U.S. patent application number 11/924055 was filed with the patent office on 2011-02-10 for process of and system for advancing credit for cash collections.
This patent application is currently assigned to Brink's Network, Inc.. Invention is credited to Aaron BAKER, Kevin BOLAND, Gregory KING, Glenn MASON, William MORGAN, Frederick PURCHES.
Application Number | 20110035316 11/924055 |
Document ID | / |
Family ID | 40161754 |
Filed Date | 2011-02-10 |
United States Patent
Application |
20110035316 |
Kind Code |
A2 |
MORGAN; William ; et
al. |
February 10, 2011 |
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.
Inventors: |
MORGAN; William; (Marietta,
GA) ; MASON; Glenn; (Coppell, TX) ; KING;
Gregory; (Coppell, TX) ; BAKER; Aaron;
(Coppell, TX) ; BOLAND; Kevin; (Coppell, TX)
; PURCHES; Frederick; (Coppell, TX) |
Correspondence
Address: |
PATENT DOCKET CLERK;COWAN, LIEBOWITZ & LATMAN, P.C.
1133 AVENUE OF THE AMERICAS
NEW YORK
NY
10036
UNITED STATES
212-790-9200
212-575-0671
|
Assignee: |
Brink's Network, Inc.
203 Bancroft Building 3411 Silverside Drive
Wilmington
DE
19810
|
Prior
Publication: |
|
Document Identifier |
Publication Date |
|
US 20090006249 A1 |
January 1, 2009 |
|
|
Family ID: |
40161754 |
Appl. No.: |
11/924055 |
Filed: |
October 25, 2007 |
Related U.S. Patent Documents
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Application
Number |
Filing Date |
Patent Number |
|
|
60/953,557 |
Aug 2, 2007 |
|
|
|
Current U.S.
Class: |
705/39 |
Current CPC
Class: |
G06Q 20/10 20130101;
G07G 1/12 20130101; G06Q 10/06314 20130101; G06Q 10/0832 20130101;
G06Q 40/02 20130101 |
Class at
Publication: |
705/039 |
International
Class: |
G06Q 40/00 20060101
G06Q040/00; G06Q 90/00 20060101 G06Q090/00 |
Claims
1-2. (canceled)
3. The process of claim 6, wherein arranging for the retailer to be
credited by the bank occurs before the cash deposited into the safe
is physically taken out of the safe.
4. The process of claim 6, wherein arranging for the retailer to be
credited by the bank occurs before the cash deposited into the safe
is physically delivered to a financial institute.
5. The process of claim 6, further comprising the steps of
transferring the cash deposited into the safe to a financial
institute, verifying the amount of cash to produce a verified
amount; and adjusting the credit previously provided to the
retailer based on differences, if any, between the verified amount
and the calculated total amount of cash deposited into the safe as
identified in the transmitted data file.
6. A process for providing credit to a retailer for cash
collections, comprising the steps of: collecting cash by a retailer
over a plurality of business days; depositing by the retailer the
collected cash into a safe disposed at the retailer; calculating,
by the safe, at an end of day for each of the business days, a
total amount of cash deposited into the safe between the end of day
of a business day preceding the respective business day and the end
of day for the respective business day; electronically
transmitting, at the end of day of each of the business days, a
respective data file identifying the respective calculated total
amount; and arranging, on each of the business days, for the
retailer to be credited by a bank with the respective calculated
total amount identified in the respective electronically
transmitted data file.
7. A process for providing credit to a retailer for cash
collections, comprising the steps of: collecting cash by a retailer
over a plurality of business days; depositing by the retailer the
collected cash into a safe disposed at the retailer; calculating,
by the safe, at an end of day for each of the business days, a
total amount of cash deposited into the safe between the end of day
of a business day preceding the respective business day and the end
of day for the respective business day; electronically
transmitting, at the end of day of each of the business days, a
respective data file identifying the respective calculated total
amount to enable for the respective crediting of the retailer by a
bank with the respective calculated total amount; receiving by a
facility, on each of the business days, the respective
electronically transmitted data file; and arranging, on each of the
business days, by the facility for the retailer to be credited by
the bank with the respective calculated total amount.
8. The process of claim 7, wherein the cash deposited into the safe
over the plurality of business days is not withdrawn from the safe
over the plurality of business days.
9. The process of claim 7, further comprising picking up the cash
deposited into the safe in accordance with a pickup schedule; and
wherein the end of day does not coincide with the pickup
schedule.
10. The process of claim 6, wherein each data file identifies the
calculated total amount broken down by business day, including a
total amount of cash deposited into the safe between the end of day
of the preceding business day through an end of the preceding
business day, and a total amount of cash deposited into the safe
between a beginning of the respective business day and the end of
day for the respective business day.
11. A process for providing credit to a retailer for cash
collections, comprising the steps of: collecting cash by a retailer
over a plurality of business days; depositing by the retailer the
collected cash into a safe disposed at the retailer; calculating,
by the safe, at an end of day for each of the business days, a
total amount of cash deposited into the safe between the end of day
of a business day preceding the respective business day and the end
of day for the respective business day; electronically
transmitting, at the end of day of each of the business days, a
respective data file identifying the respective calculated total
amount to enable for the respective crediting of the retailer by a
bank with the respective calculated total amount, wherein each data
file identifies the calculated total amount broken down by business
day, including a total amount of cash deposited into the safe
between the end of day of the preceding business day through an end
of the preceding business day, and a total amount of cash deposited
into the safe between a beginning of the respective business day
and the end of day for the respective business day; receiving by a
facility, on each of the business days, the respective
electronically transmitted data file; and arranging by the facility
for the retailer to be credited by the bank on a business day basis
based on the respective calculated total amounts identified in the
respective electronically transmitted data file.
