Process of and system for advancing credit for cash collections

Abstract

A process for providing bank credit to retailers for cash collections that are carried out during retailers' normal business operations. The process entails a retailer collecting cash over a period of time, such as over a single or multiple business days, generally in exchange for goods and / or services, depositing the collected cash into one or more electronic safes disposed at the retailer's location or locations, calculating at a designated time, such as the end of day at each location, a total amount of cash that has been deposited into the retailer's safes over such period of time, and electronically transmitting data files that identify the calculated total amounts of cash accepted by the retailer over the period of time. The retailer is credited, for example, by a bank, with the total cash deposits as reported by the electronic safes at the end of each business day. The process advantageously makes funds readily available and improves cash flow to retailers who take-in cash as part of their normal business operations.

Description

REFERENCE TO RELATED APPLICATION[0001]This application claims priority to U.S. patent application Ser. No. 60 / 953,557, filed Aug. 2, 2007, the disclosure of which is incorporated herein by referenceFIELD OF THE INVENTION[0002]The present invention relates to a process of and system for advancing credit for cash collections and, more particularly, relates to the advancing of credit to commercial establishments based upon amounts of cash collected by those commercial establishments during their normal business operations.BACKGROUND OF THE INVENTION[0003]With today's fast-paced mentality, individuals and businesses expect instructions and tasks to be quickly acted upon in a wide-range of activities. For example, consumer transactions, via the Internet and at retail stores, are conducted substantially quicker today than years ago due to the use of more sophisticated technology. Similarly, banking transactions occur rapidly, such as the transfer of funds between accounts or electronic tr...

AI Technical Summary

Benefits of technology

[0004]In view of the foregoing, it is an object of the present invention to provide retailers with the ability to expeditiously enjoy the benefit of their cash collections.

[0006]It is another object of the present invention to enable retailers to enjoy the benefit of their cash collections independent of cash pickup schedules, cash vault cut-off windows and other schedules imposed by third parties.

Problems solved by technology

In such types of transactions, while the speed at which the transactions themselves take place are relatively short (e.g., a few minutes), the speed at which the cash is subsequently used by the businesses that accepted the cash is enormously slow.

This entire process—from receiving the cash from customers to receiving the bank credit—unfortunately often spans several or more days.

Hence, while modern developments have benefited businesses by enabling a multitude of tasks to be carried at remarkably fast rates, companies still currently are unable to make use of their cash collections until the cash undergoes generally several days of processing and handling.

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