System and method for effecting a real-time payment for an item won on an electronic auction

• US 7,627,528 B2
• Filed: 11/14/2001
• Issued: 12/01/2009
• Est. Priority Date: 01/17/2001
• Status: Expired due to Fees

• Current Assignee: XPRT Ventures LLC
• Original Assignee: XPRT Ventures LLC
• Inventors: Likourezos, George, Scaturro, Michael Anthony
• Primary Examiner(s): Kazimi, Hani M.
• Application Number:
  US09/993,818
• Publication Number:
  US 20020095377A1
• Time in Patent Office: 2,939 Days
• Field of Search: 705 38- 44, 705/37
• US Class Current: 705/40
• CPC Class Codes: G06Q 20/04 Payment circuits
• CPC Class Codes: G06Q 20/102 Bill distribution or payments
• CPC Class Codes: G06Q 20/14 specially adapted for billing systems
• CPC Class Codes: G06Q 30/08 Auctions
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange

Abstract

The invention provides a computerized electronic auction payment system and method for effecting a real-time payment for an item sold via an electronic auction web site. The system sets up and maintains electronic auction payment accounts for prospective users, e.g., bidders and sellers, of the electronic auction web site. The system provides for the loaning of funds to users, in order to facilitate or effect payments related to items sold via the electronic auction web site.

Claims

1. A method for effecting at least one payment for a user of an electronic auction web site maintained by an electronic auction system, said method comprising the steps of:

providing the user via a graphical user interface with an option to enable loaning of funds for at least one transaction conducted via the electronic auction web site;

receiving authorization by a payment system from the user of the electronic auction web site in response to the option to loan funds thereto for effecting the at least one payment;

enabling the display to the user of at least two payment sources for effecting the at least one payment, wherein one of the at least two payment sources is a payment account corresponding to the user and one of the at least two payment sources is a loaning funds payment source;

loaning funds by the payment system via at least the loaning funds payment source for effecting the at least one payment if authorization from the user in response to the option has been received, wherein the payment system is in operative communication with the electronic auction system and maintains a payment segment of the electronic auction system and a plurality of payment accounts, including the payment account corresponding to the user; and

enabling access to the payment account corresponding to the user and maintained by the payment system via at least one web page of the electronic auction web site.

2. The method according to claim 1, further comprising the step of charging the user of the electronic auction web site interest for the funds loaned.

3. The method according to claim 1, wherein the option enables automatic loaning of funds if the option is selected by the user prior to a need to effect the at least one payment by said payment system and the payment account of the plurality of payment accounts corresponding to the user has insufficient funds for effecting payment.

4. The method according to claim 1, further comprising the steps of:

determining whether the user of the electronic auction web site owes funds greater than a predetermined amount to an operator associated with the payment system; and

preventing the user from performing at least one action via the electronic auction web site, if the user owes funds greater than the predetermined amount to the operator associated with the payment system.

5. The method according to claim 4, wherein the step of determining comprises the step of determining whether the user has paid a predetermined percentage of the funds owed during a predetermined period of time, if it is determined that the user owes funds greater than the predetermined amount to the operator.

6. The method according to claim 1, further comprising the step of receiving funds to be loaned to the user of the electronic auction web site from a financial institution.

7. The method according to claim 6, wherein the funds to be loaned are received from the financial institution by the payment system, and wherein the payment system charges the user of the electronic auction web site a fee for receiving funds from the financial institution.

8. The method according to claim 7, wherein the payment system charges a fee to the financial institution for loaning funds received from the financial institution to the user of the electronic auction web site.

9. The method according to claim 8, wherein the fee is based on interest earned by the financial institution for the funds loaned to the user of the electronic auction web site.

10. The method according to claim 7, wherein the financial institution is owned and/or operated by an operator of the payment system.

11. The method according to claim 1, wherein the step of loaning funds for effecting the at least one payment comprises the step of transferring the funds loaned to at least one account.

