Method and system for facilitating financial transactions between consumers over the internet

• US 7,177,836 B1
• Filed: 12/30/1999
• Issued: 02/13/2007
• Est. Priority Date: 12/30/1999
• Status: Expired due to Term

• Current Assignee: First Data Corporation (Fiserv Incorporated), Western Union
• Original Assignee: First Data Corporation (Fiserv Incorporated)
• Inventors: Golub, Matt, Duncan, John, German, Dan A., Tsuei, Henry T., Morea, Dominic John
• Primary Examiner(s): Poinvil; Frantzy
• Application Number:
  US09/476,386
• Time in Patent Office: 2,602 Days
• Field of Search: 705 26- 42
• US Class Current: 705/40
• CPC Class Codes: G06Q 20/027 involving a payment switch or gateway
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/102 Bill distribution or payments
• CPC Class Codes: G06Q 20/40 Authorisation, e.g. identification of payer or payee, verification of customer or shop credentials; Review and approval of payers, e.g. check credit lines or negative lists
• CPC Class Codes: G06Q 30/06 Buying, selling or leasing transactions
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange
• CPC Class Codes: G06Q 40/12 Accounting

Abstract

A method for enabling two individual consumers to complete a transaction that includes payment from one consumer (the payor, or buyer) to another consumer (the payee, or seller). An intermediary typically operates the service over a computer network of nodes, such as the Internet. The buyer has the convenience of paying through a variety of different payment instruments. Likewise, the seller has the convenience of receiving payment through a variety of different disbursement instruments. For a fee, the intermediary collects the payment from the buyer and pays the seller. Although the intermediary may receive payment from the buyer before the intermediary transfers the payment to the seller, the intermediary may choose to pay the seller before receiving payment from the buyer. In this case, the intermediary assumes the risk of nonpayment by the buyer. Alternatively, the intermediary may pay a third party that specializes in processing transactions for the payment instrument chosen by the buyer to assume the risk of nonpayment by the buyer. In this case, the intermediary receives a promise of payment from the third party before the intermediary pays the seller. Such a promise of payment from the third party is referred to as an authorization.

Claims

1. In an online commerce system including a buyer computer operated by a buyer, a seller computer operated by a seller, and a transaction facilitator comprising a network-accessible transaction computer that facilitates commercial transactions between buyers and sellers, a method for effecting a cash payment from the buyer to the seller in connection with an online transaction utilizing a payment enabling system operated by a payment enabler, comprising the computer-implemented steps of:

receiving transaction information from the transaction computer in response to a proposed transaction between the buyer and the seller facilitated by the transaction facilitator, the transaction information including a transaction amount;

communicating information to the buyer computer system for displaying the transaction information and enabling the selection by the buyer of a prearranged cash deposit payment instrument for use in effecting payment in connection with the transaction, the prearranged cash deposit payment instrument issued by a cash deposit payment instrument processor;

receiving cash deposit payment instrument information input by the buyer via the buyer computer, the cash deposit payment instrument information including buyer information;

determining a required deposit amount including at least the transaction amount and corresponding to the amount of cash that the buyer must deposit with the cash deposit payment instrument processor to find the prearranged cash deposit payment instrument;

storing a cash deposit payment instrument registration record in a memory associated with the payment enabling system, the registration record storing the buyer information, the required deposit amount, and a data field indicating whether the required cash deposit has been received by the cash deposit payment instrument processor;

communicating information to the cash deposit payment instrument processor comprising the required deposit amount and buyer information;

in response to receipt of information from the cash deposit payment instrument processor that the required deposit amount has been received at a deposit location registered with the cash deposit payment instrument processor, updating the data field in the registration record indicating that the required deposit amount has been received by the cash deposit payment instrument processor; and

in response to updating of the data field in the registration record indicating that the required deposit amount has been received by the cash deposit payment instrument processor, effecting completion of the transaction by making payment to the seller.

