Barcode Inventory and Payment Management System

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Side Chick Chip ™


Barcode Inventory and Payment Management System
invention uses
patent drawings
contact info
attorney
U.S. Patent : 9,514,343

Inventor : Lorita Bolts

As attorney for the inventor of the innovative new Barcode Inventory and Payment Management System we are currently seeking investors and manufacturing companies to license, purchase patent rights or enter into a royalty agreement for this timely invention. Interested parties can reach the attorney at the contact numbers listed at the bottom of this page.

The present invention relates generally to inventory management and payment systems and, more specifically, to an inventory management and payment system that allows the stakeholders in the shipping and stocking of various items to receive payment immediately as the items are purchased.

Invention Objects & Goals

  • to provide a retail product label that includes information about the labeled product

  • to provide a product label that has specific information regarding the product in reference to the inventory of the retail outlet

  • to provide a product label that includes the percentage of the retail price that is due the retailer at point of sale

  • to provide a product label that allows for the immediate transfer of funds both from the purchaser to the retailer and to the wholesaler from the retailer

  • to provide a product information label that contains the vendors specific account number in regards to the wholesaler or manufacturer that allows both of them to have a real time picture of the inventory in the retailer's establishment

  • to provide a product information label that includes a barcode chip containing the routing information of the relevant bank accounts so that the cash is transferred quickly as soon as the item is scanned at the retailer point of sale

  • to provide a product information label that includes the percentage of the retail price that is due to the retailer so that the amount may be immediately credited to the retailer's account

Patent Drawings

The following pictures are meant to display possible physical characteristics of the present invention and are not to be taken in a limiting sense. It is understood that other embodiments may be utilized and that structural changes may be made without departing from the scope of the invention.


LIST OF REFERENCE NUMERALS
10 product info label 36 information transfer step
12 barcode chip 38 vendor bank account
14 visible bar code 40 manufacturer/developer bank account
16 information contained in tag 42 database tracking
18 product name 44 product returned
20 manufacturer name 46 info label scanned
22 individual product code 48 individual product ID back into inventory
24 product price 50 funds deducted from retailer/vendor account
26 manufacturers’ vendor account number 52 antitheft device
28 bank routing numbers C customer
30 retailer percentage of payment P product
32 retailer database S barcode scanner
34 point of sale register

Barcode Inventory and Payment Management System
FIGURE 1

Figure 1 shows the present invention being a product information label 10. Embedded in the label 10 is a barcode chip 12 incorporating antitheft device 52 and information that will be discussed in more detail further below. On the surface of the label 10 is a visible bar code for scanning with a bar code reader (not shown in this Figure).

Barcode Inventory and Payment Management System
FIGURE 2

Figure 2 shows a flow chart of the present invention. The product label 10 as seen in Fig. 1 and the visible bar code 14 incorporate the chip 12 which contains information 16 necessary for the operation of the present invention. This information includes such items as the product name 18, the manufacturer or developer name 20, the individual product code 22 (a unique identifier that allows the product to be specifically enumerated at checkout so that the inventory is up-to-date), the product price 24, the retailer account number with the manufacturer or developer 26, the relevant bank account routing numbers and routing numbers 28, and the retailer or vendors percentage of the customers payment indicated at 30. This information may be programmed or burnt into the chip 12 at various points in the distribution system or additionally could be incorporated into the barcode itself and be activated by the scanning process. The percentage of payment 30 and the product price 24, for example, could be set at the retail level if desired to change the markup. The routing numbers 28 could be set at the manufacturer before shipping or the manufacturer could ship with their bank information included, allowing the retailer or other intermediate distributors to add their appropriate bank information at a later time downstream in the distribution system. The present invention thus allows for products to be shipped to various retailers with individual product codes and identification 22 for inventory purposes both at the manufacturers’ level, the distributors’ level, and the retailers’ level without laborious cross-checking on paper invoices. It is contemplated that the manufacturer, the distributor (if present in the stream), and the retailer would all have databases including the individual product IDs or codes 22 allowing for all the users of the system of the present invention to know how much of each type of labeled item is where in the distribution stream. In this Figure, the retailer database is indicated at 32 and the point of sale or register is indicated at 34. When the customer purchases the labeled item, the barcode scanner S (as seen in Fig. 1) is used to read the alphanumeric data from the product info label 10 and the information transfer 36 is initiated. This utilizes the bank routing numbers and bank account numbers 28 contained in the barcode chip 12 to transfer the relevant funds to the vendor or retailer account as indicated at 38 and to the manufacturer or developer account as indicated at 40 and or read with the reader the reader works as a barcode chip reader for the tags on the product and then it reads the chip on the credit cards or debit cards. Therefore it will be able to read the barcode chip information and the credit card or debit card chip by sliding the button on the reader to the left or right side or up or down on the device of the reader, once the purchase has been completed funds will be paid from the customer. It also removes the individual product ID from the retailer database as indicated at 42 to reflect the change in the inventory. It should be noted that this inventory change could also be used at a distribution level, with the bar coded embedded chip being placed on a pallet or carton and having its own unique ID and cost. The operation shown in the Figures herein oriented towards retail are only a single example of the use of the present invention. With this embodiment of the present invention, inventories and markups all down the supply chain can be automated by simply scanning and then re-programming the needed chip at whatever volume level (single units, case units, pallet units, trucks, cargo containers, railroad cars, and the like). Cash and inventory information flow is quickly moved and updated, respectively.

Barcode Inventory and Payment Management System
FIGURE 3

FIGURE 3 is another flow chart detailing the steps that are used when a customer returns a purchased item to the retailer. When the product is returned at 44 it is scanned at the register as indicated at 46. At this point the individual product ID 22 is noted and it is placed back in the inventory as indicated at 48. The appropriate funds are deducted from the vendor or retailers bank account using the routing number 28 as seen in the Figure indicated at 50.

Barcode Inventory and Payment Management System
FIGURE 4

Figure 4 is an illustrative example of the present invention in use. A customer C is in a retail store to purchase a product P. There are a number of sizes.

Barcode Inventory and Payment Management System
FIGURE 5

Figure 5 is a continuation of the illustrative example. Customer C has found the correct size of the product P.

Barcode Inventory and Payment Management System
FIGURE 6

Figure 6 shows the customer C purchasing the product P. The product P is scanned at the point of sale register 34. Note the product info label 10, 12, 14 shown in Figs. 4, 5, and 6.

Contact Information

If you are interested in licensing, purchasing the rights to the above invention or entering into a royalty agreement please contact the office of Michael I. Kroll as follows:

Michael I. Kroll
80 Skyline Drive, Suite 304
Plainview, New York 11803
Tel. #: 800-367-7774
Tel. #: 516-367-7777
Fax #: 800-367-7999
Fax #: 516-802-0510
E-Mail patent@invention.net
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