12. The method according to claim 11, wherein the at least one account includes an account corresponding to an operator of the electronic auction system and at least one account corresponding to another user of the electronic auction web site.

24. The method according to claim 1, wherein the step of receiving authorization entails receiving authorization prior to the beginning of an electronic auction conducted by the electronic auction system, during the electronic auction, or after the conclusion of the electronic auction.

25. The method according to claim 1, wherein the step of loaning funds comprises the steps of:

accessing a system account stored within a database of the payment system; and

deducting funds from the system account for loaning to the user.

28. The method according to claim 1, wherein the method does not entail receiving instructions from another user of the electronic auction web site regarding whether to loan funds by the payment system for effecting the at least one payment.

29. The method according to claim 1, wherein the method does not provide for any interaction between the user and another user of the electronic auction web site.

13. A method for effecting at least one payment for a user of an electronic auction web site, said method comprising the steps of:

providing the user with an option to enable loaning of funds if a payment source corresponding to the user has insufficient funds for effecting payment for at least one transaction conducted via the electronic auction web site;

receiving authorization from the user, in response to the option, to use the payment source corresponding to the user for effecting the at least one payment and to loan funds to the user if the payment source has insufficient funds;

determining if the payment source corresponding to the user has sufficient funds for effecting the at least one payment; and

loaning funds for effecting the at least one payment if the payment source corresponding to the user has insufficient funds for effecting the at least one payment and authorization from the user has been received, wherein the payment system is in operative communication with the electronic auction system, and wherein the payment source corresponding to the user is a payment account maintained by the payment system and accessible by the user via at least one web page of the electronic auction web site.

14. The method according to claim 13, further comprising the step of charging the user of the electronic auction web site interest for the funds loaned.

15. The method according to claim 13, further comprising the step of receiving funds to be loaned to the user of the electronic auction web site from a financial institution.

16. The method according to claim 15, further comprising the step of charging the user a fee for receiving funds from the financial institution.

17. The method according to claim 16, further comprising the step of charging a fee to the financial institution for loaning funds received from the financial institution to the user of the electronic auction web site.

18. A payment system for effecting at least one payment for a user of an electronic auction web site maintained by an electronic auction system, said system comprising:

means for providing the user via a graphical user interface with an option to enable loaning of funds for at least one transaction conducted via the electronic auction web site;

means for receiving authorization by the payment system from the user of the electronic auction web site in response to the option to loan funds thereto for effecting the at least one payment;

means for enabling the display to the user of at least two payment sources for effecting the at least one payment, wherein one of the at least two payment sources is a payment account corresponding to the user and one of the at least two payment sources is a loaning funds payment source;

means for loaning funds by the payment system via at least the loaning funds payment source for effecting the at least one payment if authorization from the user in response to the option has been received, wherein the payment system is in operative communication with the electronic auction system and maintains a payment segment of the electronic auction system and a plurality of payment accounts, including the payment account corresponding to the user; and

means for enabling access to the payment account corresponding to the user and maintained by the payment system via at least one web page of the electronic auction web site.

19. The payment system according to claim 18, wherein the option enables automatic loaning of funds if the option is selected by the user prior to a need to effect the at least one payment by said payment system and a payment account corresponding to the user has insufficient funds for effecting payment.

20. The payment system according to claim 18, further comprising:

means for determining whether the user of the electronic auction web site owes funds greater than a predetermined amount to an operator associated with the payment system; and

means for preventing the user from performing at least one action via the electronic auction web site, if the user owes funds greater than the predetermined amount to the operator associated with the payment system.

21. The payment system according to claim 18, further comprising means for charging the user of the electronic auction web site interest for the funds loaned.

22. The payment system according to claim 18, further comprising means for receiving funds to be loaned to the user from a financial institution.

23. The payment system according to claim 22, further comprising means for charging a fee to the financial institution for loaning funds received from the financial institution to the user of the electronic auction web site.

