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

  • US 20020095372A1
  • Filed: 01/17/2001
  • Published: 07/18/2002
  • Est. Priority Date: 01/17/2001
  • Status: Active Grant
First Claim
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1. A method for effecting payment of an item offered for an auction sale by a seller and won by a winning bidder at the conclusion of an electronic auction where computer terminals of potential purchasers are used to access a computer site maintained by an auction server computer, said method comprising the steps of:

  • debiting an electronic auction payment account corresponding to the winning bidder, where the electronic auction payment account is configured for storing funds therein; and

    crediting at least one account corresponding to the seller to effect payment of the item won by the winning bidder.

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