System and method for effecting payment for an electronic commerce transaction

• US 9,852,469 B1
• Filed: 08/25/2009
• Issued: 12/26/2017
• 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 A.
• Primary Examiner(s): Poinvil, Frantzy
• Application Number:
  US12/547,201
• Time in Patent Office: 3,045 Days
• Field of Search: 705 3- 44, 705 36 R
• CPC Class Codes: G06Q 20/04 Payment circuits
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/14 specially adapted for billing systems
• CPC Class Codes: G06Q 30/0212 Chance discounts or incentives
• CPC Class Codes: G06Q 30/0222 During e-commerce, i.e. online transactions
• CPC Class Codes: G06Q 30/0235 constrained by time limit or expiration date
• CPC Class Codes: G06Q 30/0275 Auctions
• CPC Class Codes: G06Q 30/0601 Electronic shopping [e-shopping]
• 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 40/03 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
• CPC Class Codes: G06Q 40/08 Insurance
• CPC Class Codes: G06Q 50/188 Electronic negotiation

Abstract

The invention provides a computerized electronic auction payment system and method for effecting a real-time payment for an item won in an electronic auction by setting up and maintaining electronic auction payment accounts for prospective bidders and sellers. The prospective bidders provide funds to their electronic auction payment accounts maintained by the computerized electronic auction payment system, prior to being deemed as winning bidders, via direct deposit, using a credit card, or sending a check, money order, or other financial document to an operator of the computerized electronic auction payment system. In one embodiment, a prospective bidder authorizes the computerized electronic auction payment system to effect a real-time payment to the seller upon the prospective bidder being deemed the winning bidder (i.e., immediately following the conclusion of the auction). That is, without the winning bidder having to access a payment page via an Internet connection to a particular web site.

Claims

1. A fund transfer method for effecting a payment by an electronic payment system for an electronic commerce transaction, said fund transfer method comprising:

determining, by at least one processor of said electronic payment system, a tax jurisdiction corresponding to a first party;

calculating by the at least one processor a tax amount based on a transaction amount corresponding to the electronic commerce transaction and the determined tax jurisdiction;

calculating by the at least one processor a total transaction amount, which is the sum of at least the calculated tax amount and the transaction amount, corresponding to the electronic commerce transaction;

receiving by the at least one processor at least one fund transfer instruction transmitted from a computing device corresponding to the first party via a communications network, the at least one fund transfer instruction being received following a display by the computing device corresponding to the first party of the calculated total transaction amount corresponding to the electronic commerce transaction;

identifying, by the at least one processor, a first payment account storing actual funds therein and corresponding to the first party;

identifying, by the at least one processor, at least one second payment account corresponding to a second party;

determining, by the at least one processor, whether the first payment account has actual funds stored therein that are greater than or equal to the total transaction amount as calculated by the at least one processor for effecting payment for the electronic commerce transaction;

executing, by the at least one processor, a transfer of funds equal to the total transaction amount, as calculated by the at least one processor, from the first payment account to the at least one second payment account if the first payment account is determined by the at least one processor to have actual funds therein that are greater than or equal to the calculated total transaction amount, and/or loaning funds, if the first payment account is determined by the at least one processor to have funds less than the total transaction amount, such that payment is effected from the first party to the second party even when there are not sufficient actual funds in the payment account corresponding to the first party which are greater than or equal to the calculated total transaction amount,

wherein the electronic payment system includes a database storing the first payment account and a payment account of the at least one second payment account,

wherein the electronic payment system is in operative communication with an electronic commerce system in which the electronic commerce transaction originated,

wherein information related to said electronic commerce transaction is communicated to said electronic payment system by said electronic commerce system via said communications network, and

wherein said information is displayed by the computing device corresponding to the first party prior to the at least one processor receiving the at least one fund transfer instruction, wherein the database includes a first data structure storing a first set of a plurality of identifiers each respectively corresponding to one identifier of a second set of a plurality of identifiers stored by a second data structure of a database of said electronic commerce system, said electronic commerce system having at least one computing device maintaining an electronic commerce website which is accessible for purchasing at least one item and paying for said at least one item by using said first payment account, wherein said first payment account is identified by mapping an identifier of the second set of the plurality of identifiers stored by the second data structure to a corresponding identifier of the first set of the plurality of identifiers stored by the first data structure, and

determining if the payment account of the first party should be automatically replenished from at least one payment source following the execution of the transfer of funds by determining if the at least one processor had received instructions prior to the electronic commerce transaction to automatically replenish the payment account of the first party when an amount of actual funds stored therein following a transfer of funds falls below a predetermined threshold.

2. The method according to claim 1, further comprising transmitting a message to a computing device corresponding to the second party following the transfer of funds, said message stating an amount of funds transferred to the second party.

3. The method according to claim 1, wherein the information related to the electronic commerce transaction is displayed by a user interface of the computing device corresponding to the first party, the user interface displaying at least one user-selectable icon for initiating the generation and transmission of the at least one fund transfer instruction to the at least one processor.

4. The method according to claim 1, further comprising charging interest for the loaned funds.

5. The method according to claim 1, further comprising providing the first party an option to enable an automatic payment service, wherein the automatic payment service when enabled automatically effects a transfer of funds from the first payment account to at least the second payment account.

6. The method according to claim 1, further comprising executing a transfer of funds to a payment account corresponding to an operator of said electronic commerce system.

7. The method according to claim 1, further comprising automatically replenishing the first payment account on a user-specified periodic basis.

8. The method according to claim 1, wherein the second party is a merchant offering the at least one item for sale via said electronic commerce website maintained by said at least one computing device of said electronic commerce system, and the electronic commerce website is accessible by the first party via the computing device corresponding to the first party for purchasing the at least one item.

9. The method according to claim 1, wherein the computing device corresponding to the first party is a mobile phone.

10. The method according to claim 1, wherein the tax jurisdiction is determined by a zip code corresponding to the first party.

11. The method according to claim 1, wherein the database includes information indicating the amount of funds stored in each of a plurality of payment accounts which includes the first payment account and the payment account of the at least one second payment account, and

wherein the database is accessible by said at least one processor for determining by said at least one processor whether the first payment account has actual funds stored therein for effecting payment for the electronic commerce transaction.

12. The method according to claim 1, wherein the database is accessible by said computing device corresponding to the first party for transmitting information via said communications network to said computing device corresponding to said first party, including information indicating the amount of funds stored in the first payment account.

13. The method according to claim 1, wherein the electronic payment system updates the database following the transfer of funds if funds from said first payment account are transferred.

14. The method according to claim 1, wherein said electronic commerce transaction is facilitated by said electronic commerce system having a plurality of servers enabling said first party and a plurality of users located in a plurality of tax jurisdictions to simultaneously access an electronic commerce website via said communications network, and transmit instructions to said electronic commerce system by a plurality of computing devices for initiating electronic commerce transactions.

15. The method according to claim 1, wherein said electronic payment system includes a plurality of servers for maintaining a plurality of payment accounts corresponding to a plurality of users of an electronic commerce website, including maintaining the first payment account corresponding to said first party, and for receiving information relating to said electronic commerce transaction, including the total transaction amount corresponding to the electronic commerce transaction, from said electronic commerce system for effecting payments for said first party and for each of said plurality of users of said electronic commerce website, wherein said electronic commerce system includes a plurality of servers for maintaining said electronic commerce website.

16. A person-to-person payment method for effecting a payment by a payment system for a network-based electronic commerce transaction, said method comprising:

determining, by at least one processor of the payment system, a tax jurisdiction corresponding to a payer;

calculating by the at least one processor a tax amount based on a transaction amount corresponding to the network-based electronic commerce transaction and the determined tax jurisdiction;

calculating by the at least one processor a total transaction amount, which is the sum of at least the calculated tax amount and the transaction amount, corresponding to the network-based electronic commerce transaction;

receiving a funds transfer request by the at least one processor, the fund transfer request being transmitted from a computing device operated by the payer via a communications network, wherein the funds-transfer request is for a transfer of funds from at least one payment account corresponding to the payer to at least one payment account corresponding to a payee to effect payment for the network-based electronic commerce transaction, wherein the payee is associated with a non-email related alias; and

storing within a database of the payment system a plurality of payment accounts storing actual funds therein and information corresponding to each of the plurality of payment accounts, including storing within the database the at least one payment account corresponding to the payer and the at least one payment account corresponding to the payee, including storing within the database information corresponding to the at least one payment account corresponding to the payer and the at least one payment account corresponding to the payee;

executing a set of programmable instructions by at least one processor of the payment system for;

obtaining funds equal to at least a portion of the calculated total transaction amount corresponding to the network-based electronic commerce transaction from actual funds stored within the at least one payment account corresponding to the payer;

loaning funds if the funds stored within the at least one payment account corresponding to the payer are less than the amount of funds corresponding to the calculated total transaction amount for effecting payment for the network-based commerce transaction even when there are not sufficient funds in the at least one payment account corresponding to payer;