2. The method of claim 1, further comprising the steps of:

communicating information to the buyer computer system for displaying payment instrument information and enabling the registration by the buyer of the cash deposit payment instrument for use in effecting payment in connection with the transaction; and

receiving payment instrument registration information input by the buyer via the buyer computer, the payment instrument registration information including information indicating selection of the prearranged cash deposit payment instrument chosen by the buyer.

3. The method of claim 2, wherein the prearranged cash deposit payment instrument is one of a plurality of selectable payment instruments that the buyer may select for effecting payments and wherein the information communicated to the buyer computer system for displaying payment instrument information and enabling the registration of a payment instrument comprises information relating to the plurality of selectable payment instruments.

4. The method of claim 2, wherein the payment instrument registration information includes a buyer-entered deposit amount.

5. The method of claim 4, wherein the buyer-entered deposit amount is at least the required deposit amount.

6. The method of claim 2, wherein the step of receiving payment instrument registration information input by the buyer via the buyer computer comprises receiving information corresponding to multiple payment instruments.

7. The method of claim 2, wherein the steps of communicating information for displaying payment instrument information and receiving payment instrument registration information occur prior to the transaction between the buyer and the seller in a static registration process.

8. The method of claim 2, wherein the steps of communicating information for displaying payment instrument information and receiving payment instrument registration information occur after to the transaction between the buyer and the seller in a dynamic registration process.

10. The method of claim 1, wherein the buyer information includes buyer identification information, and wherein the buyer identification information is communicated to the cash deposit instrument payment processor.

11. The method of claim 1, further comprising the step of electronically requesting authorization for payment in an amount of at least the transaction amount for the prearranged cash deposit payment instrument from the cash deposit payment instrument processor.

12. The method of claim 11, wherein the amount requested for authorization in the requesting authorization step comprises the required deposit amount.

13. The method of claim 11, wherein receipt of information from the cash deposit payment instrument processor that the required cash deposit has been made at the deposit location results from the requesting authorization step.

14. The method of claim 11, wherein the amount for which authorization is sought in the requesting authorization step includes any additional charges associated with the transaction.

15. The method of claim 1, further comprising the step of determining if goods of the transaction have been acceptably delivered prior to making payment to the seller.

16. The method of claim 1, further comprising step of, in response to information from the cash deposit payment instrument processor that the required deposit amount has been received from the buyer at the deposit location, transferring funds received from the buyer to a bank account of an intermediary, prior to making payment to the seller.

17. The method of claim 16, wherein the transfer of funds from the cash deposit payment instrument processor to the bank account of the intermediary is by direct deposit.

18. The method of claim 1, further comprising the steps of:

communicating information to the seller computer system for displaying disbursement instrument information and enabling the registration by the seller of a disbursement instrument for use in receiving payment in connection with the transaction; and

wherein the step of effecting completion of the transaction by making payment to the seller comprises utilizing the registered disbursement instrument for making the payment.

9. The method of 1, wherein the required deposit amount is at least the transaction amount.

19. A system for effecting payment for goods purchased by a buyer using a buyer computer system from a seller using a seller computer system in an online transaction facilitated by a transaction facilitator, a payment to the seller conditioned on receipt of a cash deposit by the buyer at a deposit location registered to a cash deposit payment instrument processor, the transaction facilitator operating a network-accessible transaction computer that facilitates commercial transactions between buyers and sellers, comprising:

a payment enabling system;

an interface for data communications with the buyer computer;

an interface for data communications with the seller computer;

an interface for data communications with the transaction computer;

an interface for data communications with at least one cash deposit payment instrument processor that issues cash deposit payment instruments;

the payment enabling system receiving transaction information from the transaction computer in response to a proposed transaction between the buyer and the seller facilitated by the transaction facilitator, the transaction information including a transaction amount;

the payment enabling system communicating information to the buyer computer system for displaying the transaction information and enabling the selection by the buyer of a prearranged cash deposit payment instrument for use in effecting payment in connection with the transaction;

the payment enabling system further determining a required deposit amount including at least the transaction amount and corresponding to the amount of cash that the buyer must deposit with the cash deposit payment instrument processor to fund the prearranged cash deposit payment instrument;

