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INVENTORY-BASED PAYMENT PROCESSING SYSTEM AND APPROACH

  • US 20090192922A1
  • Filed: 01/25/2008
  • Published: 07/30/2009
  • Est. Priority Date: 01/25/2008
  • Status: Active Grant
First Claim
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1. An automated transaction processing system for processing business transactions involving buyers and providers and pertaining to an inventory of items to which merchant offerings in the transactions apply, the system comprising:

  • a data storage arrangement configured and arranged to store buyer-specific profile information and contract data for each buyer, each of the respective contracts being defined as a function of one of the plurality of buyers and a predefined business relationship between the one buyer and at least one provider; and

    a transaction processor arrangement adapted to process transactions involving merchant offerings subject to an inventory according to the stored contract data and profile information, the transaction processor arrangement includingan auditing engine configured and arranged to audit a transaction involving a buyer and at least one provider using transaction data, inventory data corresponding to an inventory to which the transaction applies, and stored contract data for the transaction,a payment processor configured and arranged to process payment for a transaction on behalf of the buyer in response to the auditing function indicating that payment is appropriate for the transaction, anda fee assessment engine configured and arranged to assess a transaction processing fee against at least one of the parties to the transaction for which a payment is processed.

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