Method, system, and medium for conducting barter transactions

• US 7,925,541 B2
• Filed: 10/26/2007
• Issued: 04/12/2011
• Est. Priority Date: 10/27/2006
• Status: Active Grant

• Current Assignee: JPM Global, Inc.
• Original Assignee: JPM Global, Inc.
• Inventors: Bocheck, Paul
• Primary Examiner(s): Garg; Yogesh C
• Assistant Examiner(s): ZIMMERMAN, MATTHEW E
• Application Number:
  US11/977,857
• Publication Number:
  US 20080103986A1
• Time in Patent Office: 1,264 Days
• Field of Search: 705/26, 705/27, 705/37
• US Class Current: 705/26.1
• CPC Class Codes: G06Q 30/06 Buying, selling or leasing transactions
• CPC Class Codes: G06Q 30/0601 Electronic shopping [e-shopping]
• CPC Class Codes: G06Q 30/0611 Request for offers or quotes
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange
• CPC Class Codes: G06Q 50/188 Electronic negotiation

Abstract

Method and system for bartering between trade parties each having one or more items available for barter, via a communications network. Items available for trade are listed and the parties can browse and search the lists to locate items they want to acquire and items they have available to trade. Each party can make an offer to trade with another party subject to various conditions and requirements relating to, for example, a requirement to maintain an item offered for trade available for a certain period of time.

Claims

1. A method for conducting barter transactions between parties, comprising:

receiving one or more barter listings each including one or more items sought to be traded and one or more descriptions of one or more items sought to be acquired;

searching, using a computer processor, for at least one first item from the one or more barter listings;

creating a barter offer including a request to exchange the at least one first item from the first party for at least one second item from a second party;

generating a first reserve request for the at least one second item and preventing the second party from both entering into other barter offers and from cancelling the first reserve request until the first party confirms or rejects the first reserve request or a first predetermined period of time expires;

generating a second reserve request to exchange the at least one second item in for at least one third item, wherein the second reserve request is generated for a third party and queued behind the first reserve request;

if the first party confirms the first reserve request, notifying the second party of the completion of the barter offer; and

if the first party rejects the first reserve request or the first predetermined period of time expires, notifying the second party of second reserve request and preventing the third party from both entering into other barter offers and from cancelling the second reserve request until the second party confirms or rejects the second reserve request or a second predetermined period of time expires.

2. The method of claim 1, further comprising:

setting a deadline for each party to respond to a respective reserve request.

3. The method of claim 1, further comprising refraining from notifying the second party of the second reserve request.

4. The method of claim 1, further comprising enabling the third party to cancel the second reserve request at any time prior to notification of the second party of the availability by the third party of the at least one third item for trade.

5. The method of claim 1, further comprising:

queuing subsequent reserve requests for the at least one second item based on time of generation of the subsequent reserve requests; and

notifying the second party of a subsequent reserve request in a queue for the at least one second item only after a party rejects a reserve request or does not respond to a reserve request within the response deadline to thereby enable the second party to enter into a new barter transaction for the at least one second item.

6. The method of claim 5, further comprising refraining from notifying the second party of a queued reserve request.

7. The method of claim 5, further comprising enabling the third party to cancel a queued reserve request at any time prior to notification to the second party of the queued reserve request.

8. The method of claim 1, further comprising:

providing a server containing the one or more barter listings; and

enabling access to the barter listings of the server from at least one terminal via a communications network.

9. The method of claim 1, further comprising arranging for secure shipment of the at least one first item and the at least one second item upon confirmation of the first reserve request.

10. The method of claim 1, further comprising arranging for secure shipment of the at least one second item and the at least one third item upon confirmation of the second reserve request.

11. A non-transitory computer readable medium comprising instructions which when executed by a computer cause the computer to perform the following steps:

receiving one or more barter listings each including one or more items sought to be traded and one or more descriptions of one or more items sought to be acquired;

searching, using a computer processor, for at least one first item from the one or more barter listings;

creating a barter offer including a request to exchange the at least one first item from the first party for at least one second item from a second party;

generating a first reserve request for the at least one second item and preventing the second party from both entering into other barter offers and from cancelling the first reserve request until the first party confirms or rejects the first reserve request or a first predetermined period of time expires;

generating a second reserve request to exchange the at least one second item in for at least one third item, wherein the second reserve request is generated for a third party and queued behind the first reserve request;

if the first party confirms the first reserve request, notifying the second party of the completion of the barter offer;

if the first party rejects the first reserve request or the first predetermined period of time expires, notifying the second party of second reserve request and preventing the third party from both entering into other barter offers and from cancelling the second reserve request until the second party confirms or rejects the second reserve request or a second predetermined period of time expires.

