Financial transaction processing system
An automated method provides an efficient arrangement for setting certain financial transactions using a debit point of sale transaction network, as opposed to routing over a credit network. The method and arrangement uses an onsite database of bank identification numbers to conduct a preliminary assessment of whether a particular card is debit capable, and appropriately processes the transaction information based on the preliminary assessment. The system preferably is also updated when a financial transaction is successfully completed as a debit transaction which the database did not initially identify as being debit capable. In this way, the database is continuously updated and over time, a more accurate database is achieved. The system can also be networked, such that information between databases is shard and improved, based on the network experience.
1 . An automated method of card acceptance for processing of financial transactions originating at a point of sale store site computer system for approval by a remoe computer system, said method comprising:
reading a primary account number from a financial transaction card presented for transaction payment,
comparing the primary account number with a database of card bank identification numbers in said store site computer system and determining whether the transaction is (a) known to be capable of being settled using a debit point of sale transaction network, (b) known not to be capable of such settlement and (c) unknown to be either (b) or (c);
the transaction is known to be capable of being settled as a debit transaction, requesting input of a PIN and upon entry of the PIN, settling the transaction through a debit point of sale transaction network,
when it is determined that the transaction is known not to be capable of such settlement, settling the transaction through a credit transaction network; and
when it is determined that the transaction is unknown to be either (a) or (b), requesting additional information from the card holder with respect to clarifying whether the transaction is to be settled as a PIN-based debit transaction or non-PIN based transaction and thereafter using the appropriate PIN-based settling through the debit point of sale transaction network or the credit network.
2 . An automated method as in claim 1 including:
adding to said database, BIN information with respect to any PIN-based debit transactions successfully settled when it had earlier been determined that the transaction was unknown to be either (a) or (b) whereby future transactions using the same card will thereafter be recognized as known to be capable of settlement using the debit point of sale transaction network.