Escrow management structure

• US 20080071641A1
• Filed: 11/19/2007
• Published: 03/20/2008
• Est. Priority Date: 04/17/2000
• Status: Abandoned Application

• Current Assignee: Unicache.com Incorporated
• Original Assignee: Unicache.com Incorporated
• Inventors: Olson, A.
• Application Number:
  US11/985,900
• Publication Number:
  US 20080071641A1
• Time in Patent Office: Days
• US Class Current: 705/26
• CPC Class Codes: G06Q 20/04 Payment circuits
• CPC Class Codes: G06Q 20/12 specially adapted for electronic shopping systems
• CPC Class Codes: G06Q 30/0209 Incentive being awarded or redeemed in connection with the playing of a video game
• CPC Class Codes: G06Q 30/0215 Including financial accounts
• CPC Class Codes: G06Q 30/0219 based on funds or budget
• CPC Class Codes: G06Q 30/06 Buying, selling or leasing transactions
• CPC Class Codes: G06Q 30/0601 Electronic shopping [e-shopping]
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes

Abstract

A method of allowing a customer to purchase a product having a purchase price from a merchant through an electronic transaction. The method comprising the step of establishing a deposit account on behalf of the customer with an escrow account provider. Next, funds are transferred into the deposit account. The customer will then place an order with the merchant. The balance of the deposit account will be verified to confirm that the balance is at least equal to the purchase price of the product. Next, the merchant will be notified that the balance in the deposit account is at least equal to the purchase price such that the merchant will deliver the product to the customer. Finally, the purchase price of the product will be transferred from the deposit account to the merchant by the escrow account provider upon confirmation of delivery of the product to the customer.

Claims

1. A method of allowing a customer to purchase a product having a purchase price from a merchant through an electronic transaction, the method comprising the steps of:

a) establishing a deposit account on behalf of the customer with an escrow account provider;

b) transferring funds into the deposit account;

c) placing an order with the merchant;

d) verifying that the deposit account has a balance which is at least equal to the purchase price;

e) notifying the merchant that the balance in the deposit account is at least equal to the purchase price;

f) delivering the product to the customer; and

g) transferring the purchase price of the product from the deposit account to the merchant upon confirmation of delivery of the product to the customer.

2-24. -24. (canceled)