12. The non-transitory computer-readable medium of claim 11, further comprising:

setting a deadline for each party to respond to a respective reserve request.

13. The non-transitory computer-readable medium of claim 11, further comprising refraining from notifying the second party of the second reserve request.

14. The non-transitory computer-readable medium of claim 11, further comprising enabling the third party to cancel the second reserve request at any time prior to notification of the second party of the availability by the third party of the at least one third item for trade.

15. The non-transitory computer-readable medium of claim 11, further comprising:

queuing subsequent reserve requests for the at least one second item based on time of generation of the subsequent reserve requests; and

notifying the second party of a subsequent reserve request in a queue for the at least one second item only after a party rejects a reserve request or does not respond to a reserve request within the response deadline to thereby enable the second party to enter into a new barter transaction for the at least one second item.

16. The non-transitory computer-readable medium of claim 15, further comprising refraining from notifying the second party of a queued reserve request.

17. The non-transitory computer-readable medium of claim 15, further comprising enabling the third party to cancel a queued reserve request at any time prior to notification to the second party of the queued reserve request.

18. The non-transitory computer-readable medium of claim 11, further comprising:

providing a server containing the one or more barter listings; and

enabling access to the barter listings of the server from at least one terminal via a communications network.

19. The non-transitory computer-readable medium of claim 11, further comprising arranging for secure shipment of the at least one first item and the at least one second item upon confirmation of the first reserve request.

20. The non-transitory computer-readable medium of claim 11, further comprising arranging for secure shipment of the at least one second item and the at least one third item upon confirmation of the second reserve request.

21. A system for conducting barter transactions between parties, comprising:

one or more computer processors;

one or more computer-readable memory connected to the one or more computer processors, wherein the one or more memory is configured to;

receive one or more barter listings each including one or more items sought to be traded and one or more descriptions of one or more items sought to be acquired;

search for at least one first item from the one or more barter listings;

create a barter offer including a request to exchange the at least one first item from the first party for at least one second item from a second party;

generate a first reserve request for the at least one second item and preventing the second party from both entering into other barter offers and from cancelling the first reserve request until the first party confirms or rejects the first reserve request or a first predetermined period of time expires;

generate a second reserve request to exchange the at least one second item in for at least one third item, wherein the second reserve request is generated for a third party and queued behind the first reserve request;

if the first party confirms the first reserve request, notify the second party of the completion of the barter offer; and

if the first party rejects the first reserve request or the first predetermined period of time expires, notify the second party of second reserve request and prevent the third party from both entering into other barter offers and from cancelling the second reserve request until the second party confirms or rejects the second reserve request or a second predetermined period of time expires.

22. The system of claim 21, wherein the one or more computer memory are further configured to:

set a deadline for each party to respond to a respective reserve request.

23. The system of claim 21, wherein the one or more computer memory are further configured to:

refrain from notifying the second party of the second reserve request.

24. The system of claim 21, wherein the one or more computer memory are further configured to:

enable the third party to cancel the second reserve request at any time prior to notification of the second party of the availability by the third party of the at least one third item for trade.

25. The system of claim 21, wherein the one or more computer memory are further configured to:

queue subsequent reserve requests for the at least one second item based on time of generation of the subsequent reserve requests; and

notify the second party of a subsequent reserve request in a queue for the at least one second item only after a party rejects a reserve request or does not respond to a reserve request within the response deadline to thereby enable the second party to enter into a new barter transaction for the at least one second item.

26. The system of claim 25, wherein the one or more computer memory are further configured to refrain from notifying the second party of a queued reserve request.

27. The system of claim 25, wherein the one or more computer memory are further configured to enable the third party to cancel a queued reserve request at any time prior to notification to the second party of the queued reserve request.

28. The system of claim 21, wherein the one or more computer memory are further configured to:

provide a server containing the one or more barter listings; and

enable access to the barter listings of the server from at least one terminal via a communications network.

29. The system of claim 21, wherein the one or more computer memory are further configured to arrange for secure shipment of the at least one first item and the at least one second item upon confirmation of the first reserve request.

30. The system of claim 21, wherein the one or more computer memory are further configured to arrange for secure shipment of the at least one second item and the at least one third item upon confirmation of the second reserve request.