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Online escrow service

  • US 10,121,153 B1
  • Filed: 05/17/2011
  • Issued: 11/06/2018
  • Est. Priority Date: 10/15/2007
  • Status: Active Grant
First Claim
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1. A non-transitory computer-readable medium storing instructions that, when executed by a computing device, cause the computing device to perform a method of optimizing performance in a services exchange medium, the method comprising:

  • receiving from a first end user device a request to create a job post of a project that a buyer needs completed;

    receiving from a second end user device a request to create an online profile of a service provider;

    publishing the job post of the project that the buyer needs completed and the online profile of the service provider within the services exchange medium such that the job post and the online are searchable by viewers; and

    providing a networked platform communicatively coupling the first end user device and the second end user device, wherein the networked platform includes online resources configured to facilitate completion of the project by the service provider, wherein the online resources include an online escrow service and a private message board, wherein the private message board maintains a written record of communication between the buyer and the service provider, wherein the communication includes internal message board posts that originate from inside of the services exchange medium and external email exchanges that originate from outside of the services exchange medium to improve overall throughput of the computing device by reducing the total number of simultaneous client connections with the computing device necessary for the maintenance of the written record, wherein the communication includes establishment of a plurality of tasks for the job, wherein a finished work product associated with each of the plurality of tasks is transmitted to the buyer via the private message board;

    presenting an user interface allowing a user to choose between a standard payment option and an escrow payment option for each of the plurality of tasks associated with the project, wherein the project is visibly distinguished as an escrow project from non-escrowed projects in the online services exchange medium upon the user choosing the escrow payment option for at least one of the plurality of tasks associated with the project;

    automatically generating and transmitting to the buyer a request for funding of a task designated by the user as using the escrow payment option;

    interfacing with the online escrow service configured to secure an asset for the task designated by the user as using the escrow payment option;

    periodically transmitting a status report to the buyer until the task is completed;

    automatically generating and transmitting to the buyer a notification of the service provider completing the task;

    transmitting an invoice for the task, wherein all transmitted status reports are appended with the invoice;

    releasing the asset from escrow upon a predetermined event; and

    transmitting a finished work product associated with the task via the private message board.

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