Patent ID: 8010450

Claim:
A method for processing a commercial financial transaction between a customer and a merchant, the commercial financial transaction including a standard check used by the customer for making a purchase from the merchant, said method performed using a computer coupled to a database, said method comprising: approving the customer electronically on the computer, by an originator, for receiving a financing package for engaging in the commercial financial transaction with the merchant; electronically storing within the database approved customer data that is associated with the approved customer; issuing the financing package to the approved customer from the originator; sending the financing package to the approved customer for presentment by the approved customer to the merchant, the financing package including the standard check having a plurality of security features and a security agreement between the customer and the originator associated therewith, wherein the plurality of security features includes instructions directing the merchant to transmit first purchase data to the originator for performing an initial verification of the commercial financial transaction, the first purchase data including data representing the security agreement, the executed standard check, and a product or service purchased by the customer; electronically storing within the database financing package data that is associated with the approved customer; receiving, electronically at the computer, the first purchase data associated with the commercial financial transaction from the merchant, the security agreement executed by the customer establishing for the originator a security interest associated with the product or service purchased by the customer, the standard check executed by the customer establishing a financing agreement between the customer and the originator; performing the initial verification of the commercial financial transaction electronically on the computer including comparing the financing package data to the first purchase data transmitted by the merchant; and electronically processing the commercial financial transaction if the initial verification is satisfied.