Escrow Payment System for Transactions

A method of coordinating a plurality of payments, each payment corresponding to a transaction between a payor and a payee for a contractual obligation, comprising:

• electronically receiving, for each of the transactions, bank account information from an online entity administering the transaction, the bank account information including information on (1) a payor bank account corresponding to the respective payor, and (2) a payee bank account corresponding to the respective payee;
• electronically receiving, for each transaction, transaction information from the online entity, the transaction information including a payment amount to be paid by the respective payor to the respective payee for the respective contractual obligation;
• electronically transmitting, for each of the transactions, a debit request to a payment processor, the debit request including instructions to (1) create a discrete financial account specific to the transaction, (2) debit, from the respective payor bank account, a debit amount equal to or greater than the respective payment amount, (3) transfer the debit amount to the discrete financial account, and (4) hold the debit amount in the discrete financial account;
• and
• electronically transmitting, for each of the transactions and after confirmation that the contractual obligation has been at least partially satisfied, a credit request to the payment processor, the credit request including instructions to (1) transfer a credit amount from the respective discrete financial account, and (2) credit, to the respective payee bank account, the respective payment amount,
• wherein said bank account information electronic receiving step, said transaction information electronic receiving step, said debit request electronic transmitting step, and said credit request electronic transmitting step are implemented using at least one processor and at least one memory.

A method of coordinating a plurality of payments, each payment corresponding to an online transaction between a seller and a buyer for an item, comprising:

• electronically receiving, for each of the online transactions, bank account information from an online entity administering the online transaction, the bank account information including information on (1) a seller bank account corresponding to the respective seller, and (2) a buyer bank account corresponding to the respective buyer;
• electronically receiving, for each of the online transactions, transaction information from the online entity, the transaction information including a payment amount to be paid by the respective buyer to the respective seller for the respective item;
• electronically transmitting a batch debit request to a payment processor, the batch debit request including instructions to, for each of the online transactions, (1) create a discrete financial account specific to the online transaction, (2) debit, from the respective buyer bank account, a debit amount equal to or greater than the respective payment amount, (3) transfer the debit amount to the discrete financial account, and (4) hold the debit amount in the discrete financial account;
• and
• electronically transmitting a batch credit request to the payment processor, the batch credit request including instructions to, for each of the online transactions having a confirmation that the respective buyer has received the respective item, (1) transfer a credit amount from the respective discrete financial account, and (2) credit, to the respective seller bank account, the payment amount,
• wherein said bank account information electronic receiving step, said transaction information electronic receiving step, said debit request electronic transmitting step, and said credit request electronic transmitting step are implemented using at least one processor and at least one memory.

A method of coordinating payment between a seller and a buyer of an online transaction for an item, comprising:

• electronically receiving bank account information, the bank account information including information on (1) a seller bank account corresponding to the seller, and (2) a buyer bank account corresponding to the buyer;
• checking the seller bank account and the buyer bank account for security compliance;
• electronically receiving transaction information, the transaction information including a payment amount to be paid by the buyer to the seller for the item;
• electronically creating a discrete financial account specific to the online transaction;
• electronically debiting, from the buyer bank account, a debit amount equal to or greater than the payment amount;
• electronically transferring the debit amount to the discrete financial account;
• holding the debit amount in the discrete financial account;
• electronically receiving a notification that the buyer has received the item;
• electronically transferring a credit amount from the discrete financial account;
• and
• electronically crediting, to the seller bank account, the credit amount,
• wherein said bank account information electronic receiