Web-based account management for hold and release of funds
First Claim
1. A method of qualifying a bidder over a global network for an auction, the method comprising:
- (a) establishing a bidder funding account;
(b) reserving a portion of the bidder funding account according to a bid submitted by the bidder; and
(c) releasing the reserved portion of the bidder funding account if the bid is not a high bid.
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Accused Products
Abstract
A system and method for qualifying a bidder over a global network for an auction helps to significantly reduce or eliminate Internet commerce fraud. An auction site, for example, enlists the system to maintain bidder funding accounts for prospective bidders. When a bid is placed, the funds are reserved in the bidder'"'"'s bidder funding account including funds for a deposit if required. In the event that a bidder is not the high bidder, the reserved funds are released. At completion of the auction, the funds may be transferred from the winning bidder'"'"'s bidder funding account to the seller, and the bid holds are released. A balance in the bidder funding account can be established according to funds deposited in the account in an interest-bearing account or via a line of credit issued from a bank card issuing company or the like.
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Citations
21 Claims
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1. A method of qualifying a bidder over a global network for an auction, the method comprising:
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(a) establishing a bidder funding account;
(b) reserving a portion of the bidder funding account according to a bid submitted by the bidder; and
(c) releasing the reserved portion of the bidder funding account if the bid is not a high bid. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11)
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12. A method of qualifying a bidder over a global network for an auction, the method comprising:
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(a) determining whether a deposit is required to participate in the auction, and if so, determining an amount of the deposit;
(b) receiving a bid inquiry from the bidder and determining whether the bidder has established a bidder funding account, wherein (b1) if the bidder has not established the bidder funding account, enabling the bidder to establish the bidder funding account, and (b2) if the bidder has established the bidder funding account, accessing the bidder'"'"'s bidder funding account; and
(c) qualifying the bidder according to a balance in the bidder funding account. - View Dependent Claims (13, 14, 15, 16, 17, 18)
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19. A computer system for effecting qualifying of a bidder in an auction, the computer system comprising:
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at least one user computer running a computer program that requests information according to a bid inquiry input by a bidder; and
a system server running a server program, the at least one user computer and the system server being interconnected by a computer network, the system server determining whether the bidder has established a bidder funding account, wherein (1) if the bidder has not established the bidder funding account, the system server sending information to enable the bidder to establish the bidder funding account, and (2) if the bidder has established the bidder funding account, the system server accessing the bidder'"'"'s bidder funding account and qualifying the bidder according to a balance in the bidder funding account.
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20. A computer program embodied on a computer-readable medium for qualifying a bidder over a global network for an auction, the computer program comprising:
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means for establishing a bidder funding account;
means for reserving a portion of the bidder funding account according to a bid submitted by the bidder; and
means for releasing the reserved portion of the bidder funding account if the bid is not a high bid.
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21. A computer program embodied on a computer-readable medium for qualifying a bidder over a global network for an auction, the computer program comprising:
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means for determining whether a deposit is required to participate in the auction, and if so, for determining an amount of the deposit;
means for receiving a bid inquiry from the bidder and for determining whether the bidder has established a bidder funding account, wherein (1) if the bidder has not established the bidder funding account, the program comprising means for enabling the bidder to establish the bidder funding account, and (2) if the bidder has established the bidder funding account, the program comprising means for accessing the bidder'"'"'s bidder funding account; and
means for qualifying the bidder according to a balance in the bidder funding account.
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Specification