Patent ID: 7543736
Filing Date: 2009-06-09
Classification: G06Q,G07F

Abstract:
1. A 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 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, and wherein the payment device provides identification information that does not contain MICR data; a merchant system that receives the identification information from the transponder; and a transaction processing system, wherein the merchant system uses the identification information to provide the transaction processing system with information to perform a risk assessment associated with the checking account and wherein the transaction processing system, upon a result of the risk assessment, transfers through a clearinghouse system at least a portion of the funds from the checking account as payment for the goods or services.