Method and system for transacting a purchase using a credit card from the seller

• US 7,739,191 B2
• Filed: 10/10/2006
• Issued: 06/15/2010
• Est. Priority Date: 10/18/1999
• Status: Expired due to Fees

• Current Assignee: David B. Sutton, Douglas E. Blasiman
• Original Assignee: David B. Sutton, Douglas E. Blasiman
• Inventors: Sutton, David B., Blasiman, Douglas E.
• Primary Examiner(s): Oyebisi; Ojo O.
• Assistant Examiner(s): Fischer; Andrew J
• Application Number:
  US11/548,083
• Publication Number:
  US 20070130051A1
• Time in Patent Office: 1,344 Days
• Field of Search: 705/37, 705/26, 705/14, 705/30, 705/39
• US Class Current: 705/39
• CPC Class Codes: G06Q 20/02 involving a neutral party, e.g. certification authority, notary or trusted third party [TTP]
• CPC Class Codes: G06Q 20/023 the neutral party being a clearing house
• 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 20/12 specially adapted for electronic shopping systems
• CPC Class Codes: G06Q 30/06 Buying, selling or leasing transactions
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange

Abstract

A method is provided for transacting a purchase between a buyer and a seller over the Internet. The method comprises the steps of: (a) offering an item for sale through the use of a purchase transaction manager, where the purchase transaction manager resides on a computing device interconnected to the Internet; (b) providing credit account information from the seller of the item to the purchase transaction manager; (c) receiving at least one acceptable bid on the item from a potential buyer, where each acceptable bid includes credit account information for the potential buyer; (d) determining a winning bid on the item, thereby identifying a buyer for the item; and (e) transacting a purchase between the buyer and the seller using the credit account information from the buyer and the seller.

Claims

1. A method for transacting a purchase between a buyer and a seller using a computer-implemented purchasing system in which the buyer and seller access an intermediary application, the method comprising:

a) offering an item for sale through an auction manager, said auction manager residing on a first computing device interconnected to a network;

b) receiving at least one acceptable bid on said item from a potential buyer;

c) determining a winning bid on said item by said auction manager, thereby identifying a buyer for said item;

d) issuing a debit card to the seller, the debit card being issued by the intermediary application; and

e) transacting a purchase between the buyer and the seller using the debit card of step d).

2. The method of claim 1 wherein the buyer and seller register with the intermediary application prior to step b).

3. The method of claim 1 wherein the debit card issued in step d) has a credit for the amount of the winning bid.

4. The method of claim 1 wherein the buyer and seller answer a series of questions prior to step b).

5. The method of claim 1 wherein the seller provides transactional information to the auction manager, the transactional information including a description of the item and a minimum bid amount for the item.

6. The method of claim 1 wherein the buyer specifies an inspection period.

7. The method of claim 6 wherein step e) is delayed until the buyer has inspected the item and indicates satisfaction.

8. The method of claim 1 further comprising the step of shipping the item by the seller to the buyer after step e).

9. The method of claim 1 further comprising assigning a transaction number to the purchase thereby allowing the buyer or seller to view transactional information.

10. A computer-implemented purchasing system for transacting a purchase between a buyer and a seller, the purchasing system comprising:

a) an auction manager residing on a first computing device interconnected to a network, the auction manager operable to;

offer a seller'"'"'s item for sale;

receiving at least one acceptable bid on said item from a potential buyer;

determine a winning bid on said item thereby identifying a buyer for said item;

transact a purchase between the buyer and the seller; and

b) an intermediary application operable to issue a debit card to the seller after the winning bid is determined, the debit card being used to transact the purchase.