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Web-based account management for hold and release of funds

  • US 7,165,047 B2
  • Filed: 04/16/2003
  • Issued: 01/16/2007
  • Est. Priority Date: 05/10/1999
  • Status: Expired due to Term
First Claim
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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:

  • (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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