12. The process of claim 11, further comprising the step of
providing the retailer with a report identifying amounts of credit
provided to the retailer on a business day basis.
13. A process for providing credit to a retailer for cash
collections, comprising the steps of: collecting cash by a retailer
at a plurality of retailer locations over a plurality of business
days; depositing by the retailer cash collected at each of the
retailer locations into safes respectively disposed at the retailer
locations; calculating by each respective safe, at an end of day
for each of the business days, a respective total amount of cash
deposited into the respective safe at each of the retailer
locations during the respective business day; electronically
transmitting, for each of the retailer locations, at the end of day
of each of the business days, a respective data file identifying
the respective calculated total amount deposited at each of the
retailer locations during the respective business day; receiving by
a facility all of the electronically transmitted data files; and
arranging, on each of the business days, by the facility for the
retailer to be provided by a bank with a total credit corresponding
to a sum of the calculated total amounts of cash deposited into the
safes at each of the retailer locations during the respective
business day as identified in the received data files.
14. The process of claim 13, wherein arranging by the facility for
the retailer to be provided by the bank with a total credit occurs
before the cash deposited into the safes are physically removed
from the safes.
15. The process of claim 13, wherein calculating a respective total
amount of cash deposited into the respective safe at each of the
retailer locations is carried out at a respective designated time
for each of the retailer locations, and a designated time for a
first of the retailer locations is different from a designated time
for a second of the retailer locations.
16. A system for providing bank credit to a retailer for cash
collections, comprising: a safe disposed at a retailer location,
cash collected by the retailer at the retailer location over a
plurality of business days being deposited into the safe, the safe
being adapted to calculate a total amount of cash deposited into
the safe for each of the business days, and adapted to
electronically transmit, for each of the business days, a data file
identifying the calculated total amount of cash deposited into the
safe during the respective business day to enable for the
crediting, for each of the business days, of the retailer by a bank
with the calculated total amount of cash deposited into the safe as
identified in the data file.
17. A system for providing credit to a retailer for cash
collections, comprising: a plurality of safes, each of the safes
disposed at a respective one of the plurality of locations of the
retailer, each of the safes receiving cash collected at a
respective one of the locations of the retailer over a plurality of
business days, each of the safes being adapted to calculate a
respective total amount of cash received by the respective safe for
each of said business days and adapted to electronically transmit,
on each of said business days, a respective data file identifying
the respective calculated total amount of cash received by the safe
on the respective business day; and a facility in electronic
communication with each of the safes for receiving all of the
electronically transmitted data files, the facility adapted to
arrange for the retailer to be provided, on each of said business
days, with a total credit corresponding to a sum of the calculated
total amounts of cash deposited into the safes at each of the
retailer locations on the respective business day as identified in
the received data files.
18. The process of claim 6, wherein the retailer is provided with a
credit multiple times in a day.
19. (canceled)
20. The process of claim 13, wherein the retailer is provided with
a credit multiple times in a day.
21. (canceled)
22. The system of claim 16, wherein the safe electronically
transmits data files a plurality of times in a day to enable for
the crediting of the retailer a plurality of times in said day.
Description
REFERENCE TO RELATED APPLICATION
[0001] This application claims priority to U.S. patent application
No. 60/953,557, filed Aug. 2, 2007, the disclosure of which is
incorporated herein by reference
FIELD 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 transfers to
pay for goods or services. Many other examples also are available.
There are, however, numerous areas that have not yet been
substantially impacted by current technology and other advances.
One such area entails the use of physical cash (i.e., coin and
currency), in particular, the use of cash by customers who purchase
goods or services at retail establishments. 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. More specifically, retailers who
take-in relatively large amounts of cash usually employ cash
handling services to periodically pickup the cash (e.g., using an
armored car service) and to arrange for that cash to be deposited
into a bank. Usually, the cash first is transferred to a cash
handling facility that counts and processes the cash before it is
transferred to a bank. The retailer then is credited with the cash
deposit and, upon being credited, is able to utilize the funds.
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.
OBJECTS AND SUMMARY OF THE INVENTION
[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.
[0005] It is a further object of the present invention to provide a
process that provides credit to retailers at the time of their cash
collections as opposed to when the cash is deposited into a
bank.
[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.
[0007] To achieve the foregoing and other objects, the present
invention entails a process that includes collecting cash by a
retailer over a period of time, such as a business day, depositing
the collected cash into an electronic safe located at the retailer
(e.g., at the retailer's store), calculating at a designated time,
such as at the end of day, a total amount of cash that is deposited
into the safe over that period of time, and electronically
transmitting a data file that identifies the calculated total
amount of cash deposited into the safe over that period of time in
order to enable for the retailer to be credited by a bank or other
financial institution with the total amount that is indicated in
the data file.
[0008] As an aspect of the invention, a facility (called process
facilitator herein) receives the electronically transmitted data
file, and arranges for the retailer to be credited by the bank with
the amount of cash deposits indicated in the data file.
