ESCROW PAYMENT TO FACILIATE ON-LINE TRANSACTIONS
First Claim
1. A method of facilitating an on-line transaction, comprising:
- receiving a secret from a seller;
receiving a request from a potential buyer to transfer funds from a funding account to an on-line holding account, wherein the funds are at least a partial payment for on-line goods or services;
transferring the funds to the holding account;
receiving a request from the potential buyer to release the funds to a user account if the on-line transaction is to be completed;
transferring the funds from the holding account to the user account; and
transmitting a confirmation comprising the secret to the seller when the funds are transferred to an account of the seller.
2 Assignments
0 Petitions
Accused Products
Abstract
A system and method enables sellers to define a secret shared with an on-line payment provider when listing an item or service for purchase. Consumers deposit funds into an on-line escrow or holding account before committing to a financial on-line transaction or purchase. Once an item is located, the consumer may contact the seller for additional information. By placing funds in escrow, the seller may be more willing to spend the time and effort to deal with the consumer. The consumer, in turn, receives more information to make a purchasing decision. If the transaction is to he completed, the consumer instructs the payment provider maintaining the escrow account to release the funds to the seller'"'"'s account. The seller is notified by the payment provider, where the notification includes the secret. This enables the seller to authenticate the confirmation message.
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Citations
28 Claims
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1. A method of facilitating an on-line transaction, comprising:
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receiving a secret from a seller; receiving a request from a potential buyer to transfer funds from a funding account to an on-line holding account, wherein the funds are at least a partial payment for on-line goods or services; transferring the funds to the holding account; receiving a request from the potential buyer to release the funds to a user account if the on-line transaction is to be completed; transferring the funds from the holding account to the user account; and transmitting a confirmation comprising the secret to the seller when the funds are transferred to an account of the seller. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 18)
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14. A method of facilitating an on-line transaction, comprising;
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listing for sale a good or service on an on-line site; defining a secret associated with the good or service; receiving a notification that funds from an escrow account of an on-line payment provider have been transferred to a seller'"'"'s account, wherein the notification comprises the secret; and providing the good or service to a buyer after the notification. - View Dependent Claims (15, 16, 17)
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19. A computer-readable medium containing instructions that cause a service provider facilitating financial transactions over a network to perform a method comprising:
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receiving a secret from a seller; receiving a request from a potential buyer to transfer funds from a funding account to an on-line holding account, wherein the funds are at least a partial payment for on-line goods or services; transferring the funds to the holding account; receiving a request from the potential buyer to release the funds to a user account if the on-line transaction is to be completed; transferring the funds from the holding account to the user account; and transmitting a confirmation comprising the secret to the seller when the funds are transferred to an account of the seller. - View Dependent Claims (20, 21, 22, 23, 24)
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25. A computer-readable medium containing instructions that cause a service provider facilitating financial transactions over a network to perform a method comprising:
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listing for sale a good or service on an on-line site; defining a secret associated with the good or service; receiving a notification that funds from an escrow account of an on-line payment, provider have been transferred to a seller'"'"'s account, wherein the notification comprises the secret; and providing the good or service to a buyer after the notification. - View Dependent Claims (26, 27, 28)
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Specification