numerical code which together ",dlches aulhori~dlion records and l~dnsa.:tion records; but this favors both the merchant's and the credit card issuer's financial data processing systems at each consumer's sales transaction.
MAGNETIC / MICR:
U.S. Patent No. 4100011 to Foote (1978) describes a process to manufacture a surface thermop' .ctic~ laminate layer magnetically-encodable strip data card. U.S. Patent No. 5 019 696 to Change (1991) details a system and mechanism of detecting converting decoding and reconstructing magnetic data from a ~landar~ data card; but again both are r~er~nced here only as cited examples.
POINT OF SALES SYSTEMS:
U.S. Patent No. 4 722 054 to Yorozu et al. (1994) states a consumer-oriented data input system for a series of merchant's point of sales terminals; though this system increases the ~l~icien~;y of concurrent credit card sales transactions between consumer and merchant the i"~or",dlion scanned and read is ndard--for example personal identificdlion number codes from the magnetic strip of the credit cards.
U.S. Patent No.5 119 294 to Tanaka (1992) details a credit card sales transaction processing system of i,lte,~onnected managed point of sales terminals; but this mainly benefits the ",erchanl's internal data 2s processing between his point of sales terminals and the consumer's credit card issuer.
U.S. Patent No. 6 ~56 863 to Ferguson et al. (1993) states another credit card sales transaction processing system incorporating a dual local area networks of point of sales terminals into a universal contr~ 'ler system but again this benefits the ",er.;hallt's internal data processing between his business and the consumer's credit card issuer through the electronic interchange network.
ACCOUNTING SYSTEMS:
U.S. Patent No.3 980 3~3 to Boyreau (1976) describes a manual system of classifying expenditures for tax purposes with a physical mark on the face of the check but without the use of the consumer's internalized bank data processing.
U.S. Patent No. 4 400 017 to Pendergrass (1983) also describes another purely manual systems of CA 022ll87l l997-08-2~
APPLICANT: MASON K YU PAGE 9 classifying check expenditures and budget entries. But again, these two manual systems do so without the benefit of the financial institution's computerized data processi"g.
Finally, U.S. Patent No. 5,193,055 to Brown, et al. (1993) is an accounting system for consumer households and small busi"esses. This overall system of data process;"g for accounting purposes has s limited advantages here. The consumer (payer) must rely on a storage medium other than the check or sales receipt itself to recall and record various numerical codes ass;y"ed to pleclassified expenditures.
All of the above-mehlioned prior art have set limitations: (1) they appear to be neither sufficiently convenient for the consumer, nor user friendly; (2) they benefit the ",elcha"l's internal security systems or 10 his internal Irc~nsac~ion plucess;~g system; (3) they benefit the data card issuer's internal transaction processing system via its i,lle~cl1ange network; and (4) they favor the financial institution's data processing system; and (5) they (cited as examples only) show a magnetic data encoding process, a payment function and/or a credit function for a credit/debit card. Consequently, the above-referenced may be labor intensive;
neither time-saving, nor econGI" ~lly feasible, nor resourceful; or any col"b..,a~ion of reasons thereof for any party to implement and to continue usage.
BACKGROUND OF INVENTION: DISCUSSION, PART TWO
According to 1995 Credit Card Issuers Guide and 1995 EFT Network Data, United States credit card eYecuted transactions totaled 473.3 billion dollars processed per 5.6 billion transactions. Even more outstanding is the respective debit card figures: 485.5 billion dollars per 8.3 billion transactions.
Furthermore, growth figures of the global charge volume astound the imagination; over a ten year period (1984 to 1994) it illcr~ased from 201.0 billion dollars to 959.8 billion dollars (approaching one trillion), a phenomenal increase of 377.51%, over a three-fold leap!
2s Checks, ATM cards, and coin/paper currency form the basis of the money triangle as defined by the recent 1994 Annual Board of Governors Report of the U.S. Federal Reserve System; but this triangle can certainly be reconfigured into a quadrant when Electronic Funds Transfer systems enter into this economic for" ,~lion.
The major infrastructure of the credit/debit card transactions involves three major components: the merchant or ploressional providing the goods and services to the consumer; the data communications link between the merchant's retaih~ hl "en~ to the i"~r" ,alion processing center of the interchange network;
and the central computer which has the auto-answer modem bank and the credit/debit ~ ~se eprese"li"g all valid credit/debit ca,.lll 'ders within this int~ ange network.
No doubt, credit and debit cards have approached a universal accept~nce and have pr~senled ther"selvcs as purveyors of convenience and portability. Typical credit/debit card issuers include:
CA 022ll87l l997-08-2~
APPLICANT: MASON K YU PAGE 10 automotive, retail goods, airlines, fuel/gasoline, financial service institutions such as brokerage houses. Data cards system contr. "ers include MasterCard~, Visa~, Discover~. Note thatAmerican Express~, for instance, is neither a credit nor a debR card, but a travel/entertainment charge card which requires the cardholder to pay each monthly balance in full. Thus as stated earlier, the convenience and the necessity of using the credit/debit card which ~soci~te the carJI, ~ 'der to a legal signature, a maximum credit/debit limit, and an expiration date of the account number.
Yet there is a missing factor; that is the ~s~:~ic~lioll of credit/debit card sales transactions. Each period the cardl,-'~'er sees volumes of data upon receipt of the monthly statement: data that tells the date, the time, a brief desc,i,ulion, and the amount of all transactions. Each transaction is in chronological order, 10 each transaction fulfills a need or a desire, but the individual still does not have the what..what each sales transaction is categori~ed into broad, consumer/business expenditure classifications over any given period.
One can not examine without additional great effort, nor forecast overall credit.debit card sales transactions spending pattern and trends.
The answer for what is here!
A closer examination ensues leyarJi,lg the present credit card systems.
[Figure 1A]
[Step 1] The manufacturer of credit cards delivers to the credit card issuer a set of blank cards, ready to be magnetically-encoded to prospective cardholders.
[Step 2] Meanwhile, the manufacturer of point of sales equipment delivers to the ~l~er~;harlt either leased or pu,~;llased point of sales terminals with serial numbers.
[Step 3] The consumer requests for a credit line from the credit card issuers. Once the consumer is approved for a maximum credit line and is ass;ylled an account number, the credit card issuer ll layl l~ically encodes the necessary irlfumlalioll regarding the prospective cardholder onto the blank credit card. Upon ,~cei-~/i.,g the credit card, signing the reverse side of his card, and contacting the credit card issuer to activate his new account, the consumer becomes an authorized credit cardholder.
[Step 4] With the credit card, the consumer shûps at the store, browses through the mail-order catalog, dials a toll-free 800 telephone number for products or services, decides to purchase the services or goods of a, l ler-;hant who is authorized by the data card system controller to accept credit cards as payment for said services or goods.
[Step 5A] Through the cash register/point of sales terminal, the merchant records the sales transactions infûrlllalion on a sales receipt which includes: the name, address, telephone number of the Illel~;harlt~ date and time; the pu,cllased product or rendered service and identificalion number, if any; the 3s subtotal; any applic~'E taxes or tips; the total; how funds for the sales transaction are to be tendered; and CA 022ll87l l997-08-2 APPLICANT: MASON K. YU PAGE 11 any change due.
[Step 5B] The consumer may remit funds with cash or by check. But K the consumer elects to use a credit card for the sales l,dnsaction, then the cal-lh ~ 'der proceeds to give his card to the merchant.
Or K the sales l,dnsa~ion is conducted over the telephone, then the consumer will furnish the info about s his credit card: the data cards system cont,~'ler, complete name, account number, and expiration date of the credit card.
Continuing, the ",erclla"l uses a data telecol"",unications device adjacent to the point of sales terminal--typical a dial-up, asy"chronous or synchronous modem--to est-'';C'l a data communications link among the merchant's point of sales terminal serial number, the credit card issuer, and the data cards system co,ltr~"P-r through the i,n~r~;hange network. This conne-:tion remains on-line only until the consumer's credit card issuer authorizes the sales l,dnsa~:tion between the consumer and ",er.;hant. Note that the panel signal of an on-line LED (light emitted diode) display and the high-pitched audible sound from the telephone means that the dial-up modem at the ",ercharlt's place is dllelll,utillg to communicate to the data cards system controller's modem.
[Step 61 Once the data communications link is established between the merchant's point of sales terminal and the cardl ~ ~ 'der's credit card issuer via this i"lerchange network, and if the consumer is physically present at the ",ercharlt's prt:r";ves, a person will then proceed to manually slide or swipe his credit card in a linear, unKorm motion through the ",ercharlt's point of sales terminal. In the event the point of sales terminal does not have the capability to input the credit card data from the cardholder, the ",el~;hant may manually use an embossed card reader to swipe or to slide over the credit card and the credit card sales slip, and simultaneously telephones for a verbal autho,i~dlion from the credit card issuer through this same i"le~cllallge network.
The ",~,~;ha,lt's point of sales terminal then communicates over the data communications link the following sales transaction i"~ur",dlion: credit cardholder's name and account number; expiration date of 2s the account; the ",er-;hallt's iderltKicdlion number; date and time of sale; the intended purchase or rendered service; and the total amount tendered as entered by keyboard or keypad action. This important i"rur" rdtion is then received and processed by the car~ 'der's credit card issuer for verification of the cardholder's identity and validation of his purchase--that the total amount tendered does not exceed his current credit limit. once these conditions are met as show the LED display panel of the point of sales terminal, the credit card issuer authorizes credit toward the purchase of goods and services.
