Patent ID: 7131571
Filing Date: 2006-11-07
Classification: G06Q,G07F

Abstract:
1. A merchant system configured to accept as payment for goods or services the presentation by a payor of a payment device other than a paper check, a credit card or a debit card, the merchant system comprising: a payment device other than a paper check, a credit card or a debit card, where presentation of the payment device for goods or services indicates that funds are to be drawn on a checking account of a payor to pay for the goods or services, wherein the payment device comprises a transponder; a point of sale device which receives from the payment device, identification information useable to uniquely identify the payment device, wherein the identification information does not contain MICR data; and one or more computing devices which use the identification information to determine appropriate MICR data indicative of the checking account to include in one or more transaction requests designed to provide a transaction processing system with sufficient information to perform a risk assessment associated with the checking account and upon a result of the risk assessment, to transfer through a clearinghouse system at least a portion of the funds from the checking account as payment for the goods or services.