Point of sale devices for converting promissory transactions into debit transactions

1. A method of using a point of sale device to convert a promissory transaction into a direct debit transaction, the method comprising:

transmitting with a point of sale device data associated with a promissory transaction to a check acceptance service computer;

performing, by the check acceptance service computer, a risk assessment based at least in part on the promissory transaction data to determine a projected risk associated with the check transaction;

communicating an accept promissory payment message to the point of sale device when the projected risk meets an acceptance threshold;

determining, by the check acceptance service computer, when the projected risk meets a secondary threshold, that the check transaction will be converted to a direct debit transaction, and displaying with the point of sale device an indication of a decision received from the check acceptance service computer to obtain an authorization from a check writer associated with the promissory transaction to convert the promissory transaction to a direct debit transaction, wherein the decision indicates that a deposit demand account associated with the promissory transaction has at least an amount associated with the promissory transaction; and

communicating a decline promissory payment message to the point of sale device when the projected risk does not meet the acceptance threshold or the secondary threshold or when the deposit demand account does not have at least the amount associated with the promissory transaction.

2. The method of claim 1 , wherein the decision is based at least in part on whether the deposit demand account associated with the promissory transaction has at least the amount associated with the promissory transaction at the time the promissory transaction is presented.

3. The method of claim 2 , further comprising:

evaluating a history of the check writer's previous activity; and

accepting the promissory transaction when the deposit demand account does not have at least the amount associated with the promissory transaction at the time the promissory transaction is presented and when the history evaluation indicates that the amount associated with the promissory transaction is likely to be in the deposit demand account upon processing of the promissory transaction.

4. The method of claim 1 , further comprising reading with the point of sale device magnetic ink character recognition (MICR) characters associated with the promissory transaction.

5. The method of claim 1 , further comprising entering with the point of sale device the data associated with the promissory transaction.

6. The method of claim 1 , wherein the data associated with the promissory transaction comprises MICR characters, at least one transaction detail, and a promissory transaction request.

7. The method of claim 6 , wherein the transaction details comprise at least one of a demand deposit account (DDA) number, a driver's license number, a check amount, a check number, and a merchant number.

8. The method of claim 1 , further comprising scanning with the point of sale device the promissory transaction.

9. The method of claim 8 , further comprising transmitting with the point of sale device verification of the authorization to the check acceptance service computer.

10. The method of claim 1 , further comprising printing with the point of sale device an authorization form for obtaining the authorization.

11. A point of sale device for converting check transactions into direct debit transactions comprising:

an interface for transmitting MICR characters, an amount, and a check authorization transaction request associated with a check transaction to a check acceptance service wherein the check acceptance service performs a risk assessment of the check transaction to determine a projected risk associated with the check transaction;

a display for displaying one or more of an accept promissory payment message when the projected risk meets an acceptance threshold, an indication of a decision received from the check acceptance service to convert the check transaction to a direct debit transaction, wherein the decision is based at least in part on a determination that the projected risk meets a secondary threshold and whether a deposit demand account associated with the promissory transaction has at least an amount associated with the promissory transaction, and a decline promissory payment message when the projected risk does not meet the acceptance threshold or the secondary threshold or when the deposit demand account does not have at least the amount associated with the promissory transaction; and

an authorization input authorizing conversion of the check transaction into the direct debit transaction.

12. The device of claim 11 , wherein the decision is based at least in part on whether the deposit demand account associated with the promissory transaction has at least the amount associated with the promissory transaction at the time the promissory transaction is presented.

13. The device of claim 11 , further comprising a scanner for scanning the check transaction.

14. The device of claim 11 , further comprising a magnetic stripe reader for reading magnetic stripe data associated with the check transaction.

15. The device of claim 11 , further comprising a magnetic ink character recognition (MICR) reader for reading MICR characters associated with the check transaction.

16. The device of claim 11 , further comprising a keypad for entering the data associated with the check transaction.

17. The device of claim 11 , further comprising a printer for printing an authorization form for obtaining the authorization.

18. A method of processing a promissory transaction, the method comprising:

receiving at a check acceptance service computer, data associated with a promissory transaction from a point of sale device, the data comprising at least an amount of the promissory transaction;

determining, by the check acceptance service computer, a risk associated with the promissory transaction, the risk based at least in part on the data and not on information about a demand deposit account associated with the promissory transaction;

communicating a message to the point of sale device to accept the promissory transaction when the determined risk is acceptable;

deciding, by the check acceptance service computer, to convert the transaction to a direct debit transaction when the risk is unacceptable, wherein the decision comprises acquiring information about the demand deposit account and determining whether the demand deposit account has at least the amount of the promissory transaction; and

requesting authorization from a check writer associated with the promissory transaction to convert the promissory transaction to a direct debit transaction when the demand deposit account has at least the amount of the promissory transaction at the time the promissory transaction is presented.

19. The method of claim 18 , wherein the information comprises whether the demand deposit account has at least the amount of the promissory transaction at the time the promissory transaction is presented.

20. The method of claim 19 , further comprising:

evaluating a history of the check writer's previous activity; and

communicating the message to accept the promissory transaction to the point of sale device when the deposit demand account does not have at least the amount associated with the promissory transaction at the time the promissory transaction is presented and when the history evaluation indicates that the amount associated with the promissory transaction is likely to be in the deposit demand account upon processing of the promissory transaction.

21. The device of claim 18 , wherein the interface transmits verification of the authorization to the check acceptance service computer.

22. The device of claim 18 , wherein the data associated with the check transaction comprises MICR characters, at least one transaction detail, and a promissory transaction request, and wherein the transaction details comprise at least one of a demand deposit account (DDA) number, a driver's license number, a check amount, a check number, and a merchant number.