[Step 71 Should the credit be denied, then the ",erchahl does not deliver the goods and services; and the credit card is returned to the consumer. However, should the credit be approved the credit card issuer validates the sales transaction; the cash register/point of sales terminal prints a sales receipt and/or a credit card sales slip (which also seNes as an invoice) with the following i"~or",dlion regarding the sales transaction: the name, address, and telephone of the merchant; the sales clerk CA 02211871 1997-08-2~
APPUCANT: MASON K YU PAGE 12 identi~ic~tion number; the ll,er~;han~'s cash register/point of sales terminal serial number; the date and time;
cardholder's account number; description of goods and services; total amount including any applicable taxes and tips; the sales autl,ori~Iion number; and the cardl, 'der's signature.Once the signature is ~ecllted on the credit card sales slip, then the merchant visually matches the signature on the credit card sales slip with that on the reverse side of the credit card; and the sales transaction is cor"~ d (If there is any major di~,c~epancy b~t~een the two signatures, then a further ve,ific~Iion system occurs among the consumer, mer~ a,lt and his sales clerk. One copy of the sales nsa~:tion is retained for the " ,er~ arlt's accounting and billing; and the other copy is retained for the credit carll, 'der's per~on~l records; and finally, the goods and services ",er~handise is delivered to the cal~ 'er.
lStep 8] Prior to the end of the billing cycle: the ",er~hanl has deposited the credit card sales slip into his bank; simultaneously through the interchange network, the merchant's bank presents the credit card sales l-dnsaction for payment-on demand to the car ll, 'der's credit card issuer, and immediately the ca,.ll, 'der's credit card issuer settles the outstanding account with the merchant's bank by electronic funds transfer, less a service fee from 1% to 2%.
[Step 9] At the end of this billing cycle, the credit card issuer creates a detailed sales transaction report for each cardllc'der. This report co",prises all the sales transaction activity for the period beginning and period ending. Typical items found on the individual monthly report include: date of sales transaction; actual posting date; an internal f~r~nce number indexing the point of sales Ir~nsa~;tion; the store or retail l8~ -'" h",e,lt where the sales transaction occurred; the total amount tendered during the sales transaction; and an account summary--previous balance, purchases, cash advances, credits, payments, other charges, finance charges, and new balance. Then the credit cardholder pays his credit card issuer the entire or partial balance due by cash, check by electronic funds transfer, or perhaps with another credit card.
[Step 10] Concurrently with Step 8, the " ,ercl1arlt's bank periodically creates a detailed, credit card sales transaction report for each ~le,~;l1ant, confirming the electronic funds transfer payments from the consumer's credit card issuer, less a service fee from 1% to 6% based on total sales.
[Step 11 ] Concurrently with Step 9, the credit card issuer transmits a pre-negoti~ted licensing fee to the data cards system controller.
Focus on the present debit card systems now.
[Figure 1 B]
[Step 1] The manufacturer of debit cards delivers to the debit card issuer a set of blank cards, ready to be magnetically-encoded to prospective cardholders.
CA 022ll87l l997-08-2 APPLICANT: MASON K YU PAGE 13 [Step 2] Meanwhile, the manufacturer of point of sales equipment delivers to the ",ercharlt point of sales terminals (either leased or purchased) with serial numbers.
[Step 3] The consumer le -~ hed a bank or brokerage account (regular checking or asset management) from his debit card issuer. Since the bank/brokerage account does not extend a personal s line of credit but acts like an clevt,un' c checking account, the financial institution can i" ,n ,ediately authorize, assign, and ",ay"~lically encode an account number/PlN code onto a debit card to a consumer who has a history of eY~e'lent credit and who does not habitually issue insufficient checks. Upon receipt, the consumer ",el"oli~es the PIN code and signs on the signature line on the reverse side.
[Step 4] With the debit card, the consumer shops at the store, looks through the mail-order catalog, dials a toll free telephone number to reserve a rental car, or obtains the service or goods from a ",erchant who is aull,o,i~ed by the data card system conlr~ er to accept debit cards as payment for said services or goods.
[Step 5A] Through the cash register/point of sales terminal, the merchant records the sales transaction i~runll~lion on a sales receipt which usually includes: the name, address, telephone number of the l"el~;halll, date and time; the purchased product or rendered service and identification number, if any;
the subtotal; any arF~ h~e taxes or tips; the total; how the sales transaction is to be tendered; and any change due.
[Step 5B] The consumer may remit funds with cash or by check. But if the consumer elects to use a debit card for this sales transaction, then the cardholder proceeds to give this card to the merchant.
Or if the sales transaction is conducted over the telephone, then the consumer will furnish data regarding the debit card to the merchant: the choice of a data cards system controller, complete name, account number, and expiration of the account.
Currently, MasterDebit3, Visa Debit3, cards are off-line debit cards which like a personal check there is up to a three business day floating period, before the sales transaction receipt slip arrive to the debit card 2s issuer to be processed Neverll,eless as the future unfolds regarding these debit cards will have the on-/ine function similar to the present credit card system as discussed in Figure 1A) through the telecomm chain using MasterCard3, Cirrus or Visa Plus System3, examples of systems controllers. Any future purchase of goods and services will be i"stanl~neously credited from the consumer's bank account and debit to the merchant's 30 bank account with ahsolLItely no intangible float period. No doubt that this would infinitely please the ",ercl1a,lt, since his bank account would i"""edidlely record the sales transaction amount.
[Step 6] The ",erchal,l uses an embossed card reader to slide or to swipe over the debit card and the sales transaction slip and contacts the debit card issuer for a verbal autholi~lion via the interchange network.
[Step 7] If the sales transaction is approved, the debit card issuer validates the sales APPUCANT: MASON K YU PAGE 14 transaction, the cash register/point of sales terminal prints a sales receipt and/or a debit card sales l,dnsaction slip with the following i"~ur" ,~lion: the ",erch~rd's name, address, and telephone; the sales clerk identific~lion number; the merchant's cash register/point of sales terminal serial number; the date and time;
the cardl, ~ ~der's account number; desc,i~,lion of goods and services; total amount including any ~PF'~ 'E
s taxes and tips; the sales aull,ori~dlion number; and the car.ll,:'der's signature.
Once the signature is ~Yec~ed on the sales slip, then the " ,er.;hanl visually matches the signature on the debit card sales slip with that on the reverse side of the debit card; then the sales transaction is co",; '~ (If there is any question ,~9~.~" ,9 the authenticity between the two signatures, then further Ve~ c~lioll process occurs.) One copy of the sales transaction is retained for the ~"er~;ha,lt's accounting 10 and billing depa,ll"ent for further transaction processil ,y, and the other copy is retained for the cardholder's pe,~onal records, and receives the produces or services.
[Step 8] Prior to the end of the billing cycle: the merchant has deposited the debit card l,~nsa~:tion sales slip into his bank to be prc,cessed. Simultaneously through the electronic d~se i-lter~l1ange network of MasterCard~, Cirrus or Visa Plus System~, the ~-,er~ nt's bank presents the debit card sales transaction for payment-on demand to the consumer's debit card issuer, and immediately the cardholder's debit card issuer settles the outstanding account with the ",er~;hant's bank by electronic funds transfer, less a service fee.
[Step 9] At the end of this billing cycle, the debit card issuer creates a detailed summary report to each cardh - 'der. This report comprises all the financial transaction activity: dates and desc,i,~ liolls of financial transactions and their respective amounts (deposits, withdrawals, cash advances, any earned interest, previous and present balances; and any service fees and charges.) If the consumer has more than one account with a bank or brokerage firm, this i"~ur" ,~lion can be incorporated into one statement--namely, any passbook savings, money market accounts, and/or checking account activities for that period.
[Step 10l Concurrently with Step 8, the ",er~hant's bank periodically creates a detailed 2s Ll~nsa~:tiol1 summary report for each ",er~;hal,l, confirming the ele~,tlon c funds transfer payments from the consumer's debit card issuer, less a service fee.
[Step 11] Concurrently with Step 9, the consumer's debit card issuer transmits a pre-negotiated licensing fee to MasterCard~, Cirrus or Visa Plus System~ or a similar data cards system cont,.
[Figure 2]
On the front side of the credit/debit card, physically-embossed, raised lettering identifies the following: the name of the c~-dl-~'der 20 and his current account number 10, the expiration date of his account number 15.
3s Also i.. ,pri,lted on the front of the credh/debit card is the name of the credit/debit card issuer 05 CA 022ll87l l997-08-2~
APPLICANT: MASON K. YU PAGE 15 and the name of the data cards system controller.
[Figure 3A]
On the reverse side of the credit/debit card is the following: the magnetic encoded strip 25, the s car~ 'der's current account number 35, and the place for the authorized cdr.ll, 'der's inked signature 30/40.
[Figure 3B]
Within this magnetic-encoded strip comprises the following on either trace one 45 (in alpha-numeric chardcter~ or tract two 95 (numeric only) the following major com,,)onellt~/fields: start sentinel 50/100;
format code 55; a series of field separdlor~ 65/110; any di~.cr~lionary data 80/120; an end sentinel 85/125;
and a longitudinal redundancy check (LRC) region 90/130.
In between the start sentinel 50/100 and end sentinel 85/125 is the following data: the name of the cardl, ~ 'der 70; his current account number 60/105 as well as his PIN code 80/120; the expiration date of his account 75/115; and his credit/debit card issuer's bank transit / routing number according to the U.S.
Federal Reserve System 80/120.
EMBODIMENT OF THE INVENTION AND THE UNIQUE ADVANCEMENT FROM PRIOR ART
The prior art of credit/debit card systems and methodology usually ends with Figure 1A and Figure 1 B at Step 11, with no concl~te evidence of where the consumer's prior monies were allocated. There is no creative, universal methodology which allows the credit/debit cardholder to automatically his monthly credit/debit card salestransactions by expenditure classificdlion--clothing, entertainment, childcare, medical, and utilities. The novelty of this invention occurs at Figure 4 in cGI""~encel"ent with Figure 1A at Step 1, and Figure 1 B, also at Step 1.
[Figure 4]
[Step 12] The manufacturer of plastic data cards delivers to the manufacturer of point of sales equipment one or more ABCC color-coded, classifHdlion cards, ready to be magnetically-encoded on its magnetic strip and registered to the merchant's authorized point of sales terminal serial number.
[Step 13A] In the event the manufacturer of point of sales equipment delivers a new point of sales terminal to the ",er~;harlt who will receive a cor,t:~ponding newABCC class;ficdlion card terminal.
[Step 13B] However, if the point of sales terminal is existing, and is ope,dlional at the merchant's business, the ",e~char,l will request and receive a newABCC classification card corresponding to the terminal's serial number.