30. The payment system according to claim 18, wherein the payment system does not receive instructions from another user of the electronic auction web site regarding whether to loan funds for effecting the at least one payment.

26. A method for effecting at least one payment for a user of an electronic auction web site maintained by an electronic auction system, said method comprising the steps of:

receiving payment authorization via a graphical user interface from the user of the electronic auction web site prior to a conclusion of an electronic auction conducted via the electronic auction web site to automatically loan funds thereto for effecting the at least one payment, wherein the at least one payment is related to the electronic auction web site-related transaction; and

loaning funds by at least one of a payment system of the electronic auction system and an external financial system for automatically effecting the at least one payment following the conclusion of the electronic auction without receiving additional payment authorization from the user following the conclusion of the electronic auction, wherein the payment system and the external financial system are in operative communication with the electronic auction system.

27. The method according to claim 26, further comprising the step of performing at least one action by the payment system to effect payment for the user of the electronic auction web site of at least a portion of the loaned funds.

31. The method according to claim 26, wherein the method does not entail receiving instructions from another user of the electronic auction web site regarding whether to loan funds by the at least one of the payment system and the external financial system for effecting the at least one payment.

32. The method according to claim 26, wherein the method does not provide for any interaction between the user and another user of the electronic auction web site.

33. A payment system for effecting at least one payment for a user of an electronic auction web site, said system comprising:

means for providing the user with an option to enable loaning of funds if a payment source corresponding to the user has insufficient funds for effecting payment for at least one transaction conducted via the electronic auction web site;

means for receiving authorization from the user, in response to the option, to use the payment source corresponding to the user for effecting the at least one payment and to loan funds to the user if the payment source has insufficient funds;

means for determining if the payment source corresponding to the user has sufficient funds for effecting the at least one payment; and

means for loaning funds for effecting the at least one payment if the payment source corresponding to the user has insufficient funds for effecting the at least one payment and authorization from the user has been received, wherein the payment system is in operative communication with the electronic auction system, and wherein the payment source corresponding to the user is a payment account maintained by the payment system and accessible by the user via at least one web page of the electronic auction web site.

34. The payment system according to claim 33, further comprising the step of charging the user of the electronic auction web site interest for the funds loaned.

35. The payment system according to claim 33, further comprising means for receiving funds to be loaned to the user of the electronic auction web site from a financial institution.

36. The payment system according to claim 35, further comprising means for charging the user a fee for receiving funds from the financial institution.

37. The payment system according to claim 35, further comprising means for charging a fee to the financial institution for loaning funds received from the financial institution to the user of the electronic auction web site.

38. A payment system for effecting at least one payment for a user of an electronic auction web site maintained by an electronic auction system, said system comprising:

means for receiving payment authorization via a graphical user interface from the user of the electronic auction web site prior to a conclusion of an electronic auction conducted via the electronic auction web site to automatically loan funds thereto for effecting the at least one payment, wherein the at least one payment is related to the electronic auction web site-related transaction; and

means for loaning funds by at least one of a payment system of the electronic auction system and an external financial system for automatically effecting the at least one payment following the conclusion of the electronic auction without receiving additional payment authorization from the user following the conclusion of the electronic auction, wherein the payment system and the external financial system are in operative communication with the electronic auction system.

39. The payment system according to claim 38, further comprising means for performing at least one action by the payment system to effect payment for the user of the electronic auction web site of at least a portion of the loaned funds.

40. A method for effecting at least one payment for a user of an electronic commerce web site maintained by an electronic commerce system, said method comprising the steps of:

providing the user via a graphical user interface with an option to enable loaning of funds for at least one transaction conducted via the electronic commerce web site;

receiving authorization by a payment system from the user of the electronic commerce web site in response to the option to loan funds thereto for effecting the at least one payment;

enabling the display to the user of at least two payment sources for effecting the at least one payment, wherein one of the at least two payment sources is a payment account corresponding to the user and one of the at least two payment sources is a loaning funds payment source;

loaning funds by the payment system via at least the loaning funds payment source for effecting the at least one payment if authorization from the user in response to the option has been received, wherein the payment system is in operative communication with the electronic commerce system and maintains a payment segment of the electronic commerce system and a plurality of payment accounts, including the payment account corresponding to the user; and

enabling access to the payment account corresponding to the user and maintained by the payment system via at least one web page of the electronic commerce web site.