[0009] As a further aspect of the invention, the retailer receives
the credit before the cash is removed from the retailer's safe.
[0010] As another aspect of the invention, the cash in the
retailer's safe is picked-up and then counted at a cash processing
facility, and the credit previously provided to the retailer is
adjusted if there is a discrepancy between the previously credited
amount and the cash count ascertained by the cash processing
facility.
[0011] In accordance with another embodiment of the invention, the
process is carried out over multiple business days, and the total
amount of collected cash is calculated at the end of day of each
business day, and a file that identifies the total amount is
transmitted each business day.
[0012] As a further aspect of the invention, the cash within the
retailer's safe may remain in the safe over those multiple business
days.
[0013] As another aspect of the invention, the cash pickup schedule
need not coincide with when the cash totals are calculated and
transmitted for subsequent credit to the retailer. As yet a further
aspect, the amounts identified in the file are broken down by
amounts of cash collected over each business day, the credit is
provided on a business day basis, and a report is provided to the
retailer regarding the amount of credit provided to the retailer
broken down by business day.
[0014] In yet a further embodiment of the invention, the retailer
has multiple locations and cash is collected at each of the
retailer's locations and deposited into a respective safe or safes
at each of the retailer's locations. At the end of day for each
location, the total cash deposit at the respective location is
ascertained and transmitted, and the retailer is credited with the
total cash deposits of all of its locations based upon the data in
the transmitted files.
[0015] As an aspect of the invention, the "end of day" times at
which the cash deposits are ascertained at each retailer location
may be different.
[0016] Various other objects, advantages and features of the
present invention will become readily apparent to those of ordinary
skill in the art from the following detailed description of the
invention.
BRIEF DESCRIPTION OF THE DRAWINGS
[0017] The following detailed description, given by way of example
and not intended to limit the present invention solely thereto,
will best be appreciated in conjunction with the accompanying
drawings, wherein like reference numerals denote like elements and
parts, in which:
[0018] FIG. 1 is a block diagram that shows multiple entities that
may be involved in a cash collection process that embodies the
present invention;
[0019] FIG. 2 is a schematic flow diagram that shows in general
terms the process for advancing credit to retailers in accordance
with the present invention;
[0020] FIG. 3 shows the Brink's CompuSafe 4000.RTM. safe, which may
be employed in the present invention;
[0021] FIG. 4 is a diagram useful for describing various features
of the present invention; and
[0022] FIG. 5 is a flowchart showing in broad terms the overall
operation of the present invention.
DETAILED DESCRIPTION OF THE PRESENT INVENTION
[0023] The present invention pertains to the advancing of credit to
commercial establishments, such as retailers, based upon amounts of
cash that are collected by those commercial establishments during
their normal business operations. In general, the present invention
expedites funds availability, improves cash flow and provides other
features and benefits to commercial establishments that routinely
take-in substantial amounts of cash.
[0024] In accordance with the present invention, the general
system/process entails multiple entities. As used herein, an entity
generally is a company providing goods and/or services, such as a
bank, an armored car service, a retail store (e.g., a department
store, a grocery store), a transportation provider (e.g., an
airline, a bus company), etc. For convenience, the generic term
"retailer" is used herein to refer to a company that provides goods
and/or services in exchange for money and where that retailer
sometimes (perhaps often) accepts physical cash (paper currency and
coin) in exchange for such goods and/or services. A retailer may be
disposed at a single location or at multiple locations (e.g.,
sometimes referred to as a "chain"). As various examples only, a
retailer may be a department store, a grocery store, a gas station,
or a bus company, each of which may have one or more physical store
locations. As set forth herein, the terms "commercial
establishment" and "retailer" are interchangeably used to refer to
such a company that provides goods and/or services in exchange for
money and where physical cash is accepted.
[0025] Referring now the drawings, FIG. 1 thereof is a block
diagram that shows multiple entities that may be involved in a cash
collection process that embodies the present invention. The
entities shown include retailer 10, armored car service provider
20, cash processing facility 30, bank 40, and process facilitator
50. Although five entities are shown, additional entities may also
be involved to assist with one or more entities with its respective
functions. Further, a single entity may carry out the functions of
two or more entities and, thus, the total number of entities
involved in the process may be less than the five entities shown in
FIG. 1. Each of the entities shown in FIG. 1 is further described
below in connection with the inventive process for advancing credit
to retailers.
[0026] Prior to describing the inventive process/system, a
discussion of a typical, existing cash collection process is
helpful in understanding the benefits of the present invention. As
is well known, cash that is collected by a particular retailer may
be picked-up by an armored car service which in turn brings the
cash to a cash processing facility. The cash processing facility
generally counts the cash and deposits the counted cash within a
bank. The cash is recounted by the bank and the retailer's bank
account is credited with the amount of the deposit. As is
appreciated, in such a typical, existing cash collection process,
retailers encounter a lag, often a period of several days if not
more, between when the retailer acquires funds in the form of cash
and when the retailer is able to utilize those funds. For large
retailers, the amount of cash collected on a daily basis may total
in the tens of thousands or hundreds of thousands of dollars,
perhaps more. These funds are unusable, and do not bear interest,
during this lag period. Even for businesses that collect relatively
small amounts of cash, the cumulative affect of non-use, for
example, over a 12-month period, of these funds result in a
measurable and meaningful impact on such businesses.
