Patent ID: 8321281

Claim:
A transaction processing system suitable for a merchant in a restaurant, hospitality and retail industry, the system comprising: a computer having a processor, a memory and a connection to a network; a card reader connected to the computer, the card reader transferring credit card data from a credit card of a customer to the memory; a plurality of modules each comprising code that executes in the processor, including: a check presentation module operative to configure the processor to calculate a sales tax associated with a price of a product sold to the customer; an approval module operative to configure the processor to obtain an approval against the credit card data in the memory for at least the price of the product and the sales tax and thereby define an approved sale transaction; a revenue settlement module operative to configure the processor to settle, subsequent to an obtaining of the approval against the credit card for the at least the price of the product and the sales tax, a revenue portion of one or more approved sales transactions in favor of a first account accessible over the network, the first account belonging to the merchant, wherein the revenue portion excludes the sales tax; and a tax settlement module operative to configure the processor to settle, subsequent to an obtaining of the approval against the credit card for the at least the price of the product and the sales tax, the sales tax associated with the one or more approved sales transactions in favor of a second account accessible over the network, the second account being different than the first account.