the payment enabling system further storing a cash deposit payment instrument registration record in a memory, the registration record storing the buyer information, the required deposit amount, and a data field indicating whether the required cash deposit has been received by the cash deposit payment instrument processor;

the payment enabling system further communicating information to the cash deposit payment instrument processor comprising the required deposit amount and buyer information;

the payment enabling system further, in response to receipt of information from the cash deposit payment instrument processor that the required deposit amount has been received at a deposit location registered with the cash deposit payment instrument processor, updating the data field in the registration record indicating that the required deposit amount has been received by the cash deposit payment instrument processor; and

the payment enabling system further, in response to updating of the data field in the registration record indicating that the required deposit amount has been received by the cash deposit payment instrument processor, effecting completion of the transaction by making payment to the seller.

20. The system of claim 19, wherein the payment enabling system communicates information to the buyer computer system for displaying payment instrument information and enabling the registration by the buyer of at least one payment instrument for use in effecting payment in connection with the transaction;

and

wherein the payment enabling system receives payment instrument registration information input by the buyer via the buyer computer, the payment instrument registration information including the buyer information and information indicating selection of the prearranged cash deposit payment instrument for effecting payment to the seller in connection with the transaction.

21. The system of claim 20, wherein the prearranged cash deposit payment instrument is one of a plurality of selectable payment instruments that the buyer may select for effecting payment, and wherein the information communicated to the buyer computer system for displaying payment instrument information and enabling the registration of a payment instrument comprises information relating to the plurality of selectable payment instruments.

22. The system of claim 20, wherein the operation of the payment enabling system of receiving payment instrument registration information input by the buyer via the buyer computer comprises receiving information corresponding to multiple payment instruments.

23. The system of claim 20, wherein the operations of communicating information for displaying payment instrument information and receiving payment instrument registration information occur prior to the transaction between the buyer and the seller in a static registration process.

24. The system of claim 20, wherein the operations of communicating information for displaying payment instrument information and receiving payment instrument registration information occur after to the transaction between the buyer and the seller in a dynamic registration process.

25. The system of claim 20, wherein the payment instrument registration information includes a buyer-entered deposit amount.

26. The system of claim 25, wherein the buyer-entered deposit amount is at least the required deposit amount.

27. The system of claim 19, wherein the buyer information includes buyer identification information, and wherein the buyer identification information is communicated to the cash deposit instrument payment processor.

28. The system of claim 19, wherein the payment enabling system electronically requests authorization for payment in an amount of at least the transaction amount for the prearranged cash deposit payment instrument from the cash deposit payment instrument processor.

29. The system of claim 28, wherein the amount requested for authorization in the requesting authorization operation comprises the required deposit amount.

30. The system of claim 28, wherein receipt of information from the cash deposit payment instrument processor that the required cash deposit has been made at the deposit location results from the requesting authorization operation.

31. The system of claim 28, wherein the amount for which authorization is sought in the requesting authorization operation includes any additional charges associated with the transaction.

33. The system of claim 19, wherein the payment enabling system determines if goods of the transaction have been acceptably delivered prior to making payment to the seller.

34. The system of claim 19, wherein the payment enabling system, in response to information from the cash deposit payment instrument processor that the required deposit amount has been received from the buyer at the deposit location, transfers funds received from the buyer to a bank account of an intermediary, prior to making payment to the seller.

35. The system of claim 34, wherein the transfer of funds from the cash deposit payment instrument processor to the bank account of the intermediary is by direct deposit.

36. The system of claim 19, wherein the payment enabling system:

communicates information to the seller computer system for displaying disbursement instrument information and enabling the registration by the seller of a disbursement instrument for use in receiving payment in connection with the transaction; and

wherein the operation of effecting completion of the transaction by making payment to the seller comprises utilizing the registered disbursement instrument for making the payment.

