System and method for executing a payment transaction over a computer network
First Claim
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1. A method for executing a payment transaction over a computer network, the method comprising the steps of:
- creating an electronic exchange;
receiving a first offer to sell an item from a first seller at a first sale price;
receiving an acceptance of said first offer to sell from a first buyer; and
upon receiving said acceptance automatically completing a payment transaction wherein the exchange charges the first buyer a purchase amount related to said first sale price and credits the seller a sale amount related to said first sale price.
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Abstract
A system and method for executing a payment transaction over a computer network are provided. Users of an electronic marketplace are able to place bids on items for sale or to sell items at an offer price. seller the user'"'"'s bid or offer is accepted, a payment transaction is automatically completed whereby the seller receives payment for the item they are selling and the buyer is charged for the item they are buying. In addition, a marketplace transaction fee is exacted as part of the payment transaction.
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Citations
32 Claims
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1. A method for executing a payment transaction over a computer network, the method comprising the steps of:
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creating an electronic exchange;
receiving a first offer to sell an item from a first seller at a first sale price;
receiving an acceptance of said first offer to sell from a first buyer; and
upon receiving said acceptance automatically completing a payment transaction wherein the exchange charges the first buyer a purchase amount related to said first sale price and credits the seller a sale amount related to said first sale price. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8)
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9. A method for executing a payment transaction over a computer network, the method comprising the steps of:
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creating an electronic exchange;
receiving a first bid from a first buyer to purchase an item at a first bid price;
receiving an acceptance of said first bid to purchase from a first seller; and
upon receiving said acceptance automatically completing a payment transaction wherein the exchange charges the first buyer a purchase amount related to said first bid price and credits the seller a sale amount related to said first bid price. - View Dependent Claims (10, 11, 12, 13, 14)
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15. An electronic marketplace created by an exchange computer for buying and selling items, comprising:
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at least one buyer computer for operation by a buyer;
at least one seller computer for operation by a seller;
the seller computer, the buyer computer and the exchange computer all being interconnected via a computer network, wherein the exchange computer is programmed to enable the seller to offer an item for sale at a first offer price, to display the item for sale at the first offer price on the buyer computer, and to automatically complete a payment transaction wherein the buyer is charged an amount related to the offer price, and the seller is credited an amount related to the offer price. - View Dependent Claims (16, 17, 18, 19, 20, 21, 22)
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23. An electronic exchange created by an exchange computer for buying and selling items, comprising:
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at least one buyer computer for operation by a buyer;
at least one seller computer for operation by a seller, the seller computer, the buyer computer and the exchange computer all being interconnected via a computer network, wherein the exchange computer is programmed to enable the buyer to place a bid to purchase an item at a first bid price, to display the bid to purchase the item on the seller computer, and to automatically complete a payment transaction wherein the buyer is charged an amount related to the bid price and the seller is credited an amount related to the bid price and the seller for the purchase of the item when the bid is accepted by the seller.
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24. A method of generating revenue, the method including the steps of:
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identifying at least one contingent event that may be held in the future; and
selling a right to purchase at least one ticket to said event, wherein said right may be exercised when said event is scheduled. - View Dependent Claims (25, 26, 27, 28, 29, 30, 31)
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32. A method of generating revenue comprising the steps of:
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scheduling an event;
identifying a plurality of potential event participants;
selling a plurality of contingent event certificates;
each contingent event certificate being associated with a particular potential event participant such that the holder of a contingent event certificate is granted the right to purchase a ticket to the event after it becomes known that the particular potential event participant with which the contingent event certificate is associated will be an actual participant in the event.
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Specification