[0027] As described herein, the present invention provides for a
novel process/system for advancing credit to retailers based on
amounts of cash collected by those retailers during their normal
business operations. By advancing such credit, retailers are able
to enjoy the benefit of cash collections almost immediately,
thereby enabling retailers to immediately bear interest on such
funds or to otherwise immediately utilize such funds in manners
suitable for the retailers' successful operations.
[0028] FIG. 2 of the drawings is a schematic flow diagram that
shows in general terms the process for advancing credit to
retailers in accordance with the present invention. In describing
the inventive process, reference also is made to the various
entities shown in FIG. 1. Initially, a retailer 10 collects cash in
exchange for good and/or services, as shown as step 100. As one
example, a grocery store retailer may receive twenty-five dollars
in cash from a customer in exchange for a certain amount of
groceries that are being purchased by that customer. The collected
cash is deposited into a suitable cash receiving device, as shown
as step 110. In the grocery store example, the retailer's cashier
(or clerk or other employee of the retailer) deposits the cash into
an electronic cash register, electronic safe, electronic drop safe,
or other device (hereinafter, collectively, "safe"). The cash can
be deposited into the safe during the transaction with the customer
or after the transaction is completed.
[0029] The safe that receives the cash preferably has the
capability to recognize the denomination of the currency and the
capability to accumulate the cash deposit totals (the terms "cash
deposits" and similar terms and "cash collections" and similar
terms are interchangeably used herein) for a predetermined period
of time, such as a business day. As one example, a suitable safe
that may be employed with the herein-described process of the
present invention is the Brink's CompuSafe 4000.RTM. safe, which is
shown in FIG. 3 of the drawings. Some of the features of the
Brink's CompuSafe 4000.RTM. safe are discussed in U.S. Pat. Nos.
5,695,038; 5,975,275; and 5,944,163, which are assigned to the
assignee of the present application and are incorporated herein by
reference. In the Brink's CompuSafe 4000.RTM. safe and as discussed
in the foregoing identified patents, bill acceptors within the safe
accept the cash and transfer the accepted cash into sealed
cassettes disposed within the safe, and a processor produces
deposit reports that identify the contents of the sealed cassettes.
The deposit reports specifically identify the stored contents by
denomination, the total cash deposit, and other information. The
Brink's CompuSafe 4000.RTM. safe, however, is only one exemplary
safe that may be employed. It is noted that the Brink's name and
the CompuSafe.RTM. mark are registered trademarks of Brink's
Network, Inc., the assignee of the present application.
[0030] During the course of the retailer's business day, additional
cash is collected during transactions with additional customers and
the collected cash is continuously deposited into the retailer's
safe. A retailer may have a single safe at a single location,
multiple safes within a single location or multiple safes at
multiple locations. No matter the case, cash is collected and
deposited with each safe, and the amounts deposited are maintained
by the safes.
[0031] At a certain time of each day, preferably (although not
necessarily) at the close of the retailer's business day, the
deposit totals of each of the retailer's safes are calculated, as
shown as step 120 in FIG. 2. In the above grocery store example, if
the grocery store had a single location with two safes, the total
deposit amounts of the two safes are obtained to identify the total
amount of cash that has been collected by that retailer during the
course of the business day. For retailers with multiple locations,
the total deposit amounts of all safes within all of the retailer's
locations are obtained. In a variation, the total deposit amounts
of the safes within a select number of the retailer's locations are
obtained. For example, a retailer with stores in different parts of
a country (e.g., on both the east coast and west coast of the
United States), or in different countries, may desire to employ the
process of the present invention separately for its stores in such
different areas.
[0032] In any of the examples provided above, it is appreciated
that the amount of cash collected by a retailer generally is a
function of the size of the retailer, the number of locations
(e.g., retail stores) of the retailer, the types of goods/services
that are provided, the relative amount of use of credit/debit cards
by the retailer's customers, and other factors. In any event, and
as illustrated herein, the inventive process for advancing credit
to retailers may be applied to retailers of any size who accept
payment in the form of cash.
[0033] As mentioned above, deposit totals are calculated at a
certain time of each day. The time of day may be defined by the
retailer's standard time of close of business day, or the
respective store's end of business day. The time may be manually
identified each day. For example, a retailer's employee may
manually instruct the safe to "close-out" the business day.
Further, another time may be selected that does not coincide with
the retailer's business day. In a further variation, deposit totals
are calculated every other day, every third day, or at other
periods of time. In any event, deposit totals are calculated (or
calculated/maintained by the safes during the course of the
retailer's operations) at a given point of time. For convenience
hereinafter, such given point of time is referred to as "end of
day."
[0034] Upon calculating the deposit totals at the end of day, the
safe at one retailer location (e.g., 10a shown in FIG. 1) creates a
data file that contains the deposit totals at that location and
electronically transmits the created data file to a process
facilitator, such as process facilitator 50 shown in FIG. 1. Data
file creation and transmission are represented as step 130 in FIG.
2. Similarly, respective safes at each of the retailer's other
locations (e.g., 10b, 10c) create respective data files that
contain the deposit totals at the respective location, and all of
the created data files are transmitted to process facilitator
50.