32. The system of 19, wherein the required deposit amount is at least the transaction amount.

37. In an online commerce system including a buyer computer system operated by a buyer, a seller computer system operated by a seller, and a transaction facilitator comprising a network-accessible transaction computer that facilitates commercial transactions between buyers and sellers, a method for effecting a cash payment from the buyer to the seller in connection with an online transaction utilizing a payment enabling system operated by a payment enabler, comprising the computer-implemented steps of:

receiving transaction information from the transaction computer in response to a proposed transaction between the buyer and the seller facilitated by the transaction facilitator, the transaction information including a transaction amount;

communicating information to the buyer computer system for displaying payment instrument information and enabling the registration by the buyer of a payment instrument for use in effecting payment in connection with the transaction, the payment instrument comprising a prearranged cash deposit payment instrument issued by a cash deposit payment instrument processor;

receiving payment instrument registration information input by the buyer via the buyer computer, the payment instrument registration information including buyer information and indicating selection of the prearranged cash deposit payment instrument chosen by the buyer for effecting payment to the seller in connection with the transaction;

determining a required deposit amount including at least the traction amount and corresponding to the amount of cash that the buyer must deposit with the cash deposit payment instrument processor to fund the prearranged cash deposit payment instrument;

storing a cash deposit payment instrument registration record in a memory associated with the payment enabling system the registration record storing the buyer information, the required deposit amount, and a data field indicating whether the required cash deposit has been received by the cash deposit payment instrument processor;

communicating information to the cash deposit payment instrument processor comprising the required deposit amount and buyer information;

in response to receipt of information from the cash deposit payment instrument processor that the required deposit amount has been received at a deposit location registered with the cash deposit payment instrument processor, updating the data field in the registration record indicating that the required deposit amount has been received by the cash deposit payment instrument processor; and

in response to updating of the data field in the registration record indicating that the required deposit amount has been received by the cash deposit payment instrument processor, effecting completion of the transaction by making payment to the seller.

38. The method of claim 37, wherein the prearranged cash deposit payment instrument is one of a plurality of selectable payment instruments that the buyer may select for effecting payment, and wherein the information communicated to the buyer computer system for displaying payment instrument information and enabling the registration of a payment instrument comprises information relating to the plurality of selectable payment instruments.

39. The method of claim 37, wherein the buyer information includes buyer identification information, and wherein the buyer identification information is communicated to the cash deposit instrument payment processor.

40. The method of claim 37, further comprising the step of electronically requesting authorization for payment in an amount of at least the transaction amount for the prearranged cash deposit payment instrument from the cash deposit payment instrument processor.

41. The method of claim 40, wherein the amount requested for authorization in the requesting authorization step comprises the required deposit amount.

42. The method of claim 40, wherein receipt of information from the cash deposit payment instrument processor that the required cash deposit has been made at the deposit location results from the requesting authorization step.

43. The method of claim 40, wherein the amount for which authorization is sought in the requesting authorization step includes any additional charges associated with the transaction.

44. The method of claim 37, wherein the payment instrument registration information includes a buyer-entered deposit amount.

45. The method of claim 44, wherein the buyer-entered deposit amount is at least the required deposit amount.

47. The method of claim 37, further comprising the step of determining if goods of the transaction have been acceptably delivered prior to making payment to the seller.

48. The method of claim 37, further comprising step of, in response to information from the cash deposit payment instrument processor that the required deposit amount has been received from the buyer at the deposit location, transferring funds received from the buyer to a bank account of an intermediary, prior to making payment to the seller.

49. The method of claim 48, wherein the transfer of funds from the cash deposit payment instrument processor to the bank account of the intermediary is by direct deposit.

50. The method of claim 37, wherein the step of receiving payment instrument registration information input by the buyer via the buyer computer comprises receiving information corresponding to multiple payment instruments.

51. The method of claim 37, further comprising the steps of:

communicating information to the seller computer system for displaying disbursement instrument registration information and enabling the registration by the seller of a disbursement instrument for use in receiving payment in connection with the transaction; and

wherein the step of effecting completion of the transaction by making payment to the seller comprises utilizing the registered disbursement instrument for making the payment.

52. The method of claim 37, wherein the steps of communicating information for displaying payment instrument information and receiving payment instrument registration information occur prior to the transaction between the buyer and the seller in a static registration process.

