Obtaining A Need With Guiding Information And Credit Worthiness Using A Competitive Process
AssigneeTransaxtions LLC
InventorNagendra Nagarajayya
Life of this patent
Estimating the term…
Abstract
A process for obtaining a need with guiding information and credit worthiness using a competitive process. The competitive process could be a reverse auction where multiple sellers bid on the need. The guiding information and credit worthiness make the need under bid a competitive one for the buyer and the seller, allowing the buyer to obtain the need at an attractive price, while allowing the seller to sell at a reasonable price.
Claims21
A method for providing guiding information and credit worthiness to a buyer/seller in a computer based system, the method comprising:
- Providing competitive market information such as current market rates, lowest, average and highest prices for a need in a region;
- Providing expert information about a need;
- Providing credit worthiness information to show the buyer financial strength;
- Provide guide selections making it easy for the buyer to become knowledgeable about the market as well as to make an easy selection;
- said guide selection can be used to make available a need to the market at guide selection price or a reasonable price;
- Providing the buyer with a seller process to close the transaction;
- and provide updates to the buyer on the status of the transaction.
A program storage device readable by a machine, tangibly embodying a program of instructions readable by a machine to perform a method for making available a need using guiding information and credit worthiness;
- said guiding information and credit worthiness available to both buyer and a plurality of sellers who bid on this need;
- said guiding information provides expert information to the buyer, making the buyer knowledgeable about the market, including prices for the need;
- said guide selections provide selections to the buyer to make an easy selection of the need and making available the need at a guide selection price or a reasonable price;
- said credit worthiness presented shows buyer financial strength to a plurality of sellers;
- said buyer closes transaction using a seller defined process;
- said seller process provides status updates to the buyer.
An apparatus for making available a need to the market with guiding information and credit worthiness in a computer based system, the apparatus comprising:
- A buyer and a plurality of sellers;
- Guiding Information with Guide Selections and Credit Worthiness;
- A Competitive Market;
- A Seller Process;
- Said buyer makes available a need to the, said market using, said guiding information with guide selections and credit worthiness;
- said guiding information and credit worthiness available to, said plurality of sellers who bid on this need;
- said guiding information provides expert information to the buyer, making buyer knowledgeable about the market including prices for the need;
- said guide selections provide market selections to the buyer to make an easy selection of the need and to make available the need at a guide selection price or a reasonable price;
- said credit worthiness shows buyer financial strength to, said plurality of sellers;
- said buyer closes transaction using, said seller defined process;
- said seller process provides status updates to the buyer.
Dependencies are inferred from the claim text.