Method and system for conducting barter transactions

• US 20080103986A1
• Filed: 10/26/2007
• Published: 05/01/2008
• Est. Priority Date: 10/27/2006
• Status: Active Grant

• Current Assignee: JPM Global, Inc.
• Original Assignee: JPM Global, Inc.
• Inventors: Bocheck, Paul
• Granted Patent: US 7,925,541 B2
• Time in Patent Office: Days
• US Class Current: 705/80
• 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 30/0611 Request for offers or quotes
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange
• CPC Class Codes: G06Q 50/188 Electronic negotiation

Abstract

Method and system for bartering between trade parties each having one or more items available for barter, via a communications network. Items available for trade are listed and the parties can browse and search the lists to locate items they want to acquire and items they have available to trade. Each party can make an offer to trade with another party subject to various conditions and requirements relating to, for example, a requirement to maintain an item offered for trade available for a certain period of time.

Claims

1. A method for conducting barter transactions between parties, comprising:

maintaining a list of descriptions of first items available for trade in a current database along with an indication of second items sought to be acquired therefor;

enabling each party to access the current database to browse and search the descriptions using a communications network;

enabling each party to indicate availability of at least one second item sought to be acquired in exchange for at least one first item and then notifying the party having the at least one first item available for trade to thereby create an acceptance of a barter offer between a first party having the at least one first item available for trade and a second party having the at least one second item available for trade and which involves exchange of the at least one first item for the at least one second item;

requiring the second party to keep the at least one second item available without entering into other barter offers until the first party responds to the acceptance by confirming or rejecting the trade or does not respond to the acceptance;

if the first party confirms the trade, notifying the second party of the completion of the barter offer; and

if the first party rejects the trade or does not respond to the acceptance, allowing the second party to enter into other barter offers for the at least one second item.

2. The method of claim 1, wherein the step of enabling each party to indicate availability of at least one second item sought to be acquired in exchange for the at least one first item comprises enabling the party to select a description of the at least one first item and associate it with a description of the at least one second item obtained from a preexisting list of available items or a new description.

3. The method of claim 1, further comprising:

setting a deadline for the first party to respond to the acceptance of the barter offer; and

requiring the second party to keep the at least one second item available for the duration of the deadline without entering into other barter offers.

4. The method of claim 3, further comprising:

enabling a third party seeking to obtain the at least one second item to generate a pre-reserve request for the at least one second item while the second party is being required to keep the at least one second item available for the duration of the deadline; and

notifying the second party of the availability by the third party of one or more items for trade for the at least one second item only after the first party rejects the acceptance offer or does not respond to the acceptance within the response deadline to thereby enable the second and third parties to enter into a barter trade.

5. The method of claim 4, further comprising refraining from notifying the second party of a pre-reserve request.

6. The method of claim 4, further comprising enabling the third party to cancel the pre-reserve request at any time prior to notification of the second party of the availability by the third party of the at least one second item for trade.

7. The method of claim 2, further comprising:

enabling a third party seeking to obtain the at least one second item to generate a reserve request for the at least one second item while the second party is being required to keep the at least one second item available for the duration of the deadline;

queuing reserve requests for the at least one second item based on time of generation; and

notifying the second party of the next reserve request in a queue for the at least one second item only after the first party rejects the acceptance offer or does not respond to the acceptance within the response deadline to thereby enable the second party to enter into a new barter trade for the at least one second item.

8. The method of claim 7, further comprising refraining from notifying the second party of a queued reserve request.

9. The method of claim 7, further comprising enabling the third party to cancel a queued reserve request at any time prior to notification of the second party of the queued reserve request.

10. The method of claim 1, further comprising:

enabling the first party to agree to be immediately bound to a barter trade once the second party indicates availability of the at least one second item and a desire to trade; and

when the first party agrees to be immediately bound to a barter trade once the second party indicates availability of the at least one second item, requiring the first party to keep the at least one first item available for trade for a predetermined period of time.

11. The method of claim 1, further comprising:

providing a server containing the current database; and

enabling access to the database of the server from at least one terminal via the communications network.

12. The method of claim 1, further comprising arranging for secure shipment of the at least one first item and the at least one second item upon completion of the barter offer.

20. The method of claim 11, further comprising arranging for secure shipment of the at least one first item and the at least one second item upon creation of a complete barter offer.

13. A method for conducting barter transactions between parties, comprising:

enabling parties to list descriptions of first items available for trade in a database without an indication of second items sought to be acquired therefor;

requiring a party providing a description of a first item available for trade to keep the item available for trade for a first predetermined period of time;

enabling parties to view the descriptions of the first items using a communications network to access the database, and provide a description of one or more second items they are willing to trade for each first item; and

notifying the party listing each first item of the potential trade offers and enabling the party to accept a potential trade offer to create a complete barter offer or reject a potential trade offer within a second predetermined period of time after the expiration of the first predetermined period of time.

14. The method of claim 13, further comprising enabling all parties to view offers of the one or more second items for each first item during the predetermined first period of time.

15. The method of claim 13, further comprising:

enabling the party listing each first item to pre-select an offer of one or more second items prior to expiration of the first predetermined period of time; and

completing a trade based on the pre-selected offer during the second predetermined period of time.

16. The method of claim 13, further comprising:

enabling the party listing each first item to indicate an intent to accept an offer of one or more second items prior to expiration of the first predetermined period of time; and

enabling the party listing each first item to alter their intent to accept an offer during the first and second predetermined periods of time.

17. The method of claim 16, further comprising extending the second predetermined period of time when the party listing each first item alters their intent to accept an offer during the second predetermined period of time.

18. The method of claim 16, further comprising enabling the party listing each first item to receive offers of one or more second items during the second predetermined period of time only if they indicated an intent to accept an offer of one or more second items prior to expiration of the first predetermined period of time.

19. The method of claim 13, further comprising:

providing a server containing the database; and

enabling access to the database of the server from at least one terminal via the communications network.

21. A method for creating trade offers involving exchange of items between multiple parties using a shared communications network, comprising:

enabling each party to create a first list of items they have available to trade and a second list of items they seek to acquire using the communications network;

analyzing each party'"'"'s first and second lists to determine the possibility of a trade between two or more parties; and

for each possible trade, notifying the parties involved in the trade of the item from their first and second lists to be traded and enabling each party to confirm or reject the trade.

22. The method of claim 21, wherein the step of enabling each party to create the first and second lists comprises maintaining a list of descriptions of items available for trade in a current database and enabling each party to access the database to browse and search the descriptions using the communications network.