Automated transaction coordinator

• US 20040044582A1
• Filed: 08/27/2002
• Published: 03/04/2004
• Est. Priority Date: 08/27/2002
• Status: Active Grant

• Current Assignee: Formula Labs, LLC
• Original Assignee: Formula Labs, LLC
• Inventors: Rosca, Andrei, Chowdhary, Manish
• Granted Patent: US 7,212,991 B2
• Time in Patent Office: Days
• US Class Current: 705/26
• CPC Class Codes: G06Q 10/083 Shipping
• CPC Class Codes: G06Q 10/0833 Tracking
• CPC Class Codes: G06Q 10/0834 Choice of carriers
• CPC Class Codes: G06Q 10/0835 Relationships between shipper or supplier and carriers
• CPC Class Codes: G06Q 10/0837 Return transactions
• CPC Class Codes: G06Q 10/087 Inventory or stock management, e.g. order filling, procurement or balancing against orders
• CPC Class Codes: G06Q 30/0601 Electronic shopping [e-shopping]
• CPC Class Codes: G06Q 30/0605 Supply or demand aggregation
• CPC Class Codes: G06Q 30/0619 Neutral agent
• CPC Class Codes: G06Q 30/0625 Directed, with specific intent or strategy
• CPC Class Codes: G06Q 30/0635 Processing of requisition or of purchase orders

Abstract

A system for coordinating business transactions between multiple vendors of consumer products, referred to herein as selling vendors and shipping vendors. This system includes an electronic device for allowing a consumer to access a selling vendor'"'"'s website, at least one server connected to the selling vendor'"'"'s website for receiving purchase-related information from the consumer and sending and receiving information to and from the system, at least one server connected to the shipping vendor'"'"'s business network for receiving and sending communications from and to the system, and a transaction coordination hub connected to the selling vendor'"'"'s server and the shipping vendor'"'"'s server for coordinating transactions between the selling vendor and the shipping vendor. The transaction coordination hub further includes a catalog subcomponent for storing detailed vendor-related data and a transaction coordinator software subcomponent for coordinating transactions between the selling vendors and the shipping vendors.

Claims

1. A system for coordinating business transactions between selling vendors and shipping vendors, comprising a transaction coordination hub in communication with said selling vendor and said shipping vendor, said transaction coordination hub further comprising:

(a) a catalog subcomponent for storing detailed vendor-related data, said catalog subcomponent further comprising a plurality of vendor catalog databases, at least one master catalog database, and a mapping engine for mapping information in said vendor catalogs to said master catalog; and

(b) a transaction coordinator software subcomponent for coordinating transactions between said selling vendors and said shipping vendors, said transaction coordinator further comprising an optimal deal finding software module for analyzing data in said catalog subcomponent and pairing certain of said shipping vendors with certain of said selling vendors to execute business transactions.

2. The system of claim 1, further comprising an electronic device for allowing a consumer to access a selling vendor'"'"'s website.

3. The system of claim 1, further comprising at least one server connected to said selling vendor'"'"'s website for receiving purchase-related information from said consumer and sending and receiving information to and from said system.

4. The system of claim 1, further comprising at least one server connected to said shipping vendor'"'"'s business network for receiving and sending communications from and to said system.

5. The system of claim 1, further comprising at least one server connected to a shipping company'"'"'s business network for processing shipping inquiries received from said transaction coordination hub.

6. The system of claim 5, wherein said transaction coordinator software component further comprises a shipping manager software module for communicating with said at least one server connected to said shipping company'"'"'s business network.

7. The system of claim 1, wherein said transaction coordinator software component further comprises a vendor order manager software module for allowing said selling and shipping vendors to communicate with said transaction coordination software subcomponent.

8. The system of claim 1, wherein said transaction coordinator software component further comprises a vendor catalog manager software module for allowing said selling and shipping vendors to communicate with said catalog subcomponent and make changes to said vendor catalogs.

9. The system of claim 1, wherein said transaction coordinator software component further comprises a vendor rating manager software module for storing performance-based data regarding the performance of each of said shipping vendors and ranking and certifying said shipping vendors according to said data.

10. The system of claim 9, wherein said vendor rating managing software module forms the basis for said transaction coordination hub to issue endorsements or certifications concerning certain of said shipping and selling vendors.

11. The system of claim 1, wherein said transaction coordinator software component further comprises a payment manager software module for tracking payments made to said transaction coordination hub by said selling vendors, making payments to said shipping vendors and shipping companies, and charging and collecting all commissions earned by said transaction coordination hub.

12. The system of claim 1, wherein said transaction coordinator software component further comprises a notification alert manager software module for broadcasting information to said selling vendors and said shipping vendors.

13. The system of claim 1, wherein said transaction coordinator software component further comprises an auction manager software module for managing transaction auctions administered by said transaction coordination hub.