[0035] In a variation of that represented by step 130 as described
above, the retailer's safe (or safes for multiple locations)
transmits information, either once at the end of day or
periodically throughout the day, to another system within or
controlled by retailer 10, such as a computer system, to enable
that other system to create the above-mentioned data file, which is
then transmitted to process facilitator 50. The information may be
transmitted to a temporary electronic storage medium located at
retailer 10, or may be transmitted securely, for example, to
retailer 10's main processing facility (e.g., via an intranet, via
a website, etc.). Appropriate data may be transmitted multiple
times and periodically within, for example, each business day from
the retailer's safe, either directly or indirectly, to a system
within or controlled by retailer 10 or to a system within or
controlled by process facilitator 50.
[0036] The safe (or safes for multiple locations) within retailer
10 transmits the total amount of cash that has been collected since
its previous data transmission, with the last transmission
representing such amount at the above-defined end of day. Then, the
system to which all of the transmissions are sent calculates, based
on all of the data transmissions, the amount of the deposit totals
for that safe within retailer 10. In yet another variation, one or
more computing systems controlled by retailer 10 or, alternatively,
controlled by process facilitator 50 remotely access the retailer's
safes, pulling cash totals at predetermined times.
[0037] Process facilitator 50 includes a suitably programmed
computing system (or systems) that receives the electronically
transmitted data files. Transmission may occur in any known manner,
such as via the Internet, telephone system, a private
communications network or other suitable manner. Preferably,
transmissions are encrypted to ensure proper security and privacy.
Since electronic data transmission and encryption, as well as the
hardware/software that are capable to carry out such transmission
and encryption, are well known, further description thereof is
omitted herein except where necessary for an understanding of the
present invention.
[0038] The computing system within process facilitator 50 gathers
and accumulates the cash deposit totals of all locations of
retailer 10 (e.g., 10a, 10b, 10c, etc.) based on the information
contained in the data files transmitted from each location. As each
transmission is received, process facilitator 50 processes each
data file, each representing a respective location of retailer 10.
Upon receiving all of the transmissions, process facilitator
calculates the total cash deposit for all locations of retailer 10.
The gathering and calculating (accumulating) of the total cash
deposit for retailer 10 for that particular business day/time
period is represented as step 140 in FIG. 2.
[0039] Upon calculating the total cash deposit for all locations of
retailer 10, for the relevant time period, process facilitator 50
electronically transmits an encrypted data file containing the
total cash deposit information, along with retailer 10
identification information, to bank 40, as represented as step 150
in FIG. 2. Bank 40 (or other type of financial institute,
collectively referred to herein as a "bank") processes the
transmission (e.g., performs identity verification and other
security handling as is well known) and credits the bank account of
retailer 10 with the identified total cash deposit, as represented
as step 160 in FIG. 2. In yet a variation, the above-discussed data
files are transmitted from retailer 10 to bank 40, which in turn
carries out the herein-described functions of process facilitator
50 and then credits retailer 10 based upon the ascertained total
cash deposit.
[0040] As described, retailer 10 may have multiple locations (e.g.,
10a, 10b, 10c), wherein a safe (or other device) at each location
calculates the cash deposit totals at the respective location at
the identified end of day and thereafter creates and transmits to
process facilitator 50 a respective data file with the deposit
total information (along with appropriate retailer location
identification data). The "end of day" for each location may occur
at the same time of day or may occur at different times of day. For
retailers with a relatively large number of stores located, for
example, throughout a country or region, different locations may
likely have different "end of day" times. As one example, certain
retailer locations may have different times of operation, may have
the same times of operation but operate in different time zones, or
a combination of the two.
[0041] The herein-described inventive process for advancing credit
for cash collections beneficially is well suited for large-scale
retailers having many locations with different times of operation.
Safes at each location accumulate the cash totals for the
respective location and at a designated "end of day" for such
location create a data file that contains the deposit totals for
that location. Over the course of, for example, a 24 hour time
period, process facilitator 50 receives and processes these data
files from the retailer's different locations and upon receipt of
data files from all of the retailer's locations, calculates a cash
deposit total for all locations and transmits this total to the
retailer's bank, which in turn credits the retailer's bank account
with such total.
[0042] FIG. 4 is a diagram that is used to explain the operation of
the present invention entailing a retailer with multiple locations
and where different locations have different ends of day. For
example, and referring to FIG. 4, an exemplary retailer has a
number of store locations "X" that have an end of day at 6:00 pm
(each such location identified herein as an "X location"). The
exemplary retailer also has a number of other store locations "Y"
that have an end of day at 9:00 pm (each such location identified
herein as a "Y location"). Finally, the exemplary retailer further
has a number of store locations "Z" that have an end of day at
12:00 am (i.e., midnight) (each such location identified herein as
a "Z location"). In accordance with the present invention, on a
given business day, such as January 5, a safe (or safes) at each X
location ascertains at the end of day of 6:00 pm the amount of cash
collected between 6:00 pm of the previous business day of January 4
and 6:00 pm of the current business day of January 5. Thereafter,
the ascertained amount of cash collected during this time period is
identified within a data file that is transmitted to a process
facilitator. Similarly, on that same day, that is, on January 5, a
safe at each Y location ascertains at 9:00 pm (i.e., the "end of
day" of each Y location) the total amount of cash that was
collected at that location between 9:00 pm of the previous business
day of January 4 and 9:00 pm of that day, and such total amount is
transmitted to the process facilitator. A safe at each Z location
ascertains at 12:00 am (i.e., the "end of day" of each Z location)
on January 6 the total amount of cash that was collected at that
location between 12:00 am of the previous business day of January 5
and 12:00 am of that business day of January 6, and the ascertained
total amount is transmitted to the process facilitator. Process
facilitator then sums the reported amounts and arranges for a bank
to credit the retailer with the summed amount.