transferring at least a portion of the obtained and/or loaned funds to the at least one payment account corresponding to the payee; and

transmitting a payment acknowledgment message to the computing device operated by the payer and to a computing device operated by the payee, wherein at least one computing device and the database storing the plurality of payment accounts are maintained by the payment system,

wherein the database includes a first data structure storing a first set of a plurality of identifiers each respectively corresponding to one identifier of a second set of a plurality of identifiers stored by a second data structure of a database of an electronic commerce system, said electronic commerce system having at least one computing device maintaining an electronic commerce website which is accessible for purchasing at least one item and paying for said at least one item by using said at least one payment account corresponding to the payer, wherein said at least one payment account corresponding to the payer is identified by mapping an identifier of the second set of the plurality of identifiers stored by the second data structure to a corresponding identifier of the first set of the plurality of identifiers stored by the first data structure, and

determining if the at least one payment account corresponding to the payer should be automatically replenished from at least one payment source following the execution of the transfer of funds by determining if the at least one processor had received instructions prior to the network-based electronic commerce transaction to automatically replenish the at least one payment account corresponding to the payer when an amount of actual funds stored therein following a transfer of funds falls below a predetermined threshold.

17. The method according to claim 16, wherein the payment system further maintains a payment segment of the electronic commerce system.

18. The method according to claim 16, wherein the tax jurisdiction is determined by consulting a data structure relating identifiers of a plurality of tax jurisdictions with sales tax percentages.

19. The method according to claim 16, further comprising charging interest for the loaned funds.

20. The method according to claim 16, further comprising providing the payer an option to enable an automatic payment service, wherein the automatic payment service when enabled automatically effects a transfer of funds from the at least one payment account corresponding to the payer to the at least one payment account corresponding to the payee.

21. The method according to claim 16, further comprising executing a transfer of funds to at least one account corresponding to an operator of said electronic commerce system.

22. The method according to claim 16, further comprising automatically replenishing the at least one payment account corresponding to the payer on a user-specified periodic basis.

23. The method according to claim 16, wherein the payee is a merchant.

24. The method according to claim 16, wherein the payee is a merchant offering the at least one item for sale via said electronic commerce website maintained by said at least one computing device of said electronic commerce system, and the electronic commerce website is accessible by the payer via the computing device operated by the payer for purchasing the at least one item.

25. The method according to claim 16, wherein the computing device operated by the payer is a mobile phone.

26. The method according to claim 16, wherein the database includes information indicating the amount of funds stored in each of said plurality of payment accounts which includes the at least one payment account corresponding to the payer and the at least one payment account corresponding to the payee, and

wherein the database is accessible by said at least one processor for determining by said at least one processor whether the at least one payment account corresponding to the payer has actual funds stored therein for effecting payment for the network-based electronic commerce transaction.

27. The method according to claim 16, wherein the database is accessible by said computing device operated by the payer for transmitting information via said communications network to said computing device operated by the payer, including information indicating the amount of funds stored in the at least one payment account corresponding to the payer.

28. The method according to claim 16, wherein the payment system updates the database following the transfer of funds if funds from said first payment account are transferred.

29. The method according to claim 16, wherein said network-based electronic commerce transaction is facilitated by said electronic commerce system having a plurality of servers enabling said payer and a plurality of users located in a plurality of tax jurisdictions to simultaneously access said electronic commerce website via said communications network, and transmit instructions to said electronic commerce system by a plurality of computing devices for initiating network-based electronic commerce transactions, said electronic commerce system being in operative communication via said communications network with said payment system having a plurality of servers for maintaining the plurality of payment accounts corresponding to said plurality of users of said electronic commerce website, including maintaining the at least one payment account corresponding to said payer and the at least one payment account corresponding to said payee, and for receiving information relating to said network-based electronic commerce transaction, including the total transaction amount corresponding to the network-based electronic commerce transaction, from said electronic commerce system for effecting payments for the payer and for each of said plurality of users of said electronic commerce website.

