Systems and methods for preauthorizing check transactions
View Patent ↗Systems and methods for performing preauthorization of check transactions are disclosed. In some check transactions such as ACH card transactions, the actual purchase amount is not known when the card is first presented to a merchant. Dispensing of gasoline for a fill-up is an example of such a transaction. Various embodiments of the systems and methods disclose preauthorizing such transaction before the actual purchase amount is known, and without placing a hold of the checking account corresponding to the card. In one embodiment, such preauthorization can be based on, for example, a likely purchase amount associated with the merchant. The actual amount, once determined, can be matched with the information used for preauthorization in various manners.
1. A method for processing a financial transaction, comprising:
obtaining, by a check processing service from a merchant, information about a transaction involving a check-related payment to the merchant in exchange for goods or service, said information not having an actual monetary transaction amount, said check-related payment being associated with an account from which funds are to be drawn;
determining, by the check processing service, a likely monetary transaction amount for said transaction based on said information and at least one of (i) a type of goods or service associated with the merchant, the type of goods or service determined utilizing a merchant identifier included in the information to access a stored merchant profile, or (ii) one or more previous transactions involving the merchant; and
determining, by the check processing service, whether to allow said transaction based on said likely monetary transaction amount and without placing a hold on said account for said transaction,
wherein the above steps are performed by one or more computers associated with the check processing service.
2. The method of claim 1 , wherein said check-related payment comprises a check payment.
3. The method of claim 2 , wherein said check payment comprises an electronic check payment.
4. The method of claim 1 , wherein said check-related payment comprises a payment using an automated clearing house card.
5. The method of claim 1 , wherein said information is obtained from a point-of-sale device associated with the merchant.
6. The method of claim 1 , further comprising pre-authorizing the transaction based on said likely monetary transaction amount.
7. The method of claim 6 , wherein said pre-authorizing includes a risk assessment based on said information and said likely monetary transaction amount.
8. The method of claim 6 , wherein said pre-authorizing is performed prior to dispensing of said goods or service.
9. The method of claim 6 , further comprising obtaining the actual monetary transaction amount.
10. The method of claim 9 , wherein said actual monetary transaction amount is obtained after dispensing of said goods or service.
11. The method of claim 9 , further comprising associating the pre-authorization with the actual monetary transaction amount.
12. The method of claim 11 , wherein the transaction is authorized for the actual monetary transaction amount if said actual monetary transaction amount is associated with the pre-authorization.
13. The method of claim 11 , wherein the transaction is authorized for the actual monetary transaction amount if said actual monetary transaction amount is less than or equal to the likely monetary transaction amount.
14. The method of claim 11 , wherein the transaction is authorized for the actual monetary transaction amount if said actual monetary transaction amount is greater than the likely monetary transaction amount by a selected amount.
15. The method of claim 14 , wherein the selected amount comprises approximately ten percent of the likely monetary transaction amount.
16. The method of claim 11 , wherein said associating comprises matching of said information with said actual monetary transaction amount.
17. The method of claim 16 , wherein said matching is achieved when said actual monetary transaction amount is obtained during a communication with said merchant after obtaining of said information.
18. The method of claim 17 , wherein said matching is achieved when said actual monetary transaction amount is obtained within a predetermined amount of time after obtaining of said information.
19. The method of claim 6 , further comprising interacting with said account so as to effectuate said cheek-related payment for the actual monetary transaction amount.
20. The method of claim 19 , wherein said interaction with the account occurs in batch along with other similar financial transactions.
21. A system for processing a financial transaction, comprising:
an interface component configured to obtain, from a merchant, information about a transaction involving a cheek-related payment to the merchant in exchange for goods or service, said information not having an actual monetary transaction amount, said check-related payment being associated with an account from which funds are to be drawn; and
a processor configured to:
determine a likely monetary transaction amount for said transaction based on said information and at least one of (i) a type of goods or service associated with the merchant, the type of goods or service determined utilizing a merchant identifier included in the information to access a stored merchant profile, or (ii) one or more previous transactions involving the merchant; and
determine whether to allow said transaction based on said likely monetary transaction amount and without placing a hold on said account for said transaction.
22. The system of claim 21 , wherein said check-related payment comprises a check payment.
23. The system of claim 22 , wherein said check payment comprises an electronic check payment.
24. The system of claim 21 , wherein said cheek-related payment comprises a payment using an automated clearing house card.
25. The system of claim 21 , wherein said information is obtained from a point-of-sale device associated with the merchant.
26. The system of claim 21 , wherein said processor is further configured to pre-authorize the transaction based on said likely monetary transaction amount.
27. The system of claim 26 , wherein said pre-authorization includes a risk assessment based on said information and said likely monetary transaction amount.
28. The system of claim 26 , wherein said pre-authorization is performed prior to dispensing of said goods or service.
29. The system of claim 26 , wherein said interface component is further configured to obtain the actual monetary transaction amount.
30. The system of claim 29 , wherein said actual monetary transaction amount is obtained after dispensing of said goods or service.
31. The system of claim 29 , wherein said processor is further configured to associate the pre-authorization with the actual monetary transaction amount.
32. The system of claim 31 , wherein the transaction is authorized for the actual monetary transaction amount if said actual monetary transaction amount is associated with the pre-authorization.
33. The system of claim 31 , wherein the transaction is authorized for the actual transaction amount if said actual monetary transaction amount is less than or equal to the likely monetary transaction amount.
34. The system of claim 31 , wherein the transaction is authorized for the actual monetary transaction amount if said actual monetary transaction amount is greater than the likely monetary transaction amount by a selected amount.
35. The system of claim 34 , wherein the selected amount comprises approximately ten percent of the likely monetary transaction amount.
36. The system of claim 31 , wherein said association comprises a match of said information with said actual monetary transaction amount.
37. The system of claim 36 , wherein said match is achieved when said actual monetary transaction amount is obtained during a communication with said merchant after obtaining of said information.
38. The system of claim 37 , wherein said match is achieved when said actual monetary transaction amount is obtained within a predetermined amount of time after obtaining of said information.
39. The system of claim 26 , wherein said interface component is further configured to interact with said account so as to effectuate said check-related payment for the actual monetary transaction amount.
40. The system of claim 39 , wherein said interaction with the account occurs in batch along with other similar financial transactions.