53. The method of claim 37, wherein the steps of communicating information for displaying payment instrument information and receiving payment instrument registration information occur after to the transaction between the buyer and the seller in a dynamic registration process.

46. The method of 37, wherein the required deposit amount is at least the transaction amount.

54. A system for effecting payment for goods purchased by a buyer using a buyer computer system from a seller using a seller computer system in an online transaction facilitated by a transaction facilitator, a payment to the seller conditioned on receipt of a cash deposit by the buyer at a deposit location registered to a cash deposit payment instrument processor, the transaction facilitator operating a network-accessible transaction computer that facilitates commercial transactions between buyers and sellers, comprising:

a payment enabling system;

an interface for data communications with the buyer computer;

an interface for data communications with the seller computer;

an interface for data communications with the action computer;

an interface for data communications with at least one payment instrument processor;

the payment enabling system receiving transaction information from the transaction computer in response to a proposed transaction between the buyer and the seller facilitated by the transaction facilitator, the transaction information including a transaction amount;

the payment enabling system communicating information to the buyer computer system for displaying payment instrument information and enabling the registration by the buyer of a payment instrument for use in effecting payment in connection with the transaction, the payment instrument comprising a prearranged cash deposit payment instrument issued by the cash deposit payment instrument processor;

the payment enabling system further receiving payment instrument registration information input by the buyer via the buyer computer, the payment instrument registration information including buyer information and indicating selection of the prearranged cash deposit payment instrument for effecting payment to the seller in connection with the transaction;

the payment enabling system determining a required deposit amount including at least the transaction amount and corresponding to the amount of cash that the buyer must deposit with the cash deposit payment instrument processor to fund the prearranged cash deposit payment instrument;

the payment enabling system storing a cash deposit payment instrument registration record in a memory, the registration record storing the buyer information, the required deposit amount, and a data field indicating whether the required cash deposit has been received by the cash deposit payment instrument processor;

the payment enabling system communicating information to the cash deposit payment instrument processor comprising the required deposit amount and buyer information;

the payment enabling system, in response to receipt of information from the cash deposit payment instrument processor that the required deposit amount has been received at a deposit location registered with the cash deposit payment instrument processor, updating the data field in the registration record indicating that the required deposit amount has been received by the cash deposit payment instrument processor; and

the payment enabling system, in response to updating of the data field in the registration record indicating that the required deposit amount has been received by the cash deposit payment instrument processor, effecting completion of the transaction by making payment to the seller.

55. The system of claim 54, wherein the prearranged cash deposit payment instrument is one of a plurality of selectable payment instruments that the buyer may select for effecting payment, and wherein the information communicated to the buyer computer system for displaying payment instrument information and enabling the registration of a payment instrument comprises information relating to the plurality of selectable payment instruments.

56. The system of claim 54, wherein the buyer information includes buyer identification information, and wherein the buyer identification information is communicated to the cash deposit instrument payment processor.

57. The system of claim 54, wherein the payment enabling system electronically requests authorization for payment in an amount of at least the transaction amount for the prearranged cash deposit payment instrument from the cash deposit payment instrument processor.

58. The system of claim 57, wherein the amount requested for authorization in the requesting authorization operation comprises the required deposit amount.

59. The system of claim 57, wherein receipt of information from the cash deposit payment instrument processor that the required cash deposit has been made at the deposit location results from the requesting authorization operation.

60. The system of claim 57, wherein the amount for which authorization is sought in the requesting authorization operation includes any additional charges associated with the transaction.

61. The system of claim 54, wherein the payment instrument registration information includes a buyer-entered deposit amount.

62. The system of claim 61, wherein the buyer-entered deposit amount is at least the required deposit amount.

64. The system of claim 54, wherein the payment enabling system determines if goods of the transaction have been acceptably delivered prior to making payment to the seller.

65. The system of claim 54, wherein the payment enabling system, in response to information from the cash deposit payment instrument processor that the required deposit amount has been received from the buyer at the deposit location, transfers funds received from the buyer to a bank account of an intermediary, prior to making payment to the seller.

