Method and apparatus for electronic barter system

• US 20020004759A1
• Filed: 05/04/2001
• Published: 01/10/2002
• Est. Priority Date: 06/03/1999
• Status: Abandoned Application

• Current Assignee: Big VINE LLC
• Original Assignee: Big VINE LLC
• Inventors: Siegal, Bippy, Gertler, Eric, Kunkel, James D., Bradford, Kevin B.
• Application Number:
  US09/848,775
• Publication Number:
  US 20020004759A1
• Time in Patent Office: Days
• US Class Current: 705/26
• CPC Class Codes: G06Q 30/0207 Discounts or incentives, e.g. coupons or rebates
• CPC Class Codes: G06Q 30/06 Buying, selling or leasing transactions
• CPC Class Codes: G06Q 30/0601 Electronic shopping [e-shopping]

Abstract

Electronic bartering systems and methods are described. Methods are described for completing a transaction by use of a national currency and a mutual currency. Items offered on the system may be classified as for barter or reward. In embodiments, an item offered on the system may have a listing price ($P) specified in the national currency and a minimum amount of national currency desired by the seller ($X) specified in the national currency. In some embodiments, the system has a maximum barter to cash ratio (%C) such that the item is classified for reward if $X/$P>%C.

Claims

1. A method of completing a transaction using a national currency and a mutual currency, the method comprising:

receiving an item to list for sale on a computer, the item having a corresponding seller;

classifying the item as one of for barter and for reward using the computer; and

upon sale of the item to a buyer;

if the item is for barter, using the computer to transfer a first predetermined amount of the national currency from the buyer to the seller of the item and a second predetermined amount of the mutual currency from the buyer to the seller of the item, otherwise

if the item is for reward, using the computer to transfer a third predetermined amount of national currency from the buyer to the seller of the item and a fourth predetermined amount of mutual currency from the seller of the item to the buyer.

2. The method of claim 1, wherein the item has a listing price ($P) specified in the national currency and a minimum amount of national currency desired by the seller ($X) specified in the national currency, and wherein the system has a maximum barter to cash ratio (%C) and wherein, the item is classified for reward if $X/$P>

%C.

3. The method of claim 2, wherein there is an exchange ratio (r) between the national currency and the mutual currency, and wherein the item has been classified for barter, and wherein the first predetermined amount is $X and wherein the second predetermined amount #ETD=r($P−

$X).

4. The method of claim 1, wherein the item has been classified for reward, and a historical data, an available mutual currency balance of the seller, and a line of credit in the mutual currency of the seller are used to select the fourth predetermined amount (#R) so as to globally minimize the available mutual currency balance of the seller and the line of credit in the mutual currency of the seller over a predetermined period.

5. The method of claim 1, wherein the item has a listing price ($P) and wherein the third predetermined amount is $P if the item is classified for reward.

6. An online barter exchange to support a number of barter transactions between a number of participants in a mutual currency, the online barter exchange comprising:

a web interface to the online barter exchange;

a plurality of cash equivalent inventories for inclusion in the online barter exchange; and

software resources for permitting a barter transaction by at least one participant in the number of participants at least partially in the mutual currency for one or more of the number of cash equivalent inventories.

7. The online barter exchange of claim 6, wherein the software resources also permit the barter transaction to be conducted at least partially in one or more national currencies

8. An online barter exchange system for conducting a transaction using a national currency and a mutual currency, the system comprising:

classification resources for classifying an item as one of for barter and for reward on the online barter exchange, wherein the item is initially owned by a seller; and

resources for transfering via the online barter system a first predetermined amount of the national currency from the buyer to the seller of the item and a second predetermined amount of the mutual currency from the buyer to the seller of the item if the item is for barter;

resources for transferring via the online system a third predetermined amount of national currency from the buyer to the seller of the item and a fourth predetermined amount of mutual currency from the seller of the item to the buyer if the item is for reward.

9. The system of claim 8, wherein the item has a listing price ($P) specified in the national currency and a minimum amount of national currency desired by the seller ($X) specified in the national currency, and wherein the system has a maximum barter to cash ratio (%C) and wherein, the item is classified for reward by the classification resources if $X/$P>

%C.

10. The system of claim 8, wherein there is an exchange ratio (r) between the national currency and the mutual currency, and wherein the item has been classified by the classification resources for barter, and wherein the first predetermined amount is $X and wherein the second predetermined amount #ETD=r($P−

$X).

11. The system of claim 8, wherein the item has been classified for reward by the classification resources, and a historical data, an available mutual currency balance of the seller, and a line of credit in the mutual currency of the seller are used by the online barter system to select the fourth predetermined amount (#R) so as to globally minimize the available mutual currency balance of the seller and the line of credit in the mutual currency of the seller over a predetermined period.

12. The system of claim 8, wherein the item has a listing price ($P) and wherein the third predetermined amount is $P if the item is classified for reward by the classification resources.