Internet-based e-commerce settlement system
First Claim
1. ) An external method of revenue allocation for sales of products and services from a virtual inventory comprising:
- a. Providing a software settlement system that allows retail parties the ability to reduce their transaction cost once a customer electronically purchase an item from an inventory;
b. purchasing a item from a website;
c. requesting credit approval and upon approval funds are transferred into a merchant account, or series of merchant accounts;
d. processing and automatically calculating simultaneously the exact remuneration due to each party to the transaction;
e. creating an account to remit the appropriate funds; and
f. directing the transfer of the appropriate funds to each party of the transaction at the appropriate time.
0 Assignments
0 Petitions
Accused Products
Abstract
A network-based system for simultaneous remuneration of a multiplicity of parties to a transaction is disclosed. A new method and system of trusted settlement of accounts for a multiplicity of parties using credit transactions, debit transactions, electronic checks and other forms of trade currency. The system enables the proceeds from a transaction to be automatically distributed to a multiplicity of parties with an interest in the transaction, based on prior agreements and contractual arrangements, thereby eliminating the internal overhead cost for both the Accounts Receivable and Accounts Payable processes for all parties concerned.
30 Citations
19 Claims
-
1. ) An external method of revenue allocation for sales of products and services from a virtual inventory comprising:
-
a. Providing a software settlement system that allows retail parties the ability to reduce their transaction cost once a customer electronically purchase an item from an inventory;
b. purchasing a item from a website;
c. requesting credit approval and upon approval funds are transferred into a merchant account, or series of merchant accounts;
d. processing and automatically calculating simultaneously the exact remuneration due to each party to the transaction;
e. creating an account to remit the appropriate funds; and
f. directing the transfer of the appropriate funds to each party of the transaction at the appropriate time. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 14, 15, 16, 17, 18)
-
-
13. ) A web-based external accounts settlement system comprising:
-
Means for creating electronic virtual accounts for a multiplicity of parties to an online transaction Means for transferring the proceeds of an electronic commerce transaction via the network into the appropriate virtual bank account Means for providing periodic account and transaction statements to the multiplicity of parties to an online transaction Means for calculating the amount of the transaction proceeds of an electronic commerce transaction that each of the multiplicity of parties to that transaction is entitled to.
-
-
19. ) A computer program product for use with a computer, said computer program product comprising a computer usable medium having computer readable program code embodied therein providing means for transferring proceeds from an electronic commerce transaction simultaneously to all of the multiplicity of parties involved in the transaction, decreasing the joint-overhead in the transaction cost, further providing a means for creating “
- virtual accounts”
on the network for the transaction proceeds to be transferred to, on a real time or a quasi real time basis, and means for calculating the percentage of the transaction proceeds entitled to each of the multiplicity of parties to the transaction.
- virtual accounts”
Specification