66. The system of claim 65, wherein the transfer of funds from the cash deposit payment instrument processor to the bank account of the intermediary is by direct deposit.

67. The system of claim 54, wherein the operation of the payment enabling system of receiving payment instrument registration information input by the buyer via the buyer computer comprises receiving information corresponding to multiple payment instruments.

68. The system of claim 54, wherein the payment enabling system:

communicates information to the seller computer system for displaying disbursement instrument information and enabling the registration by the seller of a disbursement instrument for use in receiving payment in connection with the transaction; and

wherein the operation of effecting completion of the transaction by making payment to the seller comprises utilizing the registered disbursement instrument for making the payment.

69. The system of claim 54, wherein operations of communicating information for displaying payment instrument information and receiving payment instrument registration information occur prior to the transaction between the buyer and the seller in a static registration process.

70. The system of claim 54, wherein operations of communicating information for displaying payment instrument information and receiving payment instrument registration information occur after to the transaction between the buyer and the seller in a dynamic registration process.

63. The system of 54, wherein the required deposit amount is at least the transaction amount.

71. In an online commerce system including a buyer computer operated by a buyer, a seller computer operated by a seller, a transaction facilitator comprising a network-accessible transaction computer that facilitates commercial transactions between buyers and sellers, a payment enabling system, and one or more payment instrument processors, a method for effecting a cash payment from said buyer to said seller in connection with an online transaction, comprising the computer-implemented steps of:

at the transaction computer, generating transaction information corresponding to a transaction between said buyer and said seller, the transaction information including at least a transaction amount, and communicating the transaction information to the payment enabling system;

at the payment enabling system, receiving the transaction information from the transaction computer;

communicating information from the payment enabling system to the buyer computer system for displaying payment instrument information and enabling the registration by the buyer of one of a plurality of payment instruments for use in effecting payment in connection with the transaction, the plurality of payment instruments including a prearranged cash deposit payment instrument issued by a cash deposit payment instrument processor;

receiving at the payment enabling system payment instrument registration information input by the buyer via the buyer computer, the payment instrument registration information including buyer information and indicating selection of the prearranged cash deposit payment instrument for effecting payment to the seller in connection with the transaction;

determining at the payment enabling system a required deposit amount, including at least the transaction amount, corresponding to the amount of cash that the buyer must deposit with the cash deposit payment instrument processor to fund the prearranged cash deposit payment instrument;

storing a cash deposit payment instrument registration record in a memory associated with the payment enabling system, the registration record storing the buyer information, the required deposit amount, and a data field indicating whether the required cash deposit has been received by the cash deposit payment instrument processor;

communicating the buyer information and the required deposit amount from the payment enabling system to the cash deposit payment instrument processor;

upon receipt of finds of at least the required deposit amount at a deposit location associated with the cash deposit instrument payment processor, communicating information to the payment enabling system that the required deposit amount has been received;

in response to receipt of information at the payment enabling system from the cash deposit payment instrument processor that the required deposit amount has been received, updating the data field in the registration record indicating that the required deposit amount has been received by the cash deposit payment instrument processor;

in response to receipt of information at the payment enabling system indicating that the required deposit amount has been received by the cash deposit payment instrument processor, communicating information to the seller computer for notifying the seller that payment in connection with the transaction has been arranged and providing instructions to the seller to ship the goods; and

in further response to receipt of information at the payment enabling system indicating that the required deposit amount has been received by the cash deposit payment instrument processor, effecting completion of the transaction by making payment to the seller.

72. The method of claim 71, wherein the step of effecting completion of the transaction by making payment to the seller is conditioned upon the prior receipt of information indicating that the goods have been acceptably delivered to the buyer.

73. The method of claim 71, wherein the prearranged cash deposit payment instrument is one of a plurality of selectable payment instruments that the buyer may select for effecting payment, and wherein the information communicated to the buyer computer system for displaying payment instrument information and enabling the registration of a payment instrument comprises information relating to the plurality of selectable payment instruments.