[0043] As illustrated in the above example, the retailer may be
provided with a credit each day based upon cash collections that
occur over different periods of time within the retailer's
different store locations. Each end of day may represent the time
at which a respective retailer location closes. Or, one or more
locations of the retailer may close at a time that differs from the
respective location's end of day. Still yet, one or more locations
of the retailer may be open 24 hours, that is, not be closed at
all. In such cases, a credit may be provided for cash collected at
one location at the end of that business day, while a credit may be
provided for cash collected at another location at the end of the
next business day. For example, cash collected at 8:00 pm at a
location Y on January 5 will be credited to the retailer at the end
of that business day (i.e., at the end of January 5). However, cash
collected at 8:00 pm at a location X on January 5 will not be
credited to the retailer until the end of the next business day,
that is, on January 6. If this is not desired, then the "end of
day" of particular locations may be modified. But, in any event, it
is seen that the herein-described inventive process for advancing
credit for cash collections is sufficiently flexible to accommodate
retailer locations that have different operating schedules, that
operate in different time zones, that perhaps have different cash
flow needs, and/or that may have or that desire to have different
end of day times. In each of these cases, the present invention
enables retailers to receive credit on a basis that is more closely
aligned with the volume of their cash collections, and that is not
dictated by the schedule that the cash is picked-up for deposit
into a bank or other third party schedule, as further discussed
below.
[0044] As described herein, process facilitator 50 receives data
files that collectively identify the cash collections at all of the
retailer's locations and thereafter ascertains the total credit to
be provided to the retailer (e.g., for that business day). In a
variation, process facilitator 50 may impose a predefined cut-off
time by which data files from all locations of the retailer must be
received. Then, at such cut-off time, process facilitator 50
calculates the total cash deposit for those locations that have
transmitted the respective data files and transmits such total cash
deposit information to bank 40 for subsequent credit to retailer 10
in the amount indicated. In such case, advance credit still is
provided even if all of the retailer's locations are unable, for
whatever reason, to transmit the data to process facilitator 50. As
one example, technical difficulties at a location may prevent or
otherwise delay proper processing at such location. No matter the
case, the present invention provides advance credit of all, or at
least a part, of a retailer's cash deposits. If only a part of the
retailer's cash deposits are credited, the non-reported cash
deposits may be credited at a later time, such as at the end of the
next "end of day."
[0045] As mentioned above, the herein-described inventive process
for advancing credit for cash collections expedites funds
availability to a retailer. As described above, the "end of day"
occurs at a certain point in time. In such case, the retailer is
credited once each day for the cash that is collected generally
during the preceding 24 hour period. The herein-described process,
however, may be carried out multiple times a day, such as at every
12-hour period. Conversely, the process may be carried out less
than once per day, such as every other day. For example, smaller
retailers (e.g., with only a single location or a few locations)
may accumulate relatively little cash each day and, thus, carrying
out the process every two or three days may be sufficient for such
smaller retailers.
[0046] In yet another variation, a retailer with multiple locations
may, in a sense, be treated as multiple retailers. For example,
credit may be provided after retailer locations in one part of the
country report their deposit totals and then, separately, credit is
provided after the other retailer locations report their deposit
totals. Such a subdivision may be based on geographic criteria or
other basis.
[0047] In each of the variations described herein, a retailer is
credited with the total cash deposits accumulated over a period of
time (e.g., each business day) based on deposit totals as reported
by each of the retailer's locations. Accordingly, the present
invention enables a retailer to enjoy the benefit of its cash
receipts almost immediately upon collecting cash from its
customers. The cash itself, however, still remains at the retailer
location(s) even after the retailer is credited with those cash
receipts. Co-pending application Ser. No. 60/953,557, filed Aug. 2,
2007, owned by the assignee of the present application and
incorporated herein by reference, is directed to facilitating novel
cash collections deposits (i.e., handling of the physical cash
itself) and deposit tracking and such process or portions of such
process may employed in conjunction with the herein-described
inventive process for advancing credit for cash collections. In any
event, regardless of whether the invention described in co-pending
application Ser. No. 60/953,557 is employed, generally an armored
car service provider 20 (FIG. 1) picks up from retailer 10 the cash
deposits at preset periods of time (e.g., daily, twice daily, every
other day, weekly, etc.) and transports the deposit bag(s) to a
cash processing facility (e.g., cash processing facility 30 shown
in FIG. 1) for further handling.
[0048] In accordance with the present invention, crediting as
described herein does not need to coincide with a business day. In
addition, and as mentioned above, a retailer is credited with its
cash collections in advance of, sometimes several days or more
prior to, when the actual cash reaches the bank. As a particularly
beneficial feature of the present invention, a retailer can be
provided with credit for its cash collections on a more frequent
basis than when those cash collections are picked-up, for example,
by an armored car service. For example, for relatively small
retailers, a retailer's cash deposits are picked up by an armored
car service every other day, or every third day, or based on a cash
volume basis, or based on another basis, whereupon that retailer
may be credited in accordance with the present invention with its
cash collections on a daily basis. In such case, a retailer obtains
the benefit of daily credit without incurring the expense of daily
cash pick-up. Thus, the present invention disassociates the time
and frequency of a retailer's cash pickup schedule from the time
and frequency of when that retailer is credited for its cash
collections. More specifically, a retailer is able to enjoy the
benefit of its cash collections on a basis that is independent of
when those cash collections are actually picked up, when the cash
is processed by a third party cash processing facility, or when the
cash is deposited into a bank.
