Patent ID: 7103579

Claim:
A method for using one or more computers to electronically clear and cash a check submitted to an on-line merchant from an on-line consumer by electronic means comprising the steps of: accepting an input of check information submitted by consumer; verifying the accuracy of the check information; comparing the routing number to a database to determine if the paper routing number provided by the consumer matches the electronic routing number needed to process the on-line transaction; presenting the check information for clearing through the Federal Reserve's Automated Clearing House; debiting the consumer's checking account from which the check was drawing in an amount indicated in the check information; and crediting the merchant's account in the amount indicated in the check information, wherein if the routing number provided by the consumer is a correct paper routing number, but not a correct electronic routing number, an additional step of modifying the check information to substitute the correct electronic routing number for the paper routing number provided by the consumer is performed.