CA 022ll87l l997-08-2 APPUCANT: MASON K YU PAGE 16 [Step 14A] When the ",ercha,n receives the new point of sales terminal with its attached magnetically- and color- coded ABCC classificdtion card or a ABCC classific~lion card for his des;~"~led currently operdli"g terminal, the ",erchallt typically uses a dial-up asy"chronous or s~llchlonous modem--to est2~ h a data communications link among the ",er~hallt's point of sales terminal serial number, the credit/debit card issuer, the data cards system contr." er through the eleutron L, computerized interchange network. The telecol"",unications connection only remains on-line until the credit/debit card issuer acknowledges the i"f~,r""llion from this magnetically- and color-coded ABCC classificdlion card.
[Step 14B] l lencero,ll~, the data communications link is es~-~" hed among three parties: the merchant's point of sales terminal serial number, the credit/debit card issuer, the data cards system 0 contr~"er the ",er.;hant will then manually slide or swipe this new ABCC classific~lion card in a linear, uniform motion through the magnetic card reader within or nearby the ",er~;hant's point of sales terminal.
Once the point of sales terminal is initialized and activated according to the above-mentioned opeldliol1, all sllhsecluent sales transactions are autor"~lically identiried, recorded, and transferred under a specific ABCC expenditure classiric~liol1 via the dial-up modem. All st~ndalcl operating procedures for all credit/debit card sales transactions continue as described under Figure 1 A at Step 4 and Figure 1 B at Step 4, respectively. The " ,er.;han~'s point of sales terminal serial number is now set to autor"dlically record each sales transaction under a ABCC expenditure c.l~.s~;lic~lion, and Steps 13B through 14B of Figure 4 are u~"lecessaly.
[Figure 5]
On the front side of this ABCC classificalion card, physically embossed, raised lettering is the following: theABCC expenditure class;ric~lion 135 a corresponding logo of that expenditure classification 155; the name of the merchant 145; the validation date of his account 150; and the point of sales terminal serial number 140/170. For visual idenliricdlion only, this card is color-coded to only one specific ABCC
2s expenditure classific~lion.
[Figure 6A]
On the reverse side of this ABCC color-coded, classific~lion card is the following: magnetic-encoded strip 160 and the place for the aull~ori~ed ",ercl1a"ts' signature or his representative's 165/175.
[Figure 6B]
Within the magnetic-encoded strip of this ABCC color-coded, classiricalion card comprises the following on track two 180 (binary codes or any other numerical systematic code) the following major cor"ponellts and field: start sentinel 185; a field separdlor 195; and end sentinel 210; and a longitudinal 3s redundancy check (LRC) region 215. In between the start sentinel 185; and end sentinel 210 of track two APPLICANT: MASON K YU PAGE 17 is the following: the corl~sponding binary code of theABCC expenditure cl~.csi~ic~lion 205 the ",elchanl's point of sales terminal serial number 190; and the vc~ 'iC-l date of his account 200.
[Figure 7, Figure 8]
For example, the binary sequential number 000101, green color-coded, ABCC classificaIion card as indexed to the ",erchahl's point of sales terminal serial number EF 456789 will reflect all sales transactions under the expenditure classificdIion of FOOD. Then during the sales transaction between the consumer and Ille,-;hahI, when the data communications link has been le ~ "khed--the amount is tendered;
both credit/debit cardholders and retail store identities are verified; and the point of sales terminal is on-line with the credit/debit card issuer's ~ base through a data cards system colll~ er's network. All sales l,dnsaotions from this initialized terminal will only l.dnsc,il,e exactly one expenditure clas~ificdliol1, namely FOOD.
However, in the event ",er-;lrdnt changes his product line of goods and services to another ABCC
expenditure ~;lassificdlion, i.e. clothing, he again simply slides or swipes this same point of sales terminal with a dmerent ABCC classificaIion card. All sllhsequent sales transactions from his same point of sales terminal serial number will read and record a different ABCC expenditure classi~icdIion. For example, the binary sequential numbered 000010, medium purple color-coded ABCC classificdlion card as re-indexed to the same ",er~hallI's point of sales terminal serial number EF 456789 will now transcribe all sales transactions under the expenditure classifici1lion~ CLOTHING.
In summary, the new ABCC classification card activates the new ABCC expenditure classificdliol1 system by the merchant manually sliding or swiping this unique card through a magnetic card reader which will only read the magnetically, binary-encoded (or its numerically systematic equivalent) data of one specHic, ABCC expenditure ~;lassificalion, prior to the very first classified sales transaction to be categorized under the ABCC expenditure classifi~;dlion system. The i"el~ha,lt's point of sales terminal is all set to auto",dlically record all credit/debit card sales transaction under a ABCC expenditure classificdlion, until the Illel.;hallt decides to expand into a different market. When the ",erchahl is set to change, he simply slides or swipes a dfflerentABCC binary-encoded, color-coded, clas~;ficdlion card through his magnetic card reader at the point of sales terminal. All subsecl-lent sales transaction from this reclassified and reinitialized point of sales terminal will i"""edidlely record and reflect a dfflerent ABCC expenditure classificaIion.
ALTERNATIVE EMBODIMENT OF THE INVENTION
As an ~ r"dlive embodiment, a data cards system cont~"er can directly input the new ABCC
3s classificdtion expenditures of the newABCC classification data card as defined under Figure 7. Specifically, CA 022ll87l l997-08-2~
APPUCANT: MASON K YU PAGi~ 18 each ABCC expenditure ç~cs;fi~lion and its cor,~spol-ding magnetic binary code (or its numerical sy~:ter"dlic equivalent) on a magnetic track of said card as des;ylldted under Figure 6B. This ABCC
illfur",dliol1 can then be merged with each ABCC initialized point of sales terminal serial number and tog~tr,er stored within the data cards system controller s ~ hA~e Upon the input data amount from each s credit/debit sales transaction the data cards system contl, er can then merge said amount from theABCC
initialized point of sales terminal serial number together with the correct ABCC expenditure classificalion.
The above-" ,entioned merge at the data cards system contr, 'le r s d~' ~se can be accol ";~ hed at Figure 4 step 14B. The data cards system conllMler can then send each captured and settled ABCC credit/debit sales transaction for further prucessi"g by the credit/debit card issuer for each cardholder. All :~ldndard ~o operdli"g procedures for all credit/debit card sales transactions continue as described under Figure 1A at Step 4 and Figure 1 B at Step 4 respectively.
ADVANTAGES OF THE PRESENT INVENTION
[Figure 9 Figure 10]
By utilizing this unique ~ l~sc if ici1~ion card issued by the point of sales manufacturer to initialize each ",er;hallt s point of sales terminal it will ultimately give the individual cardl.-lder the personal convenience of having his credit/debit card issuer provide an accurate well-olydni~ed monthly su",l"dlion of his total sales purchases lender~d according to each ABCC expenditure classificdlion.
Moreover the objective and novelty of this invention--one individual expenditure category for each uniquely binary-encoded (or any other numerical sy~t~",~lic code) color-coded ABCC classificdlion card--captures in real-time the retail nature of any sales transaction data at the actual point of purchase ffor ~xdr";~ 'e p~" chas;"g goods and s' ~r r ES, charitable oryani~dlions or even vacations) and provided the most accurate means of achieving this goal.
zs F~"ll,er",ore once the expenditure cldssificdlion of each individual retail sales transaction has been l,dnsle"~d to the credit/debit card issuer through the i"ler.;hange computerized d~t~ e network it will be the objective and strategy of the credit/debit card issuer to l-cdnsldle this data into a meaningful econoi" c methodology.
Therefore when this invention is fully deployed--the entire Canadian credit/debit card transactions as classified across the various expenditure categories--will allow the Canadian economic forecasters unbridled and u"pr~cedented analysis of what will be called DPI (Dynamic Power Index). This index through powerful heuristic and i, l~re,1ce s~ lic~l techll les will be able to measure the summation of the entire consumer econul,l.c transactions in Canada according to every province region village town and 3s city--with no individual idenllficdlion to the public.
CA 022ll87l l997-08-2~
APPLICANT: MASON K. YU PAGE 19 Simply the wealth of this DPI ~ base will be staggering. The potential benefits of knowing where the society has distributed to the penny and of having this i~Fur",~lioll prucessed by speed and power of today's computers and ones yet to come will be phenol"endl Every co",pany large and small doing business can have equal access to the most up-to-date, accurate, econor"'c trend analysis known to our s society. All formerly known h;~.torical, econGr"'c indicators covering this form of data will be obsolete.
Because real-time ecûnGrll c infur~ lion is captured, cAtr~r~ arl and pr~,s~ l, this nearly i"~l~ntdneous economic i~Fur",dtion will tremendously benefit business, financial and government policy makers. Waste can be drastically reduced; our precious resources for government, socio-economic pr~g,c,n,s can be allocated with more ~F;ciency and precision; and even our gross national products (GNP) 0 cdn eventually increase. Our economy will have the foundation for a revolutionary forecasting tool and model for the super i, ~Fur,~lion highway which will certainly be emulated. Nobel Prize econo" ,i~ts can test their most potent, productive theories against this dynamic DPI ~ e which will mirror a greater, sounder, superior global econor"y.
This invention present the ultimate answer, advantage and i~Fum~lional power for individual consumer, and business--domestic and inte"~lional alike.
Final note: The present invention is independent of any present/future state of the art hardware, software, firmware/microcode, and network systems. Further while emba " "enls of the present invention have been shown and desc,il ed, various m~ "'i~lions may be made without departing from the spirit and scope of the present invention; and all such mc~ 'ic~llions and equivalents are intended to be covered.
Therefore, rather than by the given examples alone, the entire scope of the present invention should be determined by the appended claims and their legal equivalents.
IN THE CANADIAN PATENT OFFICE
APPLICATION OF MASON K. YU
"AUTOMATED, C! '\SSlrlCD EXPENDITURE DATA CARD RECORDING SYSTEM"
SPECIFICATION
s FIELD OF INVENTION
The field of invention relates to the automatic classificalion and categorization of consumer and business expenditures activated by a unique ~lassific~lion card; this card initializes a transaction terminal 10 only once prior the first classKied sales transaction; subsequently, each input data amount from credit/debit card sales transactions will be c~c s;fies accordingly; and this categori~ed amount will be further processed by a credit/debit card issuer, and a data cards system contr. "e - via its elcut-on , computerized interchange network. A detailed report will be available to the car.ll, 'der.
