System for conducting business over the internet
US6839690B1 · kind B1 · utility
Assignee
Inventors
Key dates
| Filing date | Apr 11, 2000 |
| Grant date | Jan 4, 2005 |
| Priority date | — |
| Expiry date | Apr 11, 2020 |
Classification
- Technology area (CPC G)Physics
- CPC primaryG06Q40/04
- WIPO fieldIT methods for management
- WIPO sectorElectrical engineering
Abstract
An Internet-based system that allows a buyer and a seller to obtain information about each other while remaining somewhat anonymous. The system provides historic information to buyer and seller by having a trusted third party give the buyer and seller the other party's trading history information without revealing the actual identity of the parties. A buyer registers with the trusted third party by submitting an online application. The trusted third party establishes a credit score for the buyer. A seller registers with the trusted third party by submitting an online application. The trusted third party establishes a score for the seller based upon the seller's trading history, reputation and financial standing. When the buyer chooses to purchase a product from a seller over the Internet, certain parameters i.e., dollar value of transaction, type of purchase, level of current outstanding credit available, credit score, etc. are substituted into an algorithm to determine the maximum purchase amount that may be financed at what terms and how much money the buyer will have to place in escrow. The buyers escrow may be furnished to the trusted third party by credit cards, ACH, wire tran…
Source: USPTO / EPO open patent data. Objective bibliographic and citation counts.