Systems and methods to process online monetary payments dependent on conditional triggers involving future events

• US 20130041773A1
• Filed: 08/11/2012
• Published: 02/14/2013
• Est. Priority Date: 08/12/2011
• Status: Abandoned Application

• Current Assignee: Randall Frank Muse
• Original Assignee: Randall Frank Muse
• Inventors: Muse, Randall Frank
• Application Number:
  US13/572,636
• Publication Number:
  US 20130041773A1
• Time in Patent Office: Days
• US Class Current: 705/26.3
• CPC Class Codes: G06Q 20/085 involving remote charge determination or related payment systems
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/12 specially adapted for electronic shopping systems
• CPC Class Codes: G06Q 20/28 Pre-payment schemes, e.g. "pay before"
• CPC Class Codes: G06Q 20/405 Establishing or using transaction specific rules
• CPC Class Codes: G06Q 30/06 Buying, selling or leasing transactions
• CPC Class Codes: G06Q 30/08 Auctions

Abstract

The present invention is a system to process online monetary payments between end-users whose payments are dependent on conditional triggers involving future events, such as winning bids/offers in an auction or a trading exchange. In the system, bids and offers are backed by actual funds which are held in reserve, enabling instantaneous payments upon the close of an event. The system contains methods to be included in online auction and trading exchange software applications. These methods would allow end-users of online auctions and trading exchanges to send and receive payments directly to one another.

Claims

1. A system to process online monetary payments between end-users, which is comprised of software that which communicates between an end-user(s) and a transaction server;

the communication being directly between an end-user and one or more other end-users;

said payments of one or more end-users, to first consist of bids/offers in an auction or trading exchange;

said bids or offers to be backed by actual funds, held in reserve;

said bids/offers to involve conditional triggers on future events, such as winning bids/offers in an auction or a trading exchange;

said bids/offers to be authorized as payment only upon finalization of an event, and determination of highest or winning bid/offer.

2. The system recited in claim 1, wherein the software interacts with person-to-person online payment processors, either as a plug-in software module or stand-alone software application.

3. The system recited in claim 1, wherein the software interacts with automated clearing house online payment processors, either as a plug-in software module or stand-alone software application.

4. The system recited in claim 1, wherein the software interacts with e-currency online payment processors, either as a plug-in software module or stand-alone software application.

5. A system, to be comprised of software, that which facilitates an online auction using a bidding process;

said bidding process is linked with online payment processors, so that bids or offers are backed by actual funds, held in reserve;

said bids/offers to be authorized as payment only upon finalization of an auction, and determination of highest or winning bid/offer.

6. The system recited in claim 5, wherein the software interacts with online auctions, either as a plug-in software module or stand-alone software application.

7. A system, to be comprised of software, that which facilitates an online foreign exchange trading station or sporting exchange using a bid/offer process;

said bid/offer process is linked with online payment processors, so that bids/offers are backed by actual funds, held in reserve;

said bids/offers to be authorized as payment only upon a bid price matching an offer price.

8. The system recited in claim 7, wherein the software interacts with online foreign exchange trading stations and sporting exchanges, either as a plug-in software module or stand-alone software application.