~'' OSS'\nY OF TERMS
ABCC (Automatic Budget Credit/Debit Card) is the prospective trademark and trade name of the cl~cs;~ic~lioll card; denotes the c~cs;fic~lion card; and ~epresent~; the identification of expenditure classificcllion system for any form of credit care or debit card sales transactions between two parties for the benefit of an individual or an entity.
ATM is the autc""~led teller machine which gives the consumer 24-hours, 7 days a week availability to basic banking service transactions (deposit, withdrawal, cash advances transfers) through a ATM debit card with a secret PIN (personal ide,ltific~llion number code. [See debit card.]Binary Code is a numerical code where the only two possible integer o (zero) and 1 (one) are used 2s to form a contiguous non-zero sequence of these two integers for the express purpose of quantification and enu" lercllion.
Cardholder is a consumer who sues a credit card or a debit card to effect a sales transaction.
CA 022ll87l l997-08-2 APPUCANT: MASON K. YU PAGE 2 Cash Register is the merchant's leased/owned ele~,lrùl- c terminal device which enters and records the sales IrdnSa~:tiOn between the consumer and the ",eruhar,L The terminal internally stores coupons, vouchers, register tape, as well as cash/coin, checks, and credit/debit card sales slips and can be i,,cor,uordled into the point of sales terminal as one single apparatus. [See point of sales terminal.]
Clas~ificdlion Card is the unique " ,ag"~tically-encoded, color-coded, plastic card which represents the ABCC expenditure classKicdlion system as issued by the manufacturer of point of sales terminals to the ",er.;hant. The i~Hum~dlion from said card may be read/stored/transmitted from a point of sales terminal and/or a data cards system cont~"er.
This c~ if ici1l ion card's front side has physically embossed in raised lettering: the name of ABCC;
0 the ABCC expenditure classHicdlion name and its corresponding logo; the merchant's name and the validation date of the card. On its reverse side, a place for the ",er~;harn's or his representative's authorized signature adjacent to a magnetically-encoded strip which contains: the binary sequential code (or any other numerical sy~l~r"dlic code) of a specHic ABCC expenditure ~;las~ificdlion; the merchant's point of sales terminal serial number; and the validation date of said card.
Consumer is the person, entity, corporation who engages in a sales transaction by remitting funds to the ",erchanl for goods or services and other tangible and intangible benefits including charity, clothing, food, transportation, legal/medical services, entertainment, etc.
Credit Card is the financial l,dnsac~ion instrument, usually of magnetically-encod~h'e plastic, which authorizes a consumer to remit funds to the ",erchant against a pre-determined, unsecured line of credit;
or to obtain cash advances. the credit card seNes a dual function: (1 ) for sales transaction--the consumer presents this card to the " ,erchar,l in lieu of cash or checks; and (2) for future credit--the consumer can use a credit card as a revolving debt instrument.
On the front side of this card physically embossed, raised lettering identifies the name of the cardholder and his current account number, PX~ ~ dlion date of the account, and the credit card issuer's identificdlion number as predesignated by the data cards system controller. On the reverse side of this card within the magnetic-encoded strip (binary code or any other numerical sy~l~n,dlic code includes the cardholder's data from the front side along with one's PIN code and his credit card issuer's transit/routing number according to the Federal Reserve System.
Credit Card Issuer is an institution (who can issue credit cards to the consumer) which includes local banks, state-clrd,lered banks, national banks, thrHt institutions, credit union/savings and loan associations, or any other authorized institution. A credit card issuer who is licensed by a data cards system controller can bear its business trademark and utilize its electronic, computerized, i"lelchange network and protocol to process credit card sales transaction. Not~itl,~ldnding a credit card issuer independently own its list caldl, '~er~' accounts, determines annual fees, interest rates, grace period, and any penalties, and most 3s importantly eva'-l~tes each prospective cardholder's credit limit. [Termed also consumer's bank.]
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APPLICANT: MASON K YU PAGE 3 Data Card can refer to the ~,lassifi ;dlion card, or credit card or debit card.
Data Card Issuer can refer to the credit card issuer or debit card issuer.
Data Cards System Controller is the entity that licenses its trademark to the data card issuer and to the ",ercl-anl for advertising/business purposes it also licenses a right to the data card issuer and the 11 ,e, ~;harll to use its electronic, computerized d~ e i"lel challge network according to a :ildndard protocol to process any form of credit or debit sales transactions between two parties where the ABCC ~;lassificdlion card irlfur",dlion can be read, stored, and transmitted to the end user. Examples of data cards system controller include MasterCard~, Visa~, Discover~.
Debit Card is the financial transaction, plastic instrument which a bank or brokerage pre-authorizes 10 a consumer to purchase goods and services according to this bank/brokerage account. Without the credit function of a credit card, a debit card is similar to an ele.,~lùn c checl~i"g account; it is also called a ATM
card or check gvarantee card.
On the debit card's front inside is the name of the debit card issuer (and in embossed lettering) the name of the debit cardl, 'der, the account number and its expiration date; on the card's reverse side a space for an authorized signature and within its magnetic encoded strip (in binary code or any other numerical sy~le",dlic code)--illrur"~dlional data front he front side plus the PIN code and the debit card issuer's transit routing number.
Debit Card Issuer is an institution (who can issuer ATM debit cards to the consumer) which includes local/state-chartered/national banks, thrift institutions, credit union/savings and loan associ~tions, or any other authorized institution. A debit card issuer who is licensed by a data cards system controller can bear its business trademark and utilize its i"lerchange, computerized d~ .se network and protocol to process debit card sales transaction; but similar to a credit card issuer, it independently own its lost of cardholders' accounts. [Termed also consumer's bank.]
IdenLiricdlion Color is the unique color of the classiricdlion card which can be dirrer~nlidled by 2s human sight, representing a specific category of expenditures as determined from time to time by a consoilium of all concerned parties.
Maanetic Encoded Strip is the physical substrate comprised of a ferrous/ferric oxide coating on the reverse side of a data card. A data card encoder per",anenlly alters the magnetic field on one or more of its ",ay"~tic tracks [according to the l,lte",dlional Standards Organization (ISO) ~lal~dald, specifications 30 ~tdndards for magnetic strip enc~ d ,9] into a unique, predefined sequential binary code (or any other numerical systematic code) identifying the ca,.ll,~la'er, the data card issuer, and any other necessary i"~u", IdliOn.
MICR is a process known as magnetic ink character recognition by a machine or computer.
Merchant is the individual, organi~dlion, col "pany or corporation which provides goods an services 35 to the consumer and receives funds in connec~ion with a sales transaction from the consumer in the form CA 022ll87l l997-08-2 APPUCANT: MASON K. YU PAGE 4 of credit/debit charges, legal tender, or check. For any sales transaction, the merchant utilizes his cash ~y;~.ter~/point of sales terminals. The "lercl1arlt may employ sales clerk(s) to assist in the sales transaction.
P is the per~onal identi~i~lion number, secret code issued by the data card issuer to the cardholder, or personally selected by the cardl,: '~ er, is used only by the car-lh: 'der for business, financial, banking, or sales transactions between two parties concurrently with a data card.
Point of Sales Terminal is the Iller;halll's leased/owned 01e~t-on ~ terminal/system which reflects and records the sales Irdnsactions between consumer and Illelcl-allt. Similar to the cash register terminal, the point of sales terminal accepts legal tender, checks, and credit/debit charges as payments for sales transactions. For credit/debit sales transaction, a magnetic card reader reads data from the consumer's credit/debit card, a telecommunications device, dial-up modem set to interact with the consumer's credit /debit card issuer, and the data card system contl.'ler; and a printer prints sales transaction receipts and slips. Input of the newABCC classification card il"or",dlion can be read and/or stored.
Sales Transaction is the human activity between the consumer and the ",er~;lrd,lt, exchanging the merchant's goods and services for the consumer's monetary means via: a pre-authorized credit/debit card limit; legal tender as issued and printed by the treasury department of any given country; or a personal check issued and cleared by the consumer's bank. The sales transaction--typically recorded on the sales receipt and/or the credit/debit card sales slip--can occur person to person, through mail ordering, or by telecorr"llunications (via telephone, facsimile, or computer auto-modem, or any other medium).
Telecorl " " chain is the telecol l ll l lunications means of exchanging i"~o", ldlion between and among two or more individuals, institutions, or entities. This dialogue of open exchange of ill~ur,,,dlion can occur anywhere, at any time by telel)hol1e, facsimile, telegraph, auto-answering computer modern, electronic mail --America-On-Line, Compusen/e, InteMet, Prodigy--through the means of microwave links, telephone lines, optical fibers, and any other technology now or her~i. ,d~ler in exi~tence.
DESCRIPTION OF PRIOR ART
CREDIT CARDS:
U.S. Patent No. 4,179,139 to Savar, et al. (1979) sets forth a preprinted form which embodies on one side a ~Idndald bank check, and on the other side a standard credit card sales slip.
U.S. Patent No. 4,522,670 to Caines (1985) sets forth the process to manufacture an amorphous polyester, tamper-l~s;~t~inl data card.
U.S. Patent No. 4,557,963 to Caines (1985) sets forth an a"~or,uhous polyester data card which contains embossed lettering which is tamper-resistant.
CREDIT CARDS SYSTEMS:
APPLICANT: MASON K. YU PAGE 5 U.S. Patent No. 4,172,552 to Case et al. (1979) sets forth a credit card process;llg system which integrates a magnetic data card reader, then imprints said data in MICR format on the credit card sales slip, then des;.J"~les the sales Lrdnsh~;tion to either Ele~:tron c Data Plucessi"g (EDP) or Electronic Funds Transfer (EFT).
U.S. Patent No. 4,700,055 to KashX~ hidn, Jr. (1987) sets forth a credit card system which enables a cardll:'c;er to use a multi-indexed credit card instead of multiple credit cards. More specifically, only one magnetically-encoded credit card would index essential data regarding each valid credit ca,dll:1der to be accessed by either a Ill ~oprucessor system or central d~se computer.
