Computerized transaction bargaining system and method

• US 8,150,775 B2
• Filed: 10/30/2007
• Issued: 04/03/2012
• Est. Priority Date: 08/06/1998
• Status: Expired due to Fees

• Current Assignee: Cybersettle Holding Incorporated
• Original Assignee: Cybersettle Holdings, Inc. (CyberSettle, Inc)
• Inventors: Burchetta, James D., Brofman, Charles S.
• Primary Examiner(s): Rosen, Nicholas D
• Application Number:
  US11/981,469
• Publication Number:
  US 20080126254A1
• Time in Patent Office: 1,617 Days
• Field of Search: 705/1.1, 705/4, 705/37, 705/80, 705/500, 705/26.3
• US Class Current: 705/80
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 30/06 Buying, selling or leasing transactions
• CPC Class Codes: G06Q 30/0619 Neutral agent
• CPC Class Codes: G06Q 30/0641 Shopping interfaces
• CPC Class Codes: G06Q 30/08 Auctions
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange
• CPC Class Codes: G06Q 40/08 Insurance
• CPC Class Codes: G06Q 50/188 Electronic negotiation

Abstract

A method and system for automated bargaining in a round by round manner is disclosed. The method and system are capable of multiple rounds. The method and system are used in testing non-equal values in normal rounds for satisfaction of a predetermined criterion. If the criterion is not satisfied in the normal rounds, power round values are tested for satisfaction of a power round criterion. If the power round criterion is satisfied, a binding bargained payment is calculated. Additional options involve an automated facilitator, windfalls to initiators, automatic payment initiation, multiparty aggregation and automatic agreement document generation.

Claims

1. An automated method for bargaining in a round by round manner to achieve a binding bargained payment for a transaction, said method being capable of multiple rounds

comprising:

configuring for at least one computer and at least one computer readable medium storing thereon computer code which when executed by the at least one computer performs the method, the method comprising,

accepting one or more offers for sale from at least one first party and one or more offers to purchase from at least one second party, wherein the computer is configured to accept offers from a party either round by round or to accept more than one offer from a party before the completion of any round;

automatedly comparing the offers round by round, wherein each such offer corresponds to a sequential round; and

automatedly analyzing the offers by automatedly comparing the offers corresponding to a first round to determine if they satisfy a predetermined criterion for achieving a binding agreement; and

if the first round offers satisfy the criterion, providing a response to at least one of the parties that indicates that the comparison analysis has produced an agreement on a binding bargained payment that is calculated as a function of at least one of the offers in the first round;

if, however, the analysis of the offers indicates that the first round offers do not satisfy the criterion for the first round, then,

permitting the parties on both sides of the transaction to engage in at least one subsequent round by submitting at least one offer after the first round has been completed or based on the submission of a second round offer before the completion of the first round;

automatedly analyzing the offers then in the second round by comparing the offers for that round and determining if they satisfy the criterion for that round; and

if the offers for that round satisfy the criterion for that round, providing a response to at least one of the parties that indicates that the comparison analysis has produced a binding bargained payment calculated as a function of at least one of the offers for that round;

if, however, the offers in that round do not satisfy the criterion for that round, conducting any number of subsequent rounds, wherein the at least one computer is configured such that during a given round no indication of the amount of any offer from one party for that round is provided for use by the party on the opposite side of the transaction and

wherein said automation is implemented by a computer, and the automated analysis and comparison is completely automated, and

wherein the at least one predetermined criterion includes at least one criterion allowing for achieving the binding agreement when the offer for sale is greater than the offer for purchase.

2. A method according to claim 1 wherein for at least one of the rounds, the predetermined criterion applied is a specified percentage difference between the offers in that round.

3. A method according to claim 2 wherein a specific percentage difference amount is applied.

4. A method according to claim 2 wherein the percentage difference applied is from about 5% to about 50%.

5. A method according to claim 2 wherein the same percentage difference is applied for one or more of the rounds.

6. A method according to claim 1 wherein for at least one of the rounds, determining whether the offers satisfy the criterion for that round is accomplished by determining whether the offers differ from one another by a specified amount or percentage.

7. A method according to claim 6 wherein the criterion applied is a specified amount.

8. A method according to claim 6 wherein the same specified amount is applied as the criterion for one or more than one round.

9. A method according to claim 1 wherein for at least one round, the method includes:

a) determining whether the offers satisfy the criterion for the round, by multiplying one of the offers by a predetermined factor to produce a result;

b) comparing that result with the offer of a party on the opposite side of the transaction; and

c) determining whether the outcome of the comparison falls within a predetermined range.

10. A method according to claim 9 wherein the criterion applied is a predetermined range within which offers need to be to produce a binding bargained payment.

11. A method according to claim 1 wherein for at least one round, the criterion applied to produce a binding bargained payment is a function of at least one of the offers in that round.

12. A method according to claim 1 wherein a response that a binding bargained payment has been achieved is provided to all parties.

13. A method according to claim 1 which further comprises providing the response to at least one first party and at least one second party that a binding bargained payment has not been produced in that round.

14. A method according to claim 1 which further comprises before commencing the second or subsequent round, informing the parties if the offers do not satisfy the criterion for the first or previous round.

15. A method according to claim 14 which further comprises informing the parties if the offers in a subsequent round do not satisfy the criterion for that round before commencing a further subsequent round.

16. A method according to claim 1 wherein three rounds are conducted.

17. A method according to claim 1 wherein the criterion is changed in a round so that the binding bargained payment is calculated as a function of at least one of the offers in that round.

18. A method according to claim 1 which further comprises a login procedure so that only parties with proper authentication data can log in.

19. A method according to claim 1 which further comprises communicating with at least one of the first and second parties through a network.

20. A method according to claim 19 wherein the communication with said first and second parties is via the Internet.

21. A method according to claim 1 wherein the offers are monetary.

22. A method according to claim 21 wherein when the monetary offers are in different currencies, applying a currency converter to convert the monetary offers into a common currency in order to permit a comparison thereof.

23. A method according to claim 1 which further comprises sending one or more predetermined messages to the parties when the outcome of the comparison of offers fails to satisfy the predetermined criterion but is within a predetermined acceptance limit.

24. A method according to claim 23 wherein a facilitating message is sent.

25. A method according to claim 1 wherein a plurality of offers are submitted by at least one party prior to the completion of the first round.

26. A method according to claim 1 wherein before the completion of any given round, one offer or a plurality of offers is submitted by at least one party, one such offer corresponding to the present round and each such other offers corresponding to sequential rounds.

27. A method according to claim 1, which further comprises:

activating at least one power round, wherein the power round is activated by at least one party of the transaction, if no binding bargained agreement is reached after an agreed upon number of rounds has failed to generate such agreement;

sending an inquiry to the parties inquiring whether one or more parties want to engage in a power round; and

if at least one affirmative answer is received, applying either the same or a different criterion for the power round.

28. A method according to claim 27 wherein the power round criterion applied is the same criterion used in one of the preceding rounds.

29. A method according to claim 27 wherein the power round criterion applied is different from the criterion of one or more of the preceding rounds.

30. A method according to claim 27 wherein the power round is activated by the purchase of the power round.

31. A method according to claim 27 wherein how the binding bargained payment is calculated is changed to be a function of at least one of the offers in that round.

32. A method according to claim 27 wherein the method further comprises configuring the at least one computer to allow a different predetermined criterion to be applied, if desired, to at least one round subsequent to the first round.

33. A method according to claim 32 wherein the criterion used in one or more of the rounds is changed from that initially applied.

34. A method according to claim 33 wherein the criterion used in the rounds is changed in response to a request received from at least one of the parties.