System and computer implemented method for facilitating collect on delivery transactions

A computer-implemented method for processing a collect on delivery transaction between a vendor providing a product and a customer receiving the product, the method comprising:

• generating a vendor interface for receiving vendor data from a remote computer operable to access the vendor interface;
• communicating received vendor data to a server over a data network;
• storing the vendor data in a database;
• generating a vendor account using the vendor data;
• generating a customer interface for receiving customer data from a remote computer operable to access the customer interface;
• communicating received customer data to the server over the data network;
• storing the customer data in the database;
• generating a customer account using the customer data;
• generating a payment interface for receiving payment data from a remote computer operable to access the payment interface;
• communicating received payment data to the server over the data network;
• storing the payment data in the database;
• associating the payment data with at least one of the vendor account or customer account;
• transferring funds to a bank account of the vendor upon associating the payment data with at least one of the vendor account or customer account;
• and
• processing the payment data after a predetermined amount of time to receive funds from the customer.