U.S. Patent No. 5,241,600 to Hillis (1993) sets forth a v~rificdtion of credit cards or identKication cards employing an image embossed or laminated onto the card, and essential data would be stored on its magnetic-encoded strip.
U.S. Patent No.5,334,823 to Noblett, Jr., et al. (1994) sets forth a cor"prel1ensive operational system of data card terminals which includes: a credit card IrdnSa~;liOn terminal with an embossed character reader, a magnetic strip reader, and a signature capturing printer such that the entire l,dnsaction data is communicated to the host computer system of a transaction processor which then conrill''s the sales transaction as clrdryeback-prule~;led to the nlel~l1dllt in certain circumstances.
U.S. Patent No.5,352,876 to Wdlanabe, et al. (1994) sets forth a credit card sales transaction system which utilizes both a credit card and an identiric-dtion card within a prepaid vending machine.
U.S. Patent No. 5,355,411 to MacDonald (1994) sets forth another credit card verification system similar to U.S. Patent No. 5,241,600 to Hillis (1993); both the cardh~'der's signature and photo image are digitized by scanning, colll~ ssed and ll,ayrlelically encoded onto the credit card's magnetic strip for enhanced security during sales IrdnSd~:tiOnS.
U.S. Patent No. 5,384,449 to Peirce (1995) sets forth an aulhori~dlion matching system for credit card transaction systems using the same idelltificdlion number with each authorized transaction.
MAGNETIC / MICR:
U.S. Patent No. 4,100,011 to Foote (1978) sets forth a process to manufacture a thenl)op'~ ic, surface laminate layer, magnetically-encc~ e strip data card.
U.S. Patent No. 5,019,696 to Chang, et al. (1991) sets forth a system and mechanism of detecting, converting, decoding and reconstructing Illay"~lic data from a ~Idndard credit card.
POINT OF SALES SYSTEMS:
U.S. Patent No. 4,722,054 to Yorozu et al. (1994) sets forth an a consumer-based i~unlldlion input system from a multitude of points of sales terminals which can receive, process, and transmit sales 35 transaction data.
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APPLICANT: MASON K YU PAGE 6 U.S. Patent No. 5,119,294 to Tanaka (1992) sets forth a sales l.dnsaction processing systems including a multitude of point of sales terminals, a group l,lanage me nt device of point of sales terminals, and a sales management device with the express purpose of i"creasi"g ~fricien~y of processing sales transaction data.
s U.S. Patent No. 5,256,863 to Ferguson, et al. (1993) sets forth an autor,rdLed data acql~;si~ion and process;l lg system at the point of sales transaction which integ~dles two local area networks of point of sales terminals into a universal contr~'ler system.
ACCOUNTING SYSTEMS:
U.S. Patent No. 3,980,3~3 to Boyreau (1976) sets forth a system for manually prepari,lg and preserving tax records by manually crossil lg out a numbered box whose expenditure category is referenced on a separate check register.
U.S. Patent No.4,400,017 to Pendergrass (1983) sets forth a manually prepared, monthly checkbook register for recording budget items and accounting data system.
U.S. Patent No. 5,193,055 to Brown, et al. (1993) sets forth an accounting system using a pre-e~labli:,l1ed category cards and the entry of data by the consumer to be further process through a service con,parly.
DESCRIPTION OF DRAWINGS
FIG. 1A is the flow chart of the present credit card system.
FIG. 1 B is the flow chart of the present debit card system.
FIG. 2 is the front side of a credit/debit card.
FIG. 3A is the reverse side of a credit/debit card.
2s FIG. 3B is the magnetic strip andngelll~''t from the reverse side of a credit/debit card.
FIG. 4 is the flow chart of credit/debit card systems, merging the ABCC expenditure classif;cdlion system.
FIG. 5 is the front side of the A8CC cl~c:f~c~ti9n card.
FIG. 6A is the reverse side of the ABCC c~siflc~lion card.
FIG. 6B is the magnetic strip arrangement from the reverse side of the ABCC classificdlion card.
FIG. 7 is the detailed chart of the ABCC expenditure classificdlion, binary-encoded, color-coded ABCC ~;lassificdlion cards, and point of sales serial terminal numbers.
3s FIG. 8 is the sample of the ABCC expenditure classificdlion, binary-encoded, CA 02211871 1997-08-2~
APPUCANT: MASON K YU PAGE 7 color-coded ABCC classificdlion cards with corresponding pictographic icons.
FIG. 9 is the bar chart r~pr~selllil,g the monthlyABCC expenditure ~:lassificdlion system in a~sc'ute dollars.
FIG. 10 is the pie chart ,epl~se,l~i"g the monthlyABCC expenditure classificalion system s in percentages.
BACKGROUND OF INVENTION: PRIOR ART, PART ONE
CREDIT CARDS:
U.S. Patent No. 4,179,139 to Savar, et al. (1979) describes a duo, preprinted form: a conventional bank check, and a conventional credit card sales slip; but, neither format categorizes the expenditure for the consumer at the point of sales transaction; moreover, neither form extends beyond the basic transaction ir~ulll,dlion--date/time~ description, and monetary amount.
U.S. Patent No. 4,522,670 to Caines (1985) details the technical process to manufacture an adl"or,uhous polyester, tamper-,~si~ldrll data card; and U.S. Patent No. 4,557,963 to Caines (1985) describes said respective data card; however, both are indexed here as ~xdr"r'~s CREDIT CARDS SYSTEMS:
U.S. Patent No. 4,172,552 to Case, et al. (1979) details a credit card transaction system incorporating an i",pli"led MICR card (date, credit or charge, electronic data processing or electronic funds transfer onto the credit card slip; however, this process of encoding the information inconveniences the ",er-;hard and increases his business costs, while simultaneously ben~iti"g the financial institution's data p,ucess;~g system by decreasi"g its labor costs.
U.S. Patent No. 4,700,055 to Kasl,~;,hial1, Jr. (1987) describes one unique magnetically encoded 2s credit card which is indexed to a multitude of credit cards accounts; but, ~sponsibility rests on the consumer to ",e",ori~e which account is which and to ~hS~utely guard this special card from theft or unauthorized use.
U.S. Patent No. 5,241,600 to Hillis (1993) details an image-embossed, ve,i~icdlion system for credit cards/ide,dificdlion cards; on the other hand, this identity \l~lificdlion system assures the merchant from acce~li"g an unauthorized user prior to initiating a sales transaction.
U.S. Patent No. 5,334,823 to Noblett, Jr. et al. (1994) describes a credit card ope,dlional method which encor"passes a whole series of integrated, input/output computerized devices; but, this system mainly protects the ",er~hall~ after the sales transaction from begin charged back (credited) to this bank account.
U.S. Patent No. 5,352,876 to Wdldnabe, et al. (1994) states a prepaid vending machine sales transaction system which debits a pre-aull,ori~ed amount from the magnetic-encoded credit card, while . CA 022ll87l l997-08-2~
APPUCANT: MASON K YU PAGEB
crediting the same amount onto the may~tic-encoded identificdLion card; nevellh~less this may pose a minor inconvenience to the consumer who then needs to simultaneously carry and use two credit/debit cards to purchase a snack soda or candy bar.
U.S. Patent No. 5 355 411 to MacDonald (1994) states another document v~rilicdtion system for s credit cardtidentiricdlion by magnetically encoding the cardl ,older's like image and signature for co, l ,parison at the point of sales transaction; however this system again benefits the merchant from permitting unauthorized usage during a sales transaction between consumer and merchant.
U.S. Patent No.5 384 449 to Peirce (1995) details an identical alpha-numerical code which together ",dlches aulhori~dlion records and l~dnsa.:tion records; but this favors both the merchant's and the credit card issuer's financial data processing systems at each consumer's sales transaction.
MAGNETIC / MICR:
U.S. Patent No. 4100011 to Foote (1978) describes a process to manufacture a surface thermop' .ctic~ laminate layer magnetically-encodable strip data card. U.S. Patent No. 5 019 696 to Change (1991) details a system and mechanism of detecting converting decoding and reconstructing magnetic data from a ~landar~ data card; but again both are r~er~nced here only as cited examples.
POINT OF SALES SYSTEMS:
U.S. Patent No. 4 722 054 to Yorozu et al. (1994) states a consumer-oriented data input system for a series of merchant's point of sales terminals; though this system increases the ~l~icien~;y of concurrent credit card sales transactions between consumer and merchant the i"~or",dlion scanned and read is ndard--for example personal identificdlion number codes from the magnetic strip of the credit cards.
U.S. Patent No.5 119 294 to Tanaka (1992) details a credit card sales transaction processing system of i,lte,~onnected managed point of sales terminals; but this mainly benefits the ",erchanl's internal data 2s processing between his point of sales terminals and the consumer's credit card issuer.
U.S. Patent No. 6 ~56 863 to Ferguson et al. (1993) states another credit card sales transaction processing system incorporating a dual local area networks of point of sales terminals into a universal contr~ 'ler system but again this benefits the ",er.;hallt's internal data processing between his business and the consumer's credit card issuer through the electronic interchange network.
ACCOUNTING SYSTEMS:
U.S. Patent No.3 980 3~3 to Boyreau (1976) describes a manual system of classifying expenditures for tax purposes with a physical mark on the face of the check but without the use of the consumer's internalized bank data processing.
U.S. Patent No. 4 400 017 to Pendergrass (1983) also describes another purely manual systems of CA 022ll87l l997-08-2~
APPLICANT: MASON K YU PAGE 9 classifying check expenditures and budget entries. But again, these two manual systems do so without the benefit of the financial institution's computerized data processi"g.
Finally, U.S. Patent No. 5,193,055 to Brown, et al. (1993) is an accounting system for consumer households and small busi"esses. This overall system of data process;"g for accounting purposes has s limited advantages here. The consumer (payer) must rely on a storage medium other than the check or sales receipt itself to recall and record various numerical codes ass;y"ed to pleclassified expenditures.