14. The system of claim 1, wherein said transaction coordinator subcomponent further comprises a shipping manager software module, a vendor order manager software module, a vendor catalog manager software module, a vendor rating manager software module, a payment manager software module, a notification alert manager software module, and an auction manager software module.

15. A system for coordinating business transactions between selling vendors and shipping vendors, comprising a transaction coordination hub in communication with said selling vendor and said shipping vendor, said transaction coordination hub further comprising:

(a) a catalog subcomponent for storing detailed vendor-related data, said catalog subcomponent further comprising a plurality of vendor catalog databases, at least one master catalog database, and a mapping engine for mapping information in said vendor catalogs to said master catalog; and

(b) a transaction coordinator software subcomponent for coordinating transactions between said selling vendors and said shipping vendors, said transaction coordinator further comprising;

an optimal deal finding software module, a shipping manager software module, a vendor order manager software module, a vendor catalog manager software module, a vendor rating manager software module, a payment manager software module, a notification alert manager software module, and a auction manager software module.

16. A method for optimizing a business transaction between a selling vendor and a shipping vendor, the method comprising the steps of:

(a) initiating a query to a transaction coordination hub in response to a consumer purchase originating with said selling vendor, said transaction coordination hub further comprising;

(i) a catalog subcomponent for storing detailed vendor-related data, said catalog subcomponent further comprising a plurality of vendor catalog databases, at least one master catalog database, and a mapping engine for mapping information in said vendor catalogs to said master catalog; and

(ii) a transaction coordinator software subcomponent for coordinating transactions between said selling vendors and said shipping vendors, said transaction coordinator further comprising;

an optimal deal finding software module, a shipping manager software module, a vendor order manager software module, a vendor catalog manager software module, a vendor rating manager software module, a payment manager software module, a notification alert manager software module, and an auction manager software module; and

(b) routing said query to and optimal deal finding software module within said transaction coordinator software component;

(c) utilizing said optimal deal finding module to accesses a vendor catalog specific to said selling vendor;

(d) utilizing said vendor catalog to access said master catalog to gather information about said shipping vendors;

(e) utilizing said optimal deal finding module to query said shipping managing module to gather shipping-related information from said shipping company;

(f) utilizing said optimal deal finding module to query the other software modules present in transaction coordinator subcomponent to gather and processes other vendor information; and

(g) identifying an optimal shipping vendor for said selling vendor based on said optimal deal finding module'"'"'s query of said catalog subcomponent and the software modules located in said transaction coordinator subcomponent.

17. The method of claim 16, wherein said optimal deal finding module'"'"'s query of the other software modules present in said transaction coordinator subcomponent includes analysis and comparison of the product purchase price, the hub buying price, the hub selling price, the actual shipping cost, sales tax, delivery time, commission, available inventory, vendor ratings, insurance premiums, or any combination thereof.

18. A method for coordinating a business transaction between a selling vendor and a shipping vendor, the method comprising the steps of:

(a) presenting the shipping vendors selected by a transaction coordination hub to said selling vendor, said transaction coordination hub further comprising;

(i) a catalog subcomponent for storing detailed vendor-related data, said catalog subcomponent further comprising a plurality of vendor catalog databases, at least one master catalog database, and a mapping engine for mapping information in said vendor catalogs to said master catalog; and

(ii) a transaction coordinator software subcomponent for coordinating transactions between said selling vendors and said shipping vendors, said transaction coordinator further comprising an optimal deal finding software module for analyzing data in said catalog subcomponent and pairing certain of said shipping vendors with certain of said selling vendors to execute business transactions; and

(b) approving, manually or automatically, at least one of said shipping vendors based on input of selling vendor;

(c) accepting the offer of the transaction based on the input of the shipping vendor;

(d) collecting payment, including commission from said selling vendor utilizing said payment managing software module;

(e) paying said shipping vendor utilizing said payment management module;

(f) paying said shipping company and scheduling a time for product retrieval by said shipping company, utilizing said payment management module and said shipping managing module; and

(g) tracking the delivery of said product until it is delivered to said consumer.

19. A method for coordinating a business transaction between a selling vendor and a shipping vendor involving the return of an item purchased by a customer by means of a transaction coordination hub, said hub comprising a catalog subcomponent for storing detailed vendor-related data and a transaction coordinator software subcomponent for coordinating transactions between said selling vendors and said shipping vendors, said method comprising the steps of:

(a) receiving a return merchandise authorization at said hub;

(b) notifying selling vendor about said return merchandise authorization;

(c) receiving approval or denial of said return merchandise authorization from said selling vendor;

(d) generating a return merchandise authorization and sending said return merchandise authorization to said customer for attachment to said item;

(e) transferring said item to said shipping vendor;

(f) determining the dollar amounts due to said selling vendor and said shipping vendor based on the condition of said item; and

(g) crediting said selling vendor or said shipping vendor based on the determination made in step (f).