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.
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.