Commission free auction system and method therefor

• US 20030078792A1
• Filed: 10/22/2001
• Published: 04/24/2003
• Est. Priority Date: 10/22/2001
• Status: Abandoned Application

• Current Assignee: Phillips A. Koss
• Original Assignee: Phillips A. Koss
• Inventors: Koss, Phillips A.
• Application Number:
  US10/037,112
• Publication Number:
  US 20030078792A1
• Time in Patent Office: Days
• US Class Current: 705/1
• CPC Class Codes: G06Q 30/08 Auctions
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange

Abstract

An auction system and method which only allows a user who has paid a membership fee to participate. A user accesses an auction website. The user logs into the auction website. However, only a user who has paid a membership fee is allowed to log into the auction website. The user locates an item he wishes to bid on and places a bid on the item. The auction of the item is stopped after a predetermined time frame. The funds of a participant who places a highest bid is verified and then charged.

Claims

1. A method for having a commission free auction comprising the steps of:

assigning an item to be auctioned at a designated time;

auctioning the item at the designated time wherein participants in the commission free auction have to pay a membership fee to participate; and

verifying of funds from a participant who places the highest bid.

2. The method of claim 1 further comprising the step of charging a credit card of the participant who places the highest bid.

3. The method of claim 2 further comprising the step of sending the item to the participant who places the highest bid.

4. A method of participating in a commission free auction comprising the steps of:

accessing an auction website;

logging into the auction website wherein a user has to pay a membership fee to log into the auction website;

locating an item to place a bid;

placing a bid on the item;

stopping bidding on the item after a predetermined time frame; and

verifying funds of a participant who places a highest bid.

5. The method of claim 4 further comprising the step of charging a credit card of the participant who places the highest bid.

6. The method of claim 5 further comprising the step of sending the item to the participant who places the highest bid.

7. The method of claim 4 wherein the steps of logging into the website further comprises the steps of—

entering a user name and a user password;

verifying the user name and the user password; and

granting access if user name and user password are verified.

8. A commission free auction system comprising, in combination:

a plurality of computers for accessing an auction website;

an auction web server for hosting the auction website; and

a database coupled to the auction web server for allowing only users who have paid a membership fee to access the auction website.

9. A commission free auction system in accordance with claim 8 further comprising a mail server coupled to the auction web server for sending out emails to a user who has at least one of purchased or sold an item on the auction web site.

10. A commission free auction system in accordance with claim 9 further comprising a banking system coupled to the auction web server for verifying and charging funds of a user of the commission free auction system.

11. A commission free auction system in accordance with claim 10 further comprising a firewall coupled to the auction web server for preventing unauthorized access to the auction web server.