SYSTEMS AND METHODS FOR FACILITATING COMMERCIAL TRANSACTIONS BETWEEN PARTIES RESIDING AT REMOTE LOCATIONS
First Claim
1. A method of facilitating commercial transactions, said method comprising the steps of:
- receiving, at said transaction mechanism, a request to debit said first financial account to effectuate a purchase transaction between said first party and a second party;
receiving, at said transaction mechanism, transaction information relating to said purchase transaction between said first party and said second party;
comparing, at said transaction mechanism, said transaction information with previous transaction information to determine whether said request to debit said first financial account is fraudulent;
determining, at said transaction mechanism, whether said purchase transaction is acceptable by performing at least one of a credit risk analysis and a fraud risk analysis;
debiting, at said transaction mechanism, funds from said first financial account in the amount of a sales price of said item when said request to debit said first financial account is not fraudulent; and
, disbursing, at said transaction mechanism, said funds to a second financial account associated with said second party, wherein said funds are credited to said second financial account.
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Accused Products
Abstract
The present invention provides a system and method for facilitating commercial transactions involving the exchange of monetary value for goods, services, or other value between remote individuals, as in the case of transactions between users of a distributed computer network such as the Internet. Remote individuals are provided with a convenient, cost-efficient, and secure means for engaging in commercial transactions with one another. The invention provides remote sellers with an irrevocable means of receiving funds from a remote purchaser; means for improving purchaser willingness to transact with an unknown party; transaction tracking; and rapid funds availability. The invention also provides remote purchasers with means for making a secure, confidential transfer of funds; means for immediate initiation of shipment by a seller; means for releasing funds to a seller only after approval of the goods, services, or other value; means for demonstrating proof of payment; and means for having some level of recourse against a remote seller.
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Citations
20 Claims
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1. A method of facilitating commercial transactions, said method comprising the steps of:
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receiving, at said transaction mechanism, a request to debit said first financial account to effectuate a purchase transaction between said first party and a second party;
receiving, at said transaction mechanism, transaction information relating to said purchase transaction between said first party and said second party;
comparing, at said transaction mechanism, said transaction information with previous transaction information to determine whether said request to debit said first financial account is fraudulent;
determining, at said transaction mechanism, whether said purchase transaction is acceptable by performing at least one of a credit risk analysis and a fraud risk analysis;
debiting, at said transaction mechanism, funds from said first financial account in the amount of a sales price of said item when said request to debit said first financial account is not fraudulent; and
,disbursing, at said transaction mechanism, said funds to a second financial account associated with said second party, wherein said funds are credited to said second financial account. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17)
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18. A system for transferring financial tender from a first financial account associated with a first party to a second financial account associated with a second party, comprising:
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a transaction mechanism configured to communicate with said first party, said second party, said first financial account and said second financial account and to receive registration information from said first party and said second party, said registration information including a financial account identifier to identify said first financial account and said second financial account; and
,in response to a purchase request for an item from at least one of said first party and said second party, said transaction mechanism is configured to perform at least one of a credit risk analysis and a fraud risk analysis to determine a potential risk associated with said transaction, and debit funds from said first financial account when said potential risk is acceptable and disburse said funds to said second financial account, wherein said purchase request includes transaction information relating to a transfer of funds between said first party and said second party, and wherein said transaction mechanism authenticates at least one of said first party and said second party based upon said transaction information. - View Dependent Claims (19)
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20. A computer-readable storage medium encoded with processing instructions for implementing a method performed by a transaction mechanism for transferring financial tender from a financial account associated with a first party to a financial account associated with a second party, said processing instructions directing a computer to perform the steps of:
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receiving, at said transaction mechanism, a request to debit said first financial account to effectuate a purchase transaction between said first party and a second party;
receiving, at said transaction mechanism, transaction information relating to said purchase transaction between said first party and said second party;
comparing, at said transaction mechanism, said transaction information with previous transaction information to determine whether said request to debit said first financial account is fraudulent;
determining, at said transaction mechanism, whether said purchase transaction is acceptable by performing at least one of a credit risk analysis and a fraud risk analysis;
debiting, at said transaction mechanism, funds from said first financial account in the amount of a sales price of said item when said request to debit said first financial account is not fraudulent;
disbursing, at said transaction mechanism, said funds to a second financial account associated with said second party, wherein said funds are credited to said second financial account.
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Specification