All of the above-mehlioned prior art have set limitations: (1) they appear to be neither sufficiently convenient for the consumer, nor user friendly; (2) they benefit the ",elcha"l's internal security systems or 10 his internal Irc~nsac~ion plucess;~g system; (3) they benefit the data card issuer's internal transaction processing system via its i,lle~cl1ange network; and (4) they favor the financial institution's data processing system; and (5) they (cited as examples only) show a magnetic data encoding process, a payment function and/or a credit function for a credit/debit card. Consequently, the above-referenced may be labor intensive;
neither time-saving, nor econGI" ~lly feasible, nor resourceful; or any col"b..,a~ion of reasons thereof for any party to implement and to continue usage.
BACKGROUND OF INVENTION: DISCUSSION, PART TWO
According to 1995 Credit Card Issuers Guide and 1995 EFT Network Data, United States credit card eYecuted transactions totaled 473.3 billion dollars processed per 5.6 billion transactions. Even more outstanding is the respective debit card figures: 485.5 billion dollars per 8.3 billion transactions.
Furthermore, growth figures of the global charge volume astound the imagination; over a ten year period (1984 to 1994) it illcr~ased from 201.0 billion dollars to 959.8 billion dollars (approaching one trillion), a phenomenal increase of 377.51%, over a three-fold leap!
2s Checks, ATM cards, and coin/paper currency form the basis of the money triangle as defined by the recent 1994 Annual Board of Governors Report of the U.S. Federal Reserve System; but this triangle can certainly be reconfigured into a quadrant when Electronic Funds Transfer systems enter into this economic for" ,~lion.
The major infrastructure of the credit/debit card transactions involves three major components: the merchant or ploressional providing the goods and services to the consumer; the data communications link between the merchant's retaih~ hl "en~ to the i"~r" ,alion processing center of the interchange network;
and the central computer which has the auto-answer modem bank and the credit/debit ~ ~se eprese"li"g all valid credit/debit ca,.lll 'ders within this int~ ange network.
No doubt, credit and debit cards have approached a universal accept~nce and have pr~senled ther"selvcs as purveyors of convenience and portability. Typical credit/debit card issuers include:
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APPLICANT: MASON K YU PAGE 10 automotive, retail goods, airlines, fuel/gasoline, financial service institutions such as brokerage houses. Data cards system contr. "ers include MasterCard~, Visa~, Discover~. Note thatAmerican Express~, for instance, is neither a credit nor a debR card, but a travel/entertainment charge card which requires the cardholder to pay each monthly balance in full. Thus as stated earlier, the convenience and the necessity of using the credit/debit card which ~soci~te the carJI, ~ 'der to a legal signature, a maximum credit/debit limit, and an expiration date of the account number.
Yet there is a missing factor; that is the ~s~:~ic~lioll of credit/debit card sales transactions. Each period the cardl,-'~'er sees volumes of data upon receipt of the monthly statement: data that tells the date, the time, a brief desc,i,ulion, and the amount of all transactions. Each transaction is in chronological order, 10 each transaction fulfills a need or a desire, but the individual still does not have the what..what each sales transaction is categori~ed into broad, consumer/business expenditure classifications over any given period.
One can not examine without additional great effort, nor forecast overall credit.debit card sales transactions spending pattern and trends.
The answer for what is here!
A closer examination ensues leyarJi,lg the present credit card systems.
[Figure 1A]
[Step 1] The manufacturer of credit cards delivers to the credit card issuer a set of blank cards, ready to be magnetically-encoded to prospective cardholders.
[Step 2] Meanwhile, the manufacturer of point of sales equipment delivers to the ~l~er~;harlt either leased or pu,~;llased point of sales terminals with serial numbers.
[Step 3] The consumer requests for a credit line from the credit card issuers. Once the consumer is approved for a maximum credit line and is ass;ylled an account number, the credit card issuer ll layl l~ically encodes the necessary irlfumlalioll regarding the prospective cardholder onto the blank credit card. Upon ,~cei-~/i.,g the credit card, signing the reverse side of his card, and contacting the credit card issuer to activate his new account, the consumer becomes an authorized credit cardholder.
[Step 4] With the credit card, the consumer shûps at the store, browses through the mail-order catalog, dials a toll-free 800 telephone number for products or services, decides to purchase the services or goods of a, l ler-;hant who is authorized by the data card system controller to accept credit cards as payment for said services or goods.
[Step 5A] Through the cash register/point of sales terminal, the merchant records the sales transactions infûrlllalion on a sales receipt which includes: the name, address, telephone number of the Illel~;harlt~ date and time; the pu,cllased product or rendered service and identificalion number, if any; the 3s subtotal; any applic~'E taxes or tips; the total; how funds for the sales transaction are to be tendered; and CA 022ll87l l997-08-2 APPLICANT: MASON K. YU PAGE 11 any change due.
[Step 5B] The consumer may remit funds with cash or by check. But K the consumer elects to use a credit card for the sales l,dnsaction, then the cal-lh ~ 'der proceeds to give his card to the merchant.
Or K the sales l,dnsa~ion is conducted over the telephone, then the consumer will furnish the info about s his credit card: the data cards system cont,~'ler, complete name, account number, and expiration date of the credit card.
Continuing, the ",erclla"l uses a data telecol"",unications device adjacent to the point of sales terminal--typical a dial-up, asy"chronous or synchronous modem--to est-'';C'l a data communications link among the merchant's point of sales terminal serial number, the credit card issuer, and the data cards system co,ltr~"P-r through the i,n~r~;hange network. This conne-:tion remains on-line only until the consumer's credit card issuer authorizes the sales l,dnsa~:tion between the consumer and ",er.;hant. Note that the panel signal of an on-line LED (light emitted diode) display and the high-pitched audible sound from the telephone means that the dial-up modem at the ",ercharlt's place is dllelll,utillg to communicate to the data cards system controller's modem.
[Step 61 Once the data communications link is established between the merchant's point of sales terminal and the cardl ~ ~ 'der's credit card issuer via this i"lerchange network, and if the consumer is physically present at the ",ercharlt's prt:r";ves, a person will then proceed to manually slide or swipe his credit card in a linear, unKorm motion through the ",ercharlt's point of sales terminal. In the event the point of sales terminal does not have the capability to input the credit card data from the cardholder, the ",el~;hant may manually use an embossed card reader to swipe or to slide over the credit card and the credit card sales slip, and simultaneously telephones for a verbal autho,i~dlion from the credit card issuer through this same i"le~cllallge network.
The ",~,~;ha,lt's point of sales terminal then communicates over the data communications link the following sales transaction i"~ur",dlion: credit cardholder's name and account number; expiration date of 2s the account; the ",er-;hallt's iderltKicdlion number; date and time of sale; the intended purchase or rendered service; and the total amount tendered as entered by keyboard or keypad action. This important i"rur" rdtion is then received and processed by the car~ 'der's credit card issuer for verification of the cardholder's identity and validation of his purchase--that the total amount tendered does not exceed his current credit limit. once these conditions are met as show the LED display panel of the point of sales terminal, the credit card issuer authorizes credit toward the purchase of goods and services.
[Step 71 Should the credit be denied, then the ",erchahl does not deliver the goods and services; and the credit card is returned to the consumer. However, should the credit be approved the credit card issuer validates the sales transaction; the cash register/point of sales terminal prints a sales receipt and/or a credit card sales slip (which also seNes as an invoice) with the following i"~or",dlion regarding the sales transaction: the name, address, and telephone of the merchant; the sales clerk CA 02211871 1997-08-2~
APPUCANT: MASON K YU PAGE 12 identi~ic~tion number; the ll,er~;han~'s cash register/point of sales terminal serial number; the date and time;
cardholder's account number; description of goods and services; total amount including any applicable taxes and tips; the sales autl,ori~Iion number; and the cardl, 'der's signature.Once the signature is ~ecllted on the credit card sales slip, then the merchant visually matches the signature on the credit card sales slip with that on the reverse side of the credit card; and the sales transaction is cor"~ d (If there is any major di~,c~epancy b~t~een the two signatures, then a further ve,ific~Iion system occurs among the consumer, mer~ a,lt and his sales clerk. One copy of the sales nsa~:tion is retained for the " ,er~ arlt's accounting and billing; and the other copy is retained for the credit carll, 'der's per~on~l records; and finally, the goods and services ",er~handise is delivered to the cal~ 'er.
lStep 8] Prior to the end of the billing cycle: the ",er~hanl has deposited the credit card sales slip into his bank; simultaneously through the interchange network, the merchant's bank presents the credit card sales l-dnsaction for payment-on demand to the car ll, 'der's credit card issuer, and immediately the ca,.ll, 'der's credit card issuer settles the outstanding account with the merchant's bank by electronic funds transfer, less a service fee from 1% to 2%.
[Step 9] At the end of this billing cycle, the credit card issuer creates a detailed sales transaction report for each cardllc'der. This report co",prises all the sales transaction activity for the period beginning and period ending. Typical items found on the individual monthly report include: date of sales transaction; actual posting date; an internal f~r~nce number indexing the point of sales Ir~nsa~;tion; the store or retail l8~ -'" h",e,lt where the sales transaction occurred; the total amount tendered during the sales transaction; and an account summary--previous balance, purchases, cash advances, credits, payments, other charges, finance charges, and new balance. Then the credit cardholder pays his credit card issuer the entire or partial balance due by cash, check by electronic funds transfer, or perhaps with another credit card.
[Step 10] Concurrently with Step 8, the " ,ercl1arlt's bank periodically creates a detailed, credit card sales transaction report for each ~le,~;l1ant, confirming the electronic funds transfer payments from the consumer's credit card issuer, less a service fee from 1% to 6% based on total sales.
[Step 11 ] Concurrently with Step 9, the credit card issuer transmits a pre-negoti~ted licensing fee to the data cards system controller.
Focus on the present debit card systems now.
[Figure 1 B]
[Step 1] The manufacturer of debit cards delivers to the debit card issuer a set of blank cards, ready to be magnetically-encoded to prospective cardholders.
CA 022ll87l l997-08-2 APPLICANT: MASON K YU PAGE 13 [Step 2] Meanwhile, the manufacturer of point of sales equipment delivers to the ",ercharlt point of sales terminals (either leased or purchased) with serial numbers.
