Online transaction hosting apparatus and method
First Claim
1. An apparatus for coordinating data exchanged in a product sale transaction, the apparatus comprising:
- a network comprising operably connected computers having communication lines therebetween for carrying data;
a server, corresponding to a host and operably connected to the network to host data corresponding to online transactions, a plurality of buyer computers each corresponding to a buyer having a buyer identifier;
a plurality of seller computers each corresponding to a seller having a seller identifier;
each buyer computer of the plurality of buyer computers further programmed to communicate to the server purchase requests, each comprising a product identifier, a price, funding information, and a buyer identifier;
each seller computer of the plurality of seller computers further programmed to communicate to the server product records, each comprising a product identifier, a price, and a seller identifier;
the server further programmed to identify a matched purchase request and a matched product record, selected from the plurality of purchase requests and plurality of product records based on a matching criterion;
the server further programmed to transmit a notification to a matched buyer computer corresponding to the buyer identifier of the matched purchase request;
the matched buyer computer further programmed to transmit to the server a notification evidencing transfer of a purchase price from the buyer associated with the matched buyer computer to the host;
the server further programmed to transmit to a matched seller computer, corresponding to the seller identifier of the matched product record, a notice of transfer of funds;
the server further programmed to record a buyer status indicating at least one of transmission of an acceptance from the matched buyer computer to the server, transmission of a rejection from the matched buyer computer to the server, and expiration of a waiting period in which no rejection or acceptance has been transmitted from the matched buyer computer to the server;
the server further programmed to create a record indicating that a portion of the purchase price is owed by the host to the seller corresponding to the matched seller computer when a buyer status indicates at least one of a transmission of an acceptance and the expiration of a waiting period.
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Abstract
An invention is disclosed relating to an apparatus and method for hosting transactions over a network such as the Internet. Sellers post offers to sell under a listing belonging to an organized database of listings. Likewise, buyers post offers to buy. A matching module selects offers to sell and matches them to offers to buy based on a predefined criteria. Before posting offers to sell or buy, buyers and sellers may be presented with data concerning the market for the product that is the subject of the offer. A sale is consummated between the buyer and seller of the matched offer to buy and offer to sell. Consummation may include assessing the risk of fraud posed by the matched buyer and matched seller. Fees may be charged to the matched buyer, the matched seller, or both as insurance against fraud. Payment may be made by the buyer directly to the seller or to a host hosting the apparatus and method for conducting the transaction. Payment is forwarded to the seller by the host upon confirmation by the buyer that a product has been received in good order. An automated, or partially automated, dispute resolution process may resolve disputed transactions.
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Citations
24 Claims
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1. An apparatus for coordinating data exchanged in a product sale transaction, the apparatus comprising:
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a network comprising operably connected computers having communication lines therebetween for carrying data;
a server, corresponding to a host and operably connected to the network to host data corresponding to online transactions, a plurality of buyer computers each corresponding to a buyer having a buyer identifier;
a plurality of seller computers each corresponding to a seller having a seller identifier;
each buyer computer of the plurality of buyer computers further programmed to communicate to the server purchase requests, each comprising a product identifier, a price, funding information, and a buyer identifier;
each seller computer of the plurality of seller computers further programmed to communicate to the server product records, each comprising a product identifier, a price, and a seller identifier;
the server further programmed to identify a matched purchase request and a matched product record, selected from the plurality of purchase requests and plurality of product records based on a matching criterion;
the server further programmed to transmit a notification to a matched buyer computer corresponding to the buyer identifier of the matched purchase request;
the matched buyer computer further programmed to transmit to the server a notification evidencing transfer of a purchase price from the buyer associated with the matched buyer computer to the host;
the server further programmed to transmit to a matched seller computer, corresponding to the seller identifier of the matched product record, a notice of transfer of funds;
the server further programmed to record a buyer status indicating at least one of transmission of an acceptance from the matched buyer computer to the server, transmission of a rejection from the matched buyer computer to the server, and expiration of a waiting period in which no rejection or acceptance has been transmitted from the matched buyer computer to the server;
the server further programmed to create a record indicating that a portion of the purchase price is owed by the host to the seller corresponding to the matched seller computer when a buyer status indicates at least one of a transmission of an acceptance and the expiration of a waiting period. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11)
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12. An article of manufacture comprising a computer readable medium containing data structures comprising operational and executable data, the data structures comprising:
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a server module for serving over a network transactional data;
buyer modules, each configured to be hosted on a buyer computer and comprising a buyer identifier;
seller modules, each configured to be hosted on a seller computer and comprising a seller identifier;
a market history module configured to store market histories, each corresponding to prior sales of a consumer product, and to transmit at least one market history from the server to buyer computers;
a display module to display at least one market history on the buyer computer;
a purchase request module to transmit from a buyer module to the server module a plurality of purchase requests, each including a product identifier, a price, funding information, and a buyer identifier;
the server further configured to create and manage product records each storing a product identifier, a price, and a seller identifier;
a transaction module configured to consummate an electronic transaction between at least one of the buyer computers and at least one of the seller computers, defining a sale price; and
providing the sale price to the market history module. - View Dependent Claims (13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24)
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Specification