74. The method of claim 71, wherein the buyer information includes buyer identification information, and wherein the buyer identification information is communicated to the cash deposit instrument payment processor.

75. The method of claim 71, further comprising the step of the payment enabling system electronically requesting authorization for payment in an amount of at least the transaction amount for the prearranged cash deposit payment instrument from the cash deposit payment instrument processor.

76. The method of claim 75, wherein the amount requested for authorization in the requesting authorization step comprises the required deposit amount.

77. The method of claim 75, wherein receipt of information from the cash deposit payment instrument processor that the required cash deposit has been made at the deposit location results from the requesting authorization step.

78. The method of claim 75, wherein the amount for which authorization is sought in the requesting authorization step includes any additional charges associated with the transaction.

79. The method of claim 71, wherein the payment instrument registration information includes a buyer-entered deposit amount.

80. The method of claim 79, wherein the buyer-entered deposit amount is at least the required deposit amount.

82. The method of claim 71, further comprising the step of determining if goods of the transaction have been acceptably delivered prior to making payment to the seller.

83. The method of claim 71, further comprising step of, in response to information from the cash deposit payment instrument processor that the required deposit amount has been received from the buyer at the deposit location, transferring funds received from the buyer to a bank account of an intermediary, prior to making payment to the seller.

84. The method of claim 83, wherein the transfer of funds from the cash deposit payment instrument processor to the bank account of the intermediary is by direct deposit.

85. The method of claim 71, wherein the step of receiving payment instrument registration information input by the buyer via the buyer computer comprises receiving information corresponding to multiple payment instruments.

86. The method of claim 71, further comprising the steps of:

communicating information to the seller computer system for displaying disbursement instrument information and enabling the registration by the seller of a disbursement instrument for use in receiving payment in connection with the transaction; and

wherein the step of effecting completion of the transaction by making payment to the seller comprises utilizing the registered disbursement instrument for making the payment.

87. The method of claim 71, wherein the steps of communicating information for displaying payment instrument information and receiving payment instrument registration information occur prior to the transaction between the buyer and the seller in a static registration process.

88. The method of claim 71, wherein the steps of communicating information for displaying payment instrument information and receiving payment instrument registration information occur after to the transaction between the buyer and the seller in a dynamic registration process.

81. The method of 71, wherein the required deposit amount is at least the transaction amount.

89. A system for effecting a cash payment from a buyer to a seller in connection with an online transaction, the buyer utilizing a buyer computer system and the seller utilizing a seller computer system to communicate via a computer network with a transaction facilitator that facilitates commercial transactions between buyers and sellers, comprising

a network-accessible transaction computer operated by the transaction facilitator generating transaction information corresponding to a transaction between a buyer and a seller and communicating the transaction information to a payment enabling system, the transaction information including at least a transaction amount;

one or more payment instrument processors that effect payments based on a payment instrument, each payment instrument processor, in response to a request for a payment authorization in a requested amount from a payment enabling system, determining whether to authorize the payment in the requested amount, and communicating information indicating authorization of the payment in the requested amount to the payment enabling system, at least one of the payment instrument processors comprising a cash deposit payment instrument processor that issues prearranged cash deposit payment instruments;

a payment enabling system effecting payments utilizing payment instruments issued by the payment instrument processors, the payment enabling system communicating information to the buyer computer system for displaying payment instrument information and enabling the registration by the buyer of one or more payment instruments for use in effecting payment in connection with the transaction, the one or more payment instruments including at least the prearranged cash deposit payment instrument issued by the cash deposit payment instrument processor;

the payment enabling system receiving payment instrument registration information input by the buyer via the buyer computer, the payment instrument registration information including buyer information and indicating selection of the prearranged cash deposit payment instrument for effecting payment to the seller in connection with the transaction;

the payment enabling system determining a required deposit amount, including at least the transaction amount, corresponding to the amount of cash that the buyer must deposit with the cash deposit payment instrument processor to fund the prearranged cash deposit payment instrument;

