Method and system for exchanging commodities online

• US 7,624,061 B2
• Filed: 08/03/2001
• Issued: 11/24/2009
• Est. Priority Date: 08/04/2000
• Status: Expired due to Fees

• Current Assignee: Christian A.S. Pensa, Michael Greenberg, Patrick Zaouter
• Original Assignee: Christian A.S. Pensa, Michael Greenberg, Patrick Zaouter
• Inventors: Greenberg, Michael, Pensa, Christian A. S., Zaouter, Patrick
• Primary Examiner(s): Felten; Daniel S
• Application Number:
  US09/922,240
• Publication Number:
  US 20020107782A1
• Time in Patent Office: 3,035 Days
• Field of Search: 705 35- 39
• US Class Current: 705/37
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange
• CPC Class Codes: G06Q 40/06 Asset management; Financial planning or analysis

Abstract

A method of providing a best bid and a best offer to a buyer, including receiving one or more offers to sell a commodity according to a predetermined contract at one or more specified prices. The specified prices are adjusted based on shipping costs associated with a destination specified by the buyer. A best offer is determined from the adjusted prices. A source location is determined corresponding to the best offer price. One or more bids are received to purchase the commodity. A best bid is determined corresponding to the source location. The best bid is adjusted based on the shipping cost between the source location and the destination and the adjusted best bid and the best otter are transferred to the buyer over a computer network for display by a networked host.

Claims

1. A system for exchanging commodities, comprising:

means for permitting a seller to enter an offer for selling a commodity according to a predetermined contract;

means for permitting a buyer to enter a bid for purchasing the commodity;

means for matching the bid to the offer to generate a transaction;

means for notifying a transportation partner of the transaction so that the transportation partner can arrange pick-up and delivery of the commodity; and

means for notifying a credit clearinghouse of the transaction so that the clearinghouse can arrange to receive payment from buyer and make payment to the seller.