41. The method according to claim 40, wherein the option enables automatic loaning of funds if the option is selected by the user prior to a need to effect the at least one payment by said payment system and the payment account of the plurality of payment accounts corresponding to the user has insufficient funds for effecting payment.

42. The method according to claim 40, further comprising the steps of:

determining whether the user of the electronic commerce web site owes funds greater than a predetermined amount to an operator associated with the payment system; and

preventing the user from performing at least one action via the electronic commerce web site, if the user owes funds greater than the predetermined amount to the operator associated with the payment system.

43. The method according to claim 42, wherein the step of determining comprises the step of determining whether the user has paid a predetermined percentage of the funds owed during a predetermined period of time, if it is determined that the user owes funds greater than the predetermined amount to the operator.

44. The method according to claim 40, further comprising the step of receiving funds to be loaned to the user of the electronic commerce web site from a financial institution.

45. The method according to claim 44, wherein the payment system charges a fee to the financial institution for loaning funds received from the financial institution to the user of the electronic commerce web site.

46. The method according to claim 44, wherein the financial institution is owned and/or operated by an operator of the payment system.

47. The method according to claim 40, wherein the step of loaning funds for effecting the at least one payment comprises the step of transferring the funds loaned to at least one account, wherein the at least one account includes an account corresponding to an operator of the electronic commerce system and at least one account corresponding to another user of the electronic commerce web site.

48. The method according to claim 40, wherein the step of receiving authorization entails receiving authorization prior to the beginning of an electronic commerce transaction conducted by the electronic commerce system, during the electronic commerce transaction, or after the conclusion of the electronic commerce transaction.

49. The method according to claim 40, wherein the step of loaning funds comprises the steps of:

accessing a system account stored within a database of the payment system; and

deducting funds from the system account for loaning to the user.

50. The method according to claim 40, wherein the method does not entail receiving instructions from another user of the electronic commerce web site regarding whether to loan funds by the payment system for effecting the at least one payment.

51. The method according to claim 40, wherein the method does not provide for any interaction between the user and another user of the electronic commerce web site.

52. A payment system for effecting at least one payment for a user of an electronic commerce web site maintained by an electronic commerce system, said system comprising:

means for providing the user via a graphical user interface with an option to enable loaning of funds for at least one transaction conducted via the electronic commerce web site;

means for receiving authorization by a payment system from the user of the electronic commerce web site in response to the option to loan funds thereto for effecting the at least one payment;

means for enabling the display to the user of at least two payment sources for effecting the at least one payment, wherein one of the at least two payment sources is a payment account corresponding to the user and one of the at least two payment sources is a loaning funds payment source;

means for loaning funds by the payment system via at least the loaning funds payment source for effecting the at least one payment if authorization from the user in response to the option has been received, wherein the payment system is in operative communication with the electronic commerce system and maintains a payment segment of the electronic commerce system and a plurality of payment accounts, including the payment account corresponding to the user; and

means for enabling access to the payment account corresponding to the user and maintained by the payment system via at least one web page of the electronic commerce web site.

53. The payment system according to claim 52, wherein the option enables automatic loaning of funds if the option is selected by the user prior to a need to effect the at least one payment by said payment system and the payment account of the plurality of payment accounts corresponding to the user has insufficient funds for effecting payment.

54. The payment system according to claim 52, further comprising means for receiving funds to be loaned to the user of the electronic commerce web site from a financial institution.

55. The payment system according to claim 52, wherein the means for loaning funds comprises:

means for accessing a system account stored within a database of the payment system; and

means for deducting funds from the system account for loaning to the user.