Web-based account management for hold and release of funds
First Claim
1. A method of qualifying a bidder via a computer system over a global network for an auction, the method comprising:
- (a) establishing a bidder funding account by depositing funds in the bidder funding account;
(b) the computer system reserving a portion of the deposited funds in the bidder funding account according to a bid submitted by the bidder to participate in the auction; and
(c) the computer system releasing the reserved portion of the bidder funding account during the auction if the bid is not a high bid, wherein if after step (c), the bidder submits a new bid, the method further comprises repeating step (b).
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Accused Products
Abstract
A system and method for qualifying a bidder over a global network for an auction helps to significantly reduce or eliminate commerce fraud. An auction site, for example, enlists the system to maintain bidder funding accounts for prospective bidders. When a bid is placed, the funds are reserved in the bidder'"'"'s bidder funding account including funds for a deposit if required. In the event that a bidder is not the high bidder, the reserved funds are released. At completion of the auction, the funds may be transferred from the winning bidder'"'"'s bidder funding account to the seller, and the bid holds are released. A balance in the bidder funding account can be established according to funds deposited in the account in an interest-bearing account or via a line of credit issued from a bank card issuing company or the like.
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Citations
17 Claims
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1. A method of qualifying a bidder via a computer system over a global network for an auction, the method comprising:
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(a) establishing a bidder funding account by depositing funds in the bidder funding account; (b) the computer system reserving a portion of the deposited funds in the bidder funding account according to a bid submitted by the bidder to participate in the auction; and (c) the computer system releasing the reserved portion of the bidder funding account during the auction if the bid is not a high bid, wherein if after step (c), the bidder submits a new bid, the method further comprises repeating step (b). - View Dependent Claims (2, 3, 4, 5, 6, 7, 8)
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9. A method of qualifying a bidder via a computer system over a global network for an auction, the method comprising:
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(a) determining whether a deposit is required to participate in the auction, and if so, determining an amount of the deposit; (b) receiving a bid inquiry over the global network from the bidder and determining whether the bidder has established a bidder funding account, wherein (b1) if the bidder has not established the bidder funding account, enabling the bidder to establish the bidder funding account, and (b2) if the bidder has established the bidder funding account, the computer system accessing the bidder'"'"'s bidder funding account; and (c) the computer system qualifying the bidder according to a balance in the bidder funding account by (c1) reserving a portion of the balance based on the bid inquiry, (c2) releasing the reserved portion during the auction if the bid inquiry is not a high bid, and (c3) repeating step (c) if after step (c2) the bidder submits a new bid inquiry. - View Dependent Claims (10, 11, 12, 13, 14)
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15. A computer system for effecting qualifying of a bidder in an auction, the computer system comprising:
- at least one user computer running a computer program that requests information according to a bid inquiry input by a bidder; and
a system server running a server program, the at least one user computer and the system server being interconnected by a computer network, the system server determining whether the bidder has established a bidder funding account, wherein (1) if the bidder has not established the bidder funding account, the system server sending information to enable the bidder to establish the bidder funding account, and (2) if the bidder has established the bidder funding account, the system server accessing the bidder'"'"'s bidder funding account and qualifying the bidder according to a balance in the bidder funding account by (i) reserving a portion of the balance based on the bid inquiry, (ii) releasing the reserved portion during the auction if the bid inquiry is not a high bid, and (iii) repeating qualifying the bidder if after (ii) the bidder submits a new bid inquiry.
- at least one user computer running a computer program that requests information according to a bid inquiry input by a bidder; and
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16. A computer program embodied on a computer-readable medium for qualifying a bidder over a global network for an auction, the computer program comprising:
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means for establishing a bidder funding account by depositing funds in the bidder funding account; means for reserving a portion of the deposited funds in the bidder funding account according to a bid submitted by the bidder; and means for releasing the reserved portion of the bidder funding account during the auction if the bid is not a high bid, wherein if the bidder submits a new bid, the reserving means re-reserving a portion of the bidder funding account according to the new bid.
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17. A computer program embodied on a computer-readable medium for qualifying a bidder over a global network for an auction, the computer program comprising:
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means for determining whether a deposit is required to participate in the auction, and if so, for determining an amount of the deposit; means for receiving a bid inquiry from the bidder and for determining whether the bidder has established a bidder funding account, wherein (1) if the bidder has not established the bidder funding account, the program comprising means for enabling the bidder to establish the bidder funding account, and (2) if the bidder has established the bidder funding account, the program comprising means for accessing the bidder'"'"'s bidder funding account; and means for qualifying the bidder according to a balance in the bidder funding account by (i) reserving a portion of the balance based on the bid inquiry, (ii) releasing the reserved portion during the auction if the bid inquiry is not a high bid, and (iii) repeating qualifying the bidder if after (ii) the bidder submits a new bid inquiry.
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Specification