the payment enabling system storing a cash deposit payment instrument registration record in a memory, the registration record storing the buyer information, the required deposit amount, and a data field indicating whether the required cash deposit has been received by the cash deposit payment instrument processor;

the payment enabling system communicating the buyer information and the required deposit amount to the cash deposit payment instrument processor;

the cash deposit payment instrument processor, in response to receipt of the buyer information and the required deposit amount and upon receipt of funds of at least the required deposit amount at a deposit location associated with the cash deposit instrument payment processor, communicating information to the payment enabling system that the required deposit amount has been received;

the payment enabling system, in response to receipt of information from the cash deposit payment instrument processor that the required deposit amount has been received, updating the data field in the registration record indicating that the required deposit amount has been received by the cash deposit payment instrument processor;

the payment enabling system, in response to receipt of information indicating that the required deposit amount has been received by the cash deposit payment instrument processor, communicating information to the seller computer for notifying the seller that payment in connection with the transaction has been arranged and providing instructions to the seller to ship the goods; and

the payment enabling system, in further response to receipt of information indicating that the required deposit amount has been received by the cash deposit payment instrument processor, effecting completion of the transaction by making payment to the seller.

90. The system of claim 89, wherein the operation of effecting completion of the transaction by making payment to the seller is conditioned upon the prior receipt by the payment enabling system of information indicating that the goods have been acceptably delivered to the buyer.

91. The system of claim 89, wherein the prearranged cash deposit payment instrument is one of a plurality of selectable payment instruments that the buyer may select for effecting payment, and wherein the information communicated to the buyer computer system for displaying payment instrument information and enabling the registration of a payment instrument comprises information relating to the plurality of selectable payment instruments in addition to the cash deposit payment instrument.

92. The system of claim 89, wherein the buyer information includes buyer identification information, and wherein the payment enabling system communicates the buyer identification information to the cash deposit instrument payment processor.

93. The system of claim 89, wherein the payment enabling system electronically requests authorization for payment in an amount of at least the transaction amount for the prearranged cash deposit payment instrument from the cash deposit payment instrument processor.

94. The system of claim 93, wherein the amount requested for authorization in the requesting authorization step comprises the required deposit amount.

95. The system of claim 93, wherein receipt of information by the payment enabling system from the cash deposit payment instrument processor that the required cash deposit has been made at the deposit location results from the requesting authorization operation.

96. The system of claim 93, wherein the amount for which authorization is sought in the requesting authorization operation includes any additional charges associated with the transaction.

97. The system of claim 89, wherein the payment instrument registration information includes a buyer-entered deposit amount.

98. The system of claim 97, wherein the buyer-entered deposit amount is at least the required deposit amount.

100. The system of claim 89, wherein the payment enabling system determines if goods of the transaction have been acceptably delivered prior to making payment to the seller.

101. The system of claim 89, wherein the payment enabling system, in response to information from the cash deposit payment instrument processor that the required deposit amount has been received from the buyer at the deposit location, transfers funds received from the buyer to a bank account of an intermediary, prior to making payment to the seller.

102. The system of claim 101, wherein the transfer of funds from the cash deposit payment instrument processor to the bank account of the intermediary is by direct deposit.

103. The system of claim 89, wherein the operation of receiving payment instrument registration information input by the buyer via the buyer computer comprises receiving information corresponding to multiple payment instruments.

104. The system of claim 89, wherein the payment enabling system:

communicates information to the seller computer system for displaying disbursement instrument information and enabling the registration by the seller of a disbursement instrument for use in receiving payment in connection with the transaction; and

wherein the step of effecting completion of the transaction by making payment to the seller comprises utilizing the registered disbursement instrument for making the payment.

105. The system of claim 89, wherein operations of communicating information for displaying payment instrument information and receiving payment instrument registration information occur prior to the transaction between the buyer and the seller in a static registration process.

106. The system of claim 89, wherein operations of communicating information for displaying payment instrument information and receiving payment instrument registration information occur after to the transaction between the buyer and the seller in a dynamic registration process.

99. The system of 89, wherein the required deposit amount is at least the transaction amount.