Method and system for conducting online cash deposit auctions for transacting assets and other goods and services

• US 20090240584A1
• Filed: 03/17/2009
• Published: 09/24/2009
• Est. Priority Date: 03/18/2008
• Status: Abandoned Application

• Current Assignee: Ajaindra Prakash Singh
• Original Assignee: Ajaindra Prakash Singh
• Inventors: Singh, Ajaindra Prakash
• Application Number:
  US12/381,755
• Publication Number:
  US 20090240584A1
• Time in Patent Office: Days
• US Class Current: 705/26
• CPC Class Codes: G06Q 30/0601 Electronic shopping [e-shopping]
• CPC Class Codes: G06Q 30/08 Auctions

Abstract

The present invention provides a cash deposit auction method and system, whereby upon payment of a fee, a seller uploads details of his business where so desired along with those of the assets, goods and services intended to be sold onto the auction system web-site provided by the manager of auction system. A specified amount of cash from the pool created from the fees paid by the sellers is auctioned. Many buyers make bids for the cash deposit by haggling the price up or down depending on the type of auction they are participating in The cash deposit won in the auction can only be used by the successful bidder to purchase from the seller advertising his business or sale information of any assets, goods and services on the website. The bid-winner is satisfied by buying the items offered for sale with the money won at the auction, the seller gets full value for his assets, goods and services and the auction system manager is compensated by the bid amount and additional service charge, if any paid by the successful bidder.

Claims

1. A method for advertising businesses or goods and services and conducting cash auction via a communications network such as an Internet website comprising the steps of;

(a) a seller accessing the cash deposit auction website;

(b) the seller uploading business information or information of goods and services for sale to the website;

(c) collecting a fee for advertisement and information uploaded to the website

(d) creating and maintaining a common pool of money funded by the fees collected from sellers;

(e) making said listing information available to prospective bidders;

(f) allowing prospective bidders to register to bid on cash deposit;

(g) registered bidders place bids on the website;

(i) (Canceled)

(j) determining which bidder has placed the winning bid;

(k) awarding and allowing the winning bidder to use the cash deposit thus auctioned to purchase assets, goods and/or services from the sellers advertising their businesses and items for sale on the website.

2. A method for conducting a cash deposit auction via a communications network such as an Internet website as set forth in claim 1, further comprising:

collecting a fee for said seller uploading specific business advertisement or assets, goods and services sales information regarding an item or items for sale to the website.

3. A method for conducting a cash deposit auction via a communications network such as an Internet website as set forth in claim 1, further comprising:

said business advertisement or specific assets, goods and services sales information includes business logos and description and photographs, specification and actual value of the assets, goods and services.

5. A method for conducting a cash deposit auction via a communications network such as an Internet website as set forth in claim 1, further comprising:

said making the listing information available to prospective bidders facilitated via email, text message or other electronic means of communication.

6. A method for conducting a cash deposit auction via a communications network such as an Internet website as set forth in claim 1, further comprising:

collecting the winning bid amount from winning bidder.

4. A method for conducting a cash deposit auction via a communications network such as an Internet website as set forth in claim 4, further comprising:

selection and notification of the successful bidder at the end of the auction period.

7. A method for conducting a cash deposit auction via a communications network such as an Internet website as set forth in claim 7, further comprising:

successful bidder using the cash deposit won in the auction to pay the seller the total value of assets, goods or services.

8. A method for conducting a cash deposit auction via a communications network such as an Internet website as set forth in claim 8, further comprising:

said winning bidder paying an additional fee for services rendered by said website owner.

9. A system for conducting a cash deposit auction via a communications network such as an Internet website comprising;

(a) a computer server;

(b) a website administrator;

(c) a cash deposit auction website hosted on said computer server and maintained by said website administrator;

(d) a software program customized to facilitate operation of said website;

(e) a secure database used to collect and hold information;

(f) sellers who access the cash deposit auction website via an input device means;

(g) means for uploading business descriptions and specific assets, goods and services sales information to the website by the seller onto said database;

(h) means for collecting fees for each information or advertisement uploaded by seller;

(i) means for creating and maintaining a common pool of money funded by the fees collected from sellers;

(j) a plurality of prospective bidders register their details into said database using an input device means to bid on cash deposits;

(k) means for making said goods and services sales information available to prospective bidders;

(l) a plurality of registered bidders to place bids on the website by using said input device means to send bid information to said server; and

(o) means for awarding the cash to the successful bidder allowing the bidder to use the cash to purchase assets, goods and items from the sellers advertising on the website.

10. A system for conducting a cash deposit auction via a communications network such as an Internet website comprising as set forth in claim 10 further comprising;

said input device means used by sellers and bidders to access said website is a PC.

11. A system for conducting a cash deposit auction via a communications network such as an Internet website comprising as set forth in claim 10 further comprising;

said means for making said assets, goods and services sales information available to prospective bidders includes the use of email and text messaging.

12. A method for conducting a cash deposit auction via a communications network such as an Internet website comprising the steps of;

(a) a seller accessing the cash deposit auction website;

(b) uploading business information along with specific assets, goods and services sales information regarding an item for sale to the website by the seller;

(c) creating and maintaining a common pool of money funded by the fees collected from sellers;

(d) allowing prospective bidders to register to bid on cash being auctioned;

(e) making said listing information available to prospective bidders;

(f) registered bidders place bids on the website;

(g) determining which bidder has placed the winning bid;

(h) collecting the winning bid amount from winning bidder;

(i) awarding the cash thus won in the cash deposit auction to the successful bidder

(j) allowing the successful bidder to use the cash won in the auction to pay the seller the total value of the goods or services purchased; and

(k) allowing the bidder to collect the items sold by the sellers.