FINANCIAL INTERMEDIARY FOR ELECTRONIC COMMERCE
First Claim
1. A non-transitory computer-readable medium embodying a program executable in at least one computing device, comprising:
- code that receives a request from a third-party application to conduct a financial transaction via an escrow intermediary application, the financial transaction corresponding to an electronic transaction conducted in the third-party application, the request comprising at least a type of at least one of a plurality of items being purchased in the electronic transaction;
code that determines whether a buyer and a seller of an item in the electronic transaction conducted in the third-party application are registered in an electronic database;
if the buyer and the seller are registered in the electronic database, the program further comprising;
code that determines a plurality of terms of the financial transaction based at least in part on the type of the at least one of the plurality of items being purchased in the electronic transaction;
code that communicates the terms of the financial transaction to the third-party intermediary;
code that transfers at least a percentage of purchase money to an escrow account associated with the financial transaction, the escrow account independent of the escrow intermediary application;
code that facilitates a verification of delivery of the purchase item and conformance of the purchase item associated with the financial transaction;
code that facilitates a release of the purchase money in the escrow account to the seller by the third-party intermediary minus a transaction fee;
code that generates an encrypted log comprising information associated with the financial transaction to be stored in memory; and
code that communicates the information associated with the financial transaction to the third-party application.
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Accused Products
Abstract
Disclosed are various embodiments for an electronic escrow intermediary application that permits a buyer and seller to conduct a digital escrow transaction involving a third-party intermediary. An electronic transaction can occur through a third-party electronic commerce application or through the escrow intermediary application itself. Registration of a buyer and a seller is verified and either party is permitted to choose a registered third-party intermediary. After a purchase is made by a buyer, the terms and regulations associated with the transaction are transmitted to the third-party intermediary. The purchase money is placed in an escrow account until verification has been received by the third-party intermediary that the item has been delivered, complies with government regulations, and is, in fact, what the seller represents. Upon verification, the purchase money is distributed according to the terms of the transaction to the seller and to the third-party intermediary.
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Citations
20 Claims
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1. A non-transitory computer-readable medium embodying a program executable in at least one computing device, comprising:
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code that receives a request from a third-party application to conduct a financial transaction via an escrow intermediary application, the financial transaction corresponding to an electronic transaction conducted in the third-party application, the request comprising at least a type of at least one of a plurality of items being purchased in the electronic transaction; code that determines whether a buyer and a seller of an item in the electronic transaction conducted in the third-party application are registered in an electronic database; if the buyer and the seller are registered in the electronic database, the program further comprising; code that determines a plurality of terms of the financial transaction based at least in part on the type of the at least one of the plurality of items being purchased in the electronic transaction; code that communicates the terms of the financial transaction to the third-party intermediary; code that transfers at least a percentage of purchase money to an escrow account associated with the financial transaction, the escrow account independent of the escrow intermediary application; code that facilitates a verification of delivery of the purchase item and conformance of the purchase item associated with the financial transaction; code that facilitates a release of the purchase money in the escrow account to the seller by the third-party intermediary minus a transaction fee; code that generates an encrypted log comprising information associated with the financial transaction to be stored in memory; and code that communicates the information associated with the financial transaction to the third-party application. - View Dependent Claims (2, 3, 4)
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5. A system, comprising:
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at least one computing device; and an escrow intermediary application executable in the at least one computing device, the escrow intermediary application comprising; logic that receives a request from a third-party application to conduct a financial transaction via an escrow intermediary application, the financial transaction corresponding to an electronic transaction conducted in the third-party application, the request comprising at least a type of at least one of a plurality of items being purchased in the electronic transaction; logic that determines a plurality of terms of the financial transaction based at least in part on the type of the at least one of the plurality of items being purchased in the electronic transaction; logic that communicates the terms of the financial transaction to the third-party intermediary; logic that transfers at least a percentage of purchase money to an escrow account associated with the financial transaction, the escrow account independent of the escrow intermediary application; logic that facilitates a verification of delivery of the purchase item and conformance of the purchase item associated with the financial transaction; and logic that facilitates a release of the purchase money in the escrow account to a seller by the third-party intermediary. - View Dependent Claims (6, 7, 8, 9, 10, 11, 12)
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13. A computer-implemented method, comprising:
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receiving, by a computing device, a request from a third-party application to conduct a financial transaction via an escrow intermediary application, the financial transaction corresponding to an electronic transaction conducted in the third-party application, the request comprising at least a type of at least one of a plurality of items being purchased in the electronic transaction; determining, by the computing device, a plurality of terms of the financial transaction based at least in part on the type of the at least one of the plurality of items being purchased in the electronic transaction; communicating, by the computing device, the terms of the financial transaction to the third-party intermediary; transferring, by the computing device, at least a percentage of purchase money to an escrow account associated with the financial transaction, the escrow account independent of the escrow intermediary application; facilitating, by the computing device, a verification of delivery of the purchase item and conformance of the purchase item associated with the financial transaction; and facilitating, by the computing device, a release of the purchase money in the escrow account to a seller by the third-party intermediary. - View Dependent Claims (14, 15, 16, 17, 18, 19, 20)
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Specification