30. A fund transfer method comprising:

determining, by at least one processor an electronic payment system, a tax jurisdiction corresponding to a first party;

calculating by the at least one processor a tax amount based on a transaction amount corresponding to an electronic commerce transaction and the determined tax jurisdiction;

calculating by the at least one processor a total transaction amount, which is the sum of at least the calculated tax amount and the transaction amount, corresponding to the electronic commerce transaction based on the tax amount and the transaction amount;

receiving by the at least one processor at least one fund transfer instruction transmitted from a computing device corresponding to a first party via a communications network, the at least one fund transfer instruction being received following display by the computing device corresponding to the first party of an amount of funds corresponding to a commerce transaction;

identifying, by the at least one processor, a first payment account storing actual funds therein and corresponding to the first party;

identifying, by the at least one processor, at least one second payment account corresponding to a second party; and

executing, by the at least one processor, a transfer of funds equal to at least a portion of the calculated total transaction amount from the first payment account to the at least one second payment account if the first payment account is determined by the at least one processor to have actual funds therein that are greater than or equal to the calculated total transaction amount, wherein the step of executing the transfer includes loaning funds, if the first payment account does not have actual funds greater than or equal to the calculated total transaction amount such that the transfer of funds occurs even when there are not sufficient actual funds in the first payment account corresponding to the first party,

wherein the electronic payment system includes a database storing the first payment account and a payment account of the at least one second payment account,

wherein the electronic payment system is in operative communication with an electronic commerce system in which the commerce transaction originated,

wherein payment information related to said commerce transaction is communicated to said electronic payment system by said electronic commerce system,

wherein said payment information is displayed by the computing device corresponding to the first party prior to the at least one processor receiving the at least one fund transfer instruction, and

wherein the database includes a first data structure storing a first set of a plurality of identifiers each respectively corresponding to one identifier of a second set of a plurality of identifiers stored by a second data structure of a database of said electronic commerce system, said electronic commerce system having at least one computing device maintaining an electronic commerce website which is accessible for purchasing at least one item and paying for said at least one item by using said first payment account, wherein said first payment account is identified by mapping an identifier of the second set of the plurality of identifiers stored by the second data structure to a corresponding identifier of the first set of the plurality of identifiers stored by the first data structure, and

determining if the first payment account corresponding to the first party should be automatically replenished from at least one payment source following the execution of the transfer of funds by determining if the at least one processor had received instructions prior to the electronic commerce transaction to automatically replenish the first payment account corresponding to the first party when an amount of actual funds stored therein following a transfer of funds falls below a predetermined threshold.

31. The method according to claim 30, further comprising transmitting a message to a computing device corresponding to the second party following the transfer of funds, said message stating an amount of funds transferred to the second party.

32. The method according to claim 30, wherein the information related to the commerce transaction is displayed by a user interface at the computing device corresponding to the first party, the user interface displaying at least one user-selectable icon for initiating the generation and transmission of the at least one fund transfer instruction to the at least one processor.

33. The method according to claim 30, further comprising charging interest for the loaned funds.

34. The method according to claim 30, further comprising providing the first party an option to enable an automatic payment service, wherein the automatic payment service when enabled automatically effects a transfer of funds from the first payment account to the at least one second payment account.

35. The method according to claim 30, wherein the at least one processor executes another transfer of funds to an operator of said electronic commerce system.

36. The method according to claim 30, further comprising automatically replenishing the first payment account on a user-specified periodic basis.

37. The method according to claim 30, wherein the second party is a merchant.

38. The method according to claim 30, wherein the second party is a merchant offering the at least one item for sale via said electronic commerce website maintained by said at least one computing device of said electronic commerce system, and the electronic commerce website is accessible by the first party via the computing device corresponding to the first party for purchasing the at least one item.

39. The method according to claim 30, wherein the computing device corresponding to the first party is a mobile phone.

40. The method according to claim 30, wherein the database includes information indicating the amount of funds stored in each of a plurality of payment accounts which includes the first payment account and the payment account of the at least one second payment account, and

wherein the database is accessible by said at least one processor for determining by said at least one processor whether the first payment account has actual funds stored therein for effecting payment for the electronic commerce transaction.

41. The method according to claim 30, wherein the database is accessible by said computing device corresponding to the first party for transmitting information via said communications network to said computing device corresponding to said first party, including information indicating the amount of funds stored in the first payment account.

42. The method according to claim 30, wherein the electronic payment system updates the database following the transfer of funds if funds from said first payment account are transferred.

43. The method according to claim 30, wherein said electronic commerce transaction is facilitated by said electronic commerce system having a plurality of servers enabling said first party and a plurality of users located in a plurality of tax jurisdictions to simultaneously access said electronic commerce website via said communications network, and transmit instructions to said electronic commerce system by a plurality of computing devices for initiating electronic commerce transactions, said electronic commerce system having a plurality of servers for maintaining a plurality of payment accounts corresponding to said plurality of users of said electronic commerce website, including maintaining the first payment account corresponding to said first party, and for receiving information relating to said electronic commerce transaction, including the total transaction amount corresponding to the electronic commerce transaction, from said electronic commerce system for effecting payments for said first party and for each of said plurality of users of said electronic commerce website.