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| ECS
Overview |
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| Electronic
Credit Systems (ECS), founded by Robert J.
Bernstein, is a fully electronic and potentially
universal payment system that is highly efficient,
secure, convenient and easy-to-use. ECS not
only meets the high standards of mobile payment
experts world wide, but goes far beyond. The
U.S. Patent and Trademark Office has issued
three patents to Robert Bernstein for the
methodologies inherent in the ECS system.
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| Rationale
for change |
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Current
payment methods are characterized by inefficient
parallel systems; a lack of common goals,
cooperation, and centralized leadership
among payment providers and between payment
providers, retailers, and other involved
parties. Compared to ECS, current systems
are expensive, inefficient, insecure, and
inconvenient.
ECS offers extensive marketing capabilities
that derive from its interactive aspects
at point of sale.
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| The
System and Its Benefits—Universal, Integrated,
Convenient, Secure, Automated |
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Universal
payments. ECS accommodates and integrates
all forms of payments, including cash, checks,
credit and debit cards. It enables and facilitates
secure storage of and access to unlimited
payment modes, thereby motivating consumers
to adopt and use an array of charge accounts.
Universal points of sale. ECS
can be used everywhere payments are made.
Payment sites include, for example, all retail
outlets from check-out counters to restaurants
to auto dealerships; telephone sales; mass
transit, parking meters, and toll booths;
and even person-to-person monetary transfers.
ECS provides e-commerce sites dramatically
increased security and offers their customers
the option to pay online with cash or check,
features which are digitized into the system.
Secure. ECS dramatically
increases security over all existing payment
modes. Access is available only to an authorized
user, employing multiple levels of encryption,
biometric technology for identification and
authentication, and digital signatures. Furthermore,
security can be scaled so that more expensive
purchases require more sophisticated levels
of identification and transfer of financial
information.
Automated. The ECS process
has myriad other benefits. ECS automates the
steps involved in the payment process, making
the process faster, easier and it lowers transaction
processing costs and data storage costs (no
translation required from paper to digital).
Concurrently, it features extensive file capability;
inherent in the system is the fact that it
itemizes and stores all transaction information
for both the vendor and the consumer.
Integrated. ECS’s patented
technology comprehensively integrates retail,
financial, telecommunications, and technological
industries with the consumer and provides
extensive seamless benefits to all these groups.
Importantly, the consumer gleans major benefits
in terms of convenience, file capability,
record-keeping, and dramatically increased
security – many of the benefits gained
by the following industries and organizations
are valuable to consumers as well.
Low cost. Most currently
used processes can be readily adapted to interface
with the new system. ECS will provide significant
savings over current systems in terms of processing
costs and fraud losses.
Myriad Benefits to: |
- Vendors:
ECS provides increased efficiency in terms
of operational costs, training costs and
fraud losses. It provides vendors with
the ability to store consumer preference
profiles such as purchases made by product
type, SKU, frequency of purchase, etc.
It also allows vendors to directly send
to each consumer interactive promotional
offers such as coupons, loyalty programs,
and incentives which are stored in the
device for later use.
- Telecommunications
industry: ECS will stimulate
an increase in telecommunications usage
and will capitalize upon the latest advances
in wireless communications.
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Hardware manufacturers:
ECS creates a new application for hand-held
devices that can be stand-alone or integrated
into other hand-held devices.
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Software manufacturers:
ECS provides new software opportunities
and, as a new venture, allows software
manufacturers to develop a complete, integrated,
and seamless system.
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National governments:
ECS provides an efficient means for distribution
of federal and state transfer payments.
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| The
Payment Process—User-Friendly Technology
at Your Fingertips |
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The
payment process involves (1) the consumer’s
portable payment device with a screen, two-way
wireless communication capability and a means
for the consumer to operate the device; (2)
a receiving device through which the vendor
communicates with the consumer’s portable
device; and (3) linkage via telecommunication
to a financial clearing site either from the
vendor’s device or from both the vendor’s
and consumer’s devices.
The consumer’s portable device can be
stand-alone or part of other commonly used
devices such as cellular phones, two-way pagers,
or Palm Pilot type devices. These devices
can employ keyboards, voice activation, touch
screens, or comparable technologies and can
interface with a telephone or personal computer.
Using ECS, a customer may transfer value at
time of purchase by selecting either: : |
- Cash:
Direct transfer from the portable purchasing
device to the vendor’s electronic
cash box without the assistance of a bank,
or transfer of cash from a bank account
of the authorized user to a bank account
of the vendor (via on-line mode).
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Demand Deposits: Authorization
of the transfer of funds from a checking,
savings, or money market account to the
bank account of the vendor.
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Credit: The user may
pay by selecting from among all credit
options stored in the device including
store credit, credit associations, financial
institution credit, coupons and other
promotions.
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| Innovative
Features: Automated, Portable, Secure, Flexible,
and Direct |
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| Automated
self-serve system: First totally
automated self-serve payment system.
Portable interactive file capability:
Ability to have vendor files in the portable
device to assist both vendors and consumers.
Scalable security: Ability
to match higher monetary value of transactions
with higher security.
Electronic cash box: Ability
to receive payment electronically off line
for later on-line collection.
Extended check settlement:
Ability to collect payment from demand deposits
on any day agreed to by consumer and vendor.
Independent party data storage:
Given Internet efficiencies for duplicating
information, independent back-up data storage
becomes realistic.
Traceable and non-traceable cash
transactions: Ability to have cash
transactions that are either anonymous or
traceable based on consumer preference.
Non site-specific transfers from
cash accounts: Enables cash value
transfers from demand deposits, time deposits,
money markets, or other cash accounts wherever
telecommunication reception is available.
Direct third-party transfers:
Ability to have transactions sent directly
to a third party for inclusion in expense
account tracking or personal financial management.
Person to person transfers:
Can make person to person cash value transfers
between portable devices.
Expense reports:
Ability to automatically save and record
expense account transactions in one file
and transmit the file to company’s
accounting department, obviating the need
for collecting receipts and filling out
extensive expense reports.
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