[Step 3] The consumer le -~ hed a bank or brokerage account (regular checking or asset management) from his debit card issuer. Since the bank/brokerage account does not extend a personal s line of credit but acts like an clevt,un' c checking account, the financial institution can i" ,n ,ediately authorize, assign, and ",ay"~lically encode an account number/PlN code onto a debit card to a consumer who has a history of eY~e'lent credit and who does not habitually issue insufficient checks. Upon receipt, the consumer ",el"oli~es the PIN code and signs on the signature line on the reverse side.
[Step 4] With the debit card, the consumer shops at the store, looks through the mail-order catalog, dials a toll free telephone number to reserve a rental car, or obtains the service or goods from a ",erchant who is aull,o,i~ed by the data card system conlr~ er to accept debit cards as payment for said services or goods.
[Step 5A] Through the cash register/point of sales terminal, the merchant records the sales transaction i~runll~lion on a sales receipt which usually includes: the name, address, telephone number of the l"el~;halll, date and time; the purchased product or rendered service and identification number, if any;
the subtotal; any arF~ h~e taxes or tips; the total; how the sales transaction is to be tendered; and any change due.
[Step 5B] The consumer may remit funds with cash or by check. But if the consumer elects to use a debit card for this sales transaction, then the cardholder proceeds to give this card to the merchant.
Or if the sales transaction is conducted over the telephone, then the consumer will furnish data regarding the debit card to the merchant: the choice of a data cards system controller, complete name, account number, and expiration of the account.
Currently, MasterDebit3, Visa Debit3, cards are off-line debit cards which like a personal check there is up to a three business day floating period, before the sales transaction receipt slip arrive to the debit card 2s issuer to be processed Neverll,eless as the future unfolds regarding these debit cards will have the on-/ine function similar to the present credit card system as discussed in Figure 1A) through the telecomm chain using MasterCard3, Cirrus or Visa Plus System3, examples of systems controllers. Any future purchase of goods and services will be i"stanl~neously credited from the consumer's bank account and debit to the merchant's 30 bank account with ahsolLItely no intangible float period. No doubt that this would infinitely please the ",ercl1a,lt, since his bank account would i"""edidlely record the sales transaction amount.
[Step 6] The ",erchal,l uses an embossed card reader to slide or to swipe over the debit card and the sales transaction slip and contacts the debit card issuer for a verbal autholi~lion via the interchange network.
[Step 7] If the sales transaction is approved, the debit card issuer validates the sales APPUCANT: MASON K YU PAGE 14 transaction, the cash register/point of sales terminal prints a sales receipt and/or a debit card sales l,dnsaction slip with the following i"~ur" ,~lion: the ",erch~rd's name, address, and telephone; the sales clerk identific~lion number; the merchant's cash register/point of sales terminal serial number; the date and time;
the cardl, ~ ~der's account number; desc,i~,lion of goods and services; total amount including any ~PF'~ 'E
s taxes and tips; the sales aull,ori~dlion number; and the car.ll,:'der's signature.
Once the signature is ~Yec~ed on the sales slip, then the " ,er.;hanl visually matches the signature on the debit card sales slip with that on the reverse side of the debit card; then the sales transaction is co",; '~ (If there is any question ,~9~.~" ,9 the authenticity between the two signatures, then further Ve~ c~lioll process occurs.) One copy of the sales transaction is retained for the ~"er~;ha,lt's accounting 10 and billing depa,ll"ent for further transaction processil ,y, and the other copy is retained for the cardholder's pe,~onal records, and receives the produces or services.
[Step 8] Prior to the end of the billing cycle: the merchant has deposited the debit card l,~nsa~:tion sales slip into his bank to be prc,cessed. Simultaneously through the electronic d~se i-lter~l1ange network of MasterCard~, Cirrus or Visa Plus System~, the ~-,er~ nt's bank presents the debit card sales transaction for payment-on demand to the consumer's debit card issuer, and immediately the cardholder's debit card issuer settles the outstanding account with the ",er~;hant's bank by electronic funds transfer, less a service fee.
[Step 9] At the end of this billing cycle, the debit card issuer creates a detailed summary report to each cardh - 'der. This report comprises all the financial transaction activity: dates and desc,i,~ liolls of financial transactions and their respective amounts (deposits, withdrawals, cash advances, any earned interest, previous and present balances; and any service fees and charges.) If the consumer has more than one account with a bank or brokerage firm, this i"~ur" ,~lion can be incorporated into one statement--namely, any passbook savings, money market accounts, and/or checking account activities for that period.
[Step 10l Concurrently with Step 8, the ",er~hant's bank periodically creates a detailed 2s Ll~nsa~:tiol1 summary report for each ",er~;hal,l, confirming the ele~,tlon c funds transfer payments from the consumer's debit card issuer, less a service fee.
[Step 11] Concurrently with Step 9, the consumer's debit card issuer transmits a pre-negotiated licensing fee to MasterCard~, Cirrus or Visa Plus System~ or a similar data cards system cont,.
[Figure 2]
On the front side of the credit/debit card, physically-embossed, raised lettering identifies the following: the name of the c~-dl-~'der 20 and his current account number 10, the expiration date of his account number 15.
3s Also i.. ,pri,lted on the front of the credh/debit card is the name of the credit/debit card issuer 05 CA 022ll87l l997-08-2~
APPLICANT: MASON K. YU PAGE 15 and the name of the data cards system controller.
[Figure 3A]
On the reverse side of the credit/debit card is the following: the magnetic encoded strip 25, the s car~ 'der's current account number 35, and the place for the authorized cdr.ll, 'der's inked signature 30/40.
[Figure 3B]
Within this magnetic-encoded strip comprises the following on either trace one 45 (in alpha-numeric chardcter~ or tract two 95 (numeric only) the following major com,,)onellt~/fields: start sentinel 50/100;
format code 55; a series of field separdlor~ 65/110; any di~.cr~lionary data 80/120; an end sentinel 85/125;
and a longitudinal redundancy check (LRC) region 90/130.
In between the start sentinel 50/100 and end sentinel 85/125 is the following data: the name of the cardl, ~ 'der 70; his current account number 60/105 as well as his PIN code 80/120; the expiration date of his account 75/115; and his credit/debit card issuer's bank transit / routing number according to the U.S.
Federal Reserve System 80/120.
EMBODIMENT OF THE INVENTION AND THE UNIQUE ADVANCEMENT FROM PRIOR ART
The prior art of credit/debit card systems and methodology usually ends with Figure 1A and Figure 1 B at Step 11, with no concl~te evidence of where the consumer's prior monies were allocated. There is no creative, universal methodology which allows the credit/debit cardholder to automatically his monthly credit/debit card salestransactions by expenditure classificdlion--clothing, entertainment, childcare, medical, and utilities. The novelty of this invention occurs at Figure 4 in cGI""~encel"ent with Figure 1A at Step 1, and Figure 1 B, also at Step 1.
[Figure 4]
[Step 12] The manufacturer of plastic data cards delivers to the manufacturer of point of sales equipment one or more ABCC color-coded, classifHdlion cards, ready to be magnetically-encoded on its magnetic strip and registered to the merchant's authorized point of sales terminal serial number.
[Step 13A] In the event the manufacturer of point of sales equipment delivers a new point of sales terminal to the ",er~;harlt who will receive a cor,t:~ponding newABCC class;ficdlion card terminal.
[Step 13B] However, if the point of sales terminal is existing, and is ope,dlional at the merchant's business, the ",e~char,l will request and receive a newABCC classification card corresponding to the terminal's serial number.
CA 022ll87l l997-08-2 APPUCANT: MASON K YU PAGE 16 [Step 14A] When the ",ercha,n receives the new point of sales terminal with its attached magnetically- and color- coded ABCC classificdtion card or a ABCC classific~lion card for his des;~"~led currently operdli"g terminal, the ",erchallt typically uses a dial-up asy"chronous or s~llchlonous modem--to est2~ h a data communications link among the ",er~hallt's point of sales terminal serial number, the credit/debit card issuer, the data cards system contr." er through the eleutron L, computerized interchange network. The telecol"",unications connection only remains on-line until the credit/debit card issuer acknowledges the i"f~,r""llion from this magnetically- and color-coded ABCC classificdlion card.
[Step 14B] l lencero,ll~, the data communications link is es~-~" hed among three parties: the merchant's point of sales terminal serial number, the credit/debit card issuer, the data cards system 0 contr~"er the ",er.;hant will then manually slide or swipe this new ABCC classific~lion card in a linear, uniform motion through the magnetic card reader within or nearby the ",er~;hant's point of sales terminal.
Once the point of sales terminal is initialized and activated according to the above-mentioned opeldliol1, all sllhsecluent sales transactions are autor"~lically identiried, recorded, and transferred under a specific ABCC expenditure classiric~liol1 via the dial-up modem. All st~ndalcl operating procedures for all credit/debit card sales transactions continue as described under Figure 1 A at Step 4 and Figure 1 B at Step 4, respectively. The " ,er.;han~'s point of sales terminal serial number is now set to autor"dlically record each sales transaction under a ABCC expenditure c.l~.s~;lic~lion, and Steps 13B through 14B of Figure 4 are u~"lecessaly.
[Figure 5]
On the front side of this ABCC classificalion card, physically embossed, raised lettering is the following: theABCC expenditure class;ric~lion 135 a corresponding logo of that expenditure classification 155; the name of the merchant 145; the validation date of his account 150; and the point of sales terminal serial number 140/170. For visual idenliricdlion only, this card is color-coded to only one specific ABCC
2s expenditure classific~lion.
[Figure 6A]
On the reverse side of this ABCC color-coded, classific~lion card is the following: magnetic-encoded strip 160 and the place for the aull~ori~ed ",ercl1a"ts' signature or his representative's 165/175.
[Figure 6B]
Within the magnetic-encoded strip of this ABCC color-coded, classiricalion card comprises the following on track two 180 (binary codes or any other numerical systematic code) the following major cor"ponellts and field: start sentinel 185; a field separdlor 195; and end sentinel 210; and a longitudinal 3s redundancy check (LRC) region 215. In between the start sentinel 185; and end sentinel 210 of track two APPLICANT: MASON K YU PAGE 17 is the following: the corl~sponding binary code of theABCC expenditure cl~.csi~ic~lion 205 the ",elchanl's point of sales terminal serial number 190; and the vc~ 'iC-l date of his account 200.
