Patent ID: 7350697
Filing Date: 2008-04-01
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 wherein the identification information does not contain MICR data; and one or more computing devices which use the identification information to provide a transaction processing system with 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.