System and method for automated commerce directed towards minority suppliers

An electronic commerce system comprising:

• a host location;
• means for registering suppliers of goods or services with the host location;
• means for registering a purchaser of goods or services, wherein the purchaser establishes/issues minimum terms for purchasing said goods or services within the host location;
• means for said suppliers to submit bids to the purchaser to provide said goods or services to the purchaser;
• means for awarding a contract/purchaser order from the purchaser to a winning supplier;
• means for issuing an invoice from the winning supplier to the purchaser such that the purchaser compensates the winning supplier via the host location to provide a completed transaction;
• and
• means for providing a report from the host location identifying the completed transaction between the purchaser and the winning supplier.

A method of completing a commercial transaction over a telecommunications network between a purchaser and a qualified supplier, said method comprising the steps of:

• providing a host site on the telecommunications network;
• registering a plurality of qualified suppliers according to a predetermined criterion with the host site;
• posting a request on the host site from the purchaser for the purchase of goods/services from said plurality of qualified suppliers;
• submitting bids from one or more of said plurality of qualified suppliers to the host site for supplying said goods/services to the purchaser;
• the purchaser selecting a winning supplier from said plurality of qualified suppliers, the purchaser issuing a purchase order to the winning supplier through the host site;
• the winning supplier performing under the purchase order;
• the winning supplier issuing an invoice to the supplier through the host site;
• the purchaser compensating the winning supplier via the host site;
• and
• the host site issuing a report identifying a completed commercial transaction between the purchaser and the winning supplier.