[Figure 7, Figure 8]
For example, the binary sequential number 000101, green color-coded, ABCC classificaIion card as indexed to the ",erchahl's point of sales terminal serial number EF 456789 will reflect all sales transactions under the expenditure classificdIion of FOOD. Then during the sales transaction between the consumer and Ille,-;hahI, when the data communications link has been le ~ "khed--the amount is tendered;
both credit/debit cardholders and retail store identities are verified; and the point of sales terminal is on-line with the credit/debit card issuer's ~ base through a data cards system colll~ er's network. All sales l,dnsaotions from this initialized terminal will only l.dnsc,il,e exactly one expenditure clas~ificdliol1, namely FOOD.
However, in the event ",er-;lrdnt changes his product line of goods and services to another ABCC
expenditure ~;lassificdlion, i.e. clothing, he again simply slides or swipes this same point of sales terminal with a dmerent ABCC classificaIion card. All sllhsequent sales transactions from his same point of sales terminal serial number will read and record a different ABCC expenditure classi~icdIion. For example, the binary sequential numbered 000010, medium purple color-coded ABCC classificdlion card as re-indexed to the same ",er~hallI's point of sales terminal serial number EF 456789 will now transcribe all sales transactions under the expenditure classifici1lion~ CLOTHING.
In summary, the new ABCC classification card activates the new ABCC expenditure classificdliol1 system by the merchant manually sliding or swiping this unique card through a magnetic card reader which will only read the magnetically, binary-encoded (or its numerically systematic equivalent) data of one specHic, ABCC expenditure ~;lassificalion, prior to the very first classified sales transaction to be categorized under the ABCC expenditure classifi~;dlion system. The i"el~ha,lt's point of sales terminal is all set to auto",dlically record all credit/debit card sales transaction under a ABCC expenditure classificdlion, until the Illel.;hallt decides to expand into a different market. When the ",erchahl is set to change, he simply slides or swipes a dfflerentABCC binary-encoded, color-coded, clas~;ficdlion card through his magnetic card reader at the point of sales terminal. All subsecl-lent sales transaction from this reclassified and reinitialized point of sales terminal will i"""edidlely record and reflect a dfflerent ABCC expenditure classificaIion.
ALTERNATIVE EMBODIMENT OF THE INVENTION
As an ~ r"dlive embodiment, a data cards system cont~"er can directly input the new ABCC
3s classificdtion expenditures of the newABCC classification data card as defined under Figure 7. Specifically, CA 022ll87l l997-08-2~
APPUCANT: MASON K YU PAGi~ 18 each ABCC expenditure ç~cs;fi~lion and its cor,~spol-ding magnetic binary code (or its numerical sy~:ter"dlic equivalent) on a magnetic track of said card as des;ylldted under Figure 6B. This ABCC
illfur",dliol1 can then be merged with each ABCC initialized point of sales terminal serial number and tog~tr,er stored within the data cards system controller s ~ hA~e Upon the input data amount from each s credit/debit sales transaction the data cards system contl, er can then merge said amount from theABCC
initialized point of sales terminal serial number together with the correct ABCC expenditure classificalion.
The above-" ,entioned merge at the data cards system contr, 'le r s d~' ~se can be accol ";~ hed at Figure 4 step 14B. The data cards system conllMler can then send each captured and settled ABCC credit/debit sales transaction for further prucessi"g by the credit/debit card issuer for each cardholder. All :~ldndard ~o operdli"g procedures for all credit/debit card sales transactions continue as described under Figure 1A at Step 4 and Figure 1 B at Step 4 respectively.
ADVANTAGES OF THE PRESENT INVENTION
[Figure 9 Figure 10]
By utilizing this unique ~ l~sc if ici1~ion card issued by the point of sales manufacturer to initialize each ",er;hallt s point of sales terminal it will ultimately give the individual cardl.-lder the personal convenience of having his credit/debit card issuer provide an accurate well-olydni~ed monthly su",l"dlion of his total sales purchases lender~d according to each ABCC expenditure classificdlion.
Moreover the objective and novelty of this invention--one individual expenditure category for each uniquely binary-encoded (or any other numerical sy~t~",~lic code) color-coded ABCC classificdlion card--captures in real-time the retail nature of any sales transaction data at the actual point of purchase ffor ~xdr";~ 'e p~" chas;"g goods and s' ~r r ES, charitable oryani~dlions or even vacations) and provided the most accurate means of achieving this goal.
zs F~"ll,er",ore once the expenditure cldssificdlion of each individual retail sales transaction has been l,dnsle"~d to the credit/debit card issuer through the i"ler.;hange computerized d~t~ e network it will be the objective and strategy of the credit/debit card issuer to l-cdnsldle this data into a meaningful econoi" c methodology.
Therefore when this invention is fully deployed--the entire Canadian credit/debit card transactions as classified across the various expenditure categories--will allow the Canadian economic forecasters unbridled and u"pr~cedented analysis of what will be called DPI (Dynamic Power Index). This index through powerful heuristic and i, l~re,1ce s~ lic~l techll les will be able to measure the summation of the entire consumer econul,l.c transactions in Canada according to every province region village town and 3s city--with no individual idenllficdlion to the public.
CA 022ll87l l997-08-2~
APPLICANT: MASON K. YU PAGE 19 Simply the wealth of this DPI ~ base will be staggering. The potential benefits of knowing where the society has distributed to the penny and of having this i~Fur",~lioll prucessed by speed and power of today's computers and ones yet to come will be phenol"endl Every co",pany large and small doing business can have equal access to the most up-to-date, accurate, econor"'c trend analysis known to our s society. All formerly known h;~.torical, econGr"'c indicators covering this form of data will be obsolete.
Because real-time ecûnGrll c infur~ lion is captured, cAtr~r~ arl and pr~,s~ l, this nearly i"~l~ntdneous economic i~Fur",dtion will tremendously benefit business, financial and government policy makers. Waste can be drastically reduced; our precious resources for government, socio-economic pr~g,c,n,s can be allocated with more ~F;ciency and precision; and even our gross national products (GNP) 0 cdn eventually increase. Our economy will have the foundation for a revolutionary forecasting tool and model for the super i, ~Fur,~lion highway which will certainly be emulated. Nobel Prize econo" ,i~ts can test their most potent, productive theories against this dynamic DPI ~ e which will mirror a greater, sounder, superior global econor"y.
This invention present the ultimate answer, advantage and i~Fum~lional power for individual consumer, and business--domestic and inte"~lional alike.
Final note: The present invention is independent of any present/future state of the art hardware, software, firmware/microcode, and network systems. Further while emba " "enls of the present invention have been shown and desc,il ed, various m~ "'i~lions may be made without departing from the spirit and scope of the present invention; and all such mc~ 'ic~llions and equivalents are intended to be covered.
Therefore, rather than by the given examples alone, the entire scope of the present invention should be determined by the appended claims and their legal equivalents.
Claims (3)
1. A method of generating a summary record of expenditures in each of a plurality of categories incurred over a selected period by use of an authorization card issued by a financial institution;
a card used in conjunction with each card reader terminal to authorize a charge against a user's account with said financial institution, said terminal electronically communicating transaction data to said financial institution, said method comprising the steps of:
pre-programming said card reader terminal to generate a selected one of a series of codes signals corresponding to each of said plurality of expenditure categories, said selected one of said code signals programmed to be generated by said terminal categorizing transactions at said terminal;
transmitting said selected one code signal to said financial institution in conjunction with communication of transaction data to said financial institution; and preparing summary reports for said time period showing total transaction by data, vendor, and amount according to each expenditure category as identified by said code signals from each terminal, said summary reports presented to said card user.
a card used in conjunction with each card reader terminal to authorize a charge against a user's account with said financial institution, said terminal electronically communicating transaction data to said financial institution, said method comprising the steps of:
pre-programming said card reader terminal to generate a selected one of a series of codes signals corresponding to each of said plurality of expenditure categories, said selected one of said code signals programmed to be generated by said terminal categorizing transactions at said terminal;
transmitting said selected one code signal to said financial institution in conjunction with communication of transaction data to said financial institution; and preparing summary reports for said time period showing total transaction by data, vendor, and amount according to each expenditure category as identified by said code signals from each terminal, said summary reports presented to said card user.
2. The method according to claim 1 wherein said step of programming and reprogramming as needed said terminal, one of a series of terminal programming cards is swiped through a slot in said terminal to set said one code signal, each programming card in said series corresponding to a respective one of said categories to be programmed.
3. The method according to claim 2 where each programming card in said series ofprogramming card is color-coded to correspond to a respective category.
Priority Applications (2)
Application Number | Priority Date | Filing Date | Title |
---|---|---|---|
US08/476,894 US5748908A (en) | 1995-06-07 | 1995-06-07 | Automated, classified expenditure data card recording system |
CA002211871A CA2211871C (en) | 1995-06-07 | 1997-08-25 | Automated, classified expenditure data card recording system |
Applications Claiming Priority (2)
Application Number | Priority Date | Filing Date | Title |
---|---|---|---|
US08/476,894 US5748908A (en) | 1995-06-07 | 1995-06-07 | Automated, classified expenditure data card recording system |
CA002211871A CA2211871C (en) | 1995-06-07 | 1997-08-25 | Automated, classified expenditure data card recording system |
Publications (2)
Publication Number | Publication Date |
---|---|
CA2211871A1 CA2211871A1 (en) | 1997-11-27 |
CA2211871C true CA2211871C (en) | 1998-06-23 |
Family
ID=25679509
Family Applications (1)
Application Number | Title | Priority Date | Filing Date |
---|---|---|---|
CA002211871A Expired - Fee Related CA2211871C (en) | 1995-06-07 | 1997-08-25 | Automated, classified expenditure data card recording system |
Country Status (2)
Country | Link |
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US (1) | US5748908A (en) |
CA (1) | CA2211871C (en) |
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Also Published As
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---|---|
CA2211871A1 (en) | 1997-11-27 |
US5748908A (en) | 1998-05-05 |
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