[0049] In accordance with the present invention, retailer 10 is
credited with its cash collections based on a schedule that is
independent from the schedule at which the collected cash is
picked-up by an armored car service (e.g., armored car service 20
shown in FIG. 1). For example, armored car service provider 20
picks up from retailer 10 the cash at preset periods of time (e.g.,
daily, twice daily, every other day, weekly, etc.) and transports
the cash, preferably stored within secured deposit bags to a cash
processing facility (e.g., cash processing facility 30 shown in
FIG. 1) for further handling. Alternatively, a retailer may
manually schedule a cash pickup by armored car service provider 20
based upon the volume of cash that has been collected by that
retailer. Regardless of whether cash pickups are pre-scheduled or
manually scheduled by the retailer, the retailer is provided with
advance credit for its cash collections shortly after the retailer
receives that cash.
[0050] Turning now to FIG. 5, a flowchart showing in broad terms
the overall operation of the present invention, from advancing
credit prior to cash pickup through final processing of the cash,
is shown. Initially, step 400 in FIG. 5 represents the entire,
above-described process of providing retailer 10 with advance
credit for its cash collections. Thereafter, at a prescheduled time
or when the retailer collects a sufficient amount of cash or at
another time, retailer 10 arranges or prepares for a cash pickup,
as shown as step 410 in FIG. 5. Retailer 10 may prepare for a cash
pickup in the manner described in application Ser. No. 60/953,557,
identified above, or in any other manner. For example, a manager or
other authorized employee or agent of retailer 10 (hereinafter, for
convenience, a "manager") initiates a deposit transaction (also
called herein "deposit creation"), in preparation for depositing
the cash into a bank, by logging onto a secure website of process
facilitator 50 (or other entity) and supplies to the process
facilitator (via the website) various deposit details including
deposit amounts by denomination. In a variation, and in accordance
with the present invention, this information is automatically
transmitted or has already been transmitted to process facilitator
50 in any of the manners previously described herein. A deposit
ticket is produced and is placed within a deposit bag along with
the cash to be deposited. The deposit ticket may be automatically
generated and printed, and identifies the amount of each currency
denomination, the total amount of cash to be deposited, the
retailer identification, a bar-code that uniquely identifies the
deposit and other useful information. The deposit ticket and the
cash are placed within a tamper-evident bag, and the bag is sealed
in preparation for pickup.
[0051] At a prescheduled or manually scheduled time, armored car
service provider 20 picks up the sealed bag from retailer 10, as
represented as step 420 in FIG. 5. Although generally not
preferred, particularly for relatively large amounts of cash, the
entity that picks up the sealed bag may be a courier or message
service that does not employ armored cars. For purposes herein,
"armored car service" or other similar term refers to the service
that picks-up the cash from the retailer. The armored car service
generally performs its standardized pick-up procedures and
thereafter transfers the sealed bags to cash processing facility 30
for further handling, as represented as step 430.
[0052] Cash processing facility 30 carries out certain procedures
during its handling of each sealed deposit bag. As one example of
the procedures carried out by cash processing facility 30, an
authorized personnel at cash processing facility 30, who preferably
is logged onto a secure website of process facilitator 50 by use of
a unique User ID and password, identifies each sealed deposit bag
by utilizing a barcode scanner that reads the barcode on the
outside of the sealed deposit bag. Upon recognition of the unique
barcode by the system, the status of the sealed deposit bag is
designated "Received" (or other suitable designation) and the date
and time of the status change is recorded.
[0053] After the sealed deposit bag is "received" by cash
processing facility 30, cash processing facility 30 verifies the
contents of the deposit bag (called, for convenience,
"verification" herein), as shown as step 440 in FIG. 5. Such
verification may occur at any time after receipt, but it need not
occur on the same day that the sealed deposit bag is received. For
example, verification may occur on the next business (or calendar)
day or even on a future date. In any event, verification entails
identifying the deposit bag (by using a barcode scanner), opening
the deposit bag, removing the cash contained within the deposit bag
and counting the cash to verify that the actual cash content
coincides with the deposit detail information identified on the
deposit ticket and the electronic data previously supplied by
retailer 10 as described above.
[0054] Each sealed deposit bag prior to verification (i.e., upon
receipt of the sealed deposit bag) and also during verification is
identified by the use of bar-code technology, which includes use of
a bar-code on each deposit bag and suitable bar-code reader
equipment. However, other identification technology may be
employed, including RFID technology in which each deposit bag
contains an RFID chip containing a unique ID (preferably embedded
within the deposit bag itself), and suitable RFID readers disposed
at the retailer and the cash processing facility and optionally by
the armored car service provider. Other identification technologies
may be employed. As used herein, all references to barcode, barcode
readers, etc., shall include other suitable identification
technology.
[0055] When the barcode is read at cash processing facility 30,
both upon receipt of the sealed deposit bag and during
verification, as mentioned above, all information pertinent to the
identity of retailer 10, which is pre-stored in a database,
including relevant banking information (e.g., the bank account of
retailer 10) and all information pertinent to the contents of the
deposit bag itself are immediately made available to cash
processing facility 30.
[0056] During verification, in accordance with the present
invention, if cash processing facility 30 discovers an overage or
shortage in the amount of cash contained in the deposit bag(s) as
compared to the cash deposit total amounts previously reported by
retailer 10 and previously credited to retailer 10 in accordance
with the present invention, such overage/shortage is communicated
to bank 40 to correct the amount of credit previously provided to
retailer 10, as represented as step 450 in FIG. 5.
[0057] Historically useful information pertinent to the
overage/shortage is stored in a database, including at least the
amount of the overage/shortage, the total amount of the deposit,
the date and time, the identity of the manager who created the
deposit, and other potentially pertinent information.
[0058] Finally, the cash is transferred to bank 40, as shown as
step 460 in FIG. 5. Cash processing facility 30 (or bank 40 or
process facilitator 50) transmits to retailer 10 a report (e.g., an
electronic file) that identifies actual cash deposit information
for retailer 10 to utilize for reconciliation, tax and other
purposes. The report may be an intraday report, a daily report, a
weekly report, a monthly report, etc.
[0059] In accordance with a particularly beneficial feature of the
present invention, the information transmitted to retailer 10
includes an accounting of the particular business day or business
days to which the credit is applied, including a credit breakdown
by business day. In such instance, if a deposit amount identified
in a data file transmitted from one of the retailer's safes
corresponds to cash collected over multiple business days, then the
data file preferably includes a breakdown by business day of the
respective amounts of cash collected during each of those business
days. For example, with reference again to FIG. 4, a location "X"
has an end of day at 6:00 pm as shown, but is open 24 hours a day.
If, for example, the retailer's business day coincides with a
calendar day, then at 6:00 pm on January 5, a data file is created
(e.g., by the safe) and then transmitted for that location that
identifies the total cash collected from between 6:00 pm of January
4 through 12:00 am of January 5, and separately identifies the
total cash collected from 12:00 am through 6:00 pm of January 5.
With such transmitted information, the total amount of credit
provided to the retailer is applied on a business day basis.
Thereafter, at the next end of day at 6:00 pm on January 6, another
data file is created and transmitted for that location that
identifies the total cash collected from between 6:00 pm of January
5 through 12:00 am of January 6, and separately identifies the
total cash collected from 12:00 am through 6:00 pm of January 6,
and credit is provided accordingly. From the foregoing example, the
total amount of credit provided for the business day of January 5
is based on a first transmission (at or shortly after 6:00 pm on
January 5) that identifies a partial cash collection on January 5
(i.e., cash collected from 12:00 am through 6:00 pm) and a second
transmission (at or shortly after 6:00 pm on January 6) that
identifies another partial cash collection on January 5 (i.e., cash
collected from 6:00 pm through 11:59 pm). Accordingly, credit
reports are provided to the retailer that identify credit provided
on a business day basis, without the need for a single transmission
(from the retailer) to identify cash collections over each entire,
complete business day. U.S. Pat. Nos. 5,695,038; 5,975,275; and
5,944,163, previously identified, discuss business day reporting in
the context of producing reports that identify cash collections
broken out by each partial business day and each full business day.
Thus, safes with such capability, such as the Brink's CompuSafe
4000.RTM. safe, may be employed within the present invention to
provide the above-described additional feature of allocating and
reporting credit on a business day basis.
[0060] The features and variations described herein may be applied
in instances where a retailer's business day coincides with its end
of day, or where the business day does not coincide with the end of
day, where the business day coincides or does not coincide with a
calendar day, and/or where the end of day coincides or does not
coincide with the calendar day.
[0061] In addition to the foregoing information provided to the
retailer, the retailer additionally may access the system/database
of process facilitator 50 to track the retailer's deposits, produce
reports, view historical information including exceptions and
variances, and receive statistical information including total
expected daily deposits.
[0062] For retailers with multiple locations, various data and
reports are producible on a store-by-store basis, if desired, to
enable individual stores to access their own deposit/credit
activity. Moreover, credit and deposit report data are available to
the retailer on a store-by-store, select group of stores, or
entity-wide basis, immediately or nearly immediately after cash
collection and/or crediting the retailer with such cash
collection.
[0063] As the foregoing-description sets forth, the present
invention expedites funds availability, improves cash flow and
provides other features and benefits to commercial establishments
who take-in cash as part of their normal business operations. In
particular, advance credit is provided to retailers in novel
manners that enable retailers to enjoy the benefit of cash
collections almost immediately, without having to wait for those
cash collections to be picked-up by armored car service providers,
processed and counted by third party cash processing facilities and
then eventually deposited into a bank. Such post-cash collection
activity commonly takes several days, if not more, during which
time retailers historically are not able to utilize the cash funds
that have been collected. Retailers, both large and small, are
disadvantaged by this lag period. The present invention, however,
enables retailers to enjoy the benefit of their cash collections
shortly after the cash is received. These benefits are realized
regardless of cash pickup schedules, cash vault cut-off windows and
other schedules controlled by third parties.
[0064] Having described the present invention including various
features and variations thereof, it is intended that the appended
claims be interpreted as including the embodiments described
herein, the alternatives mentioned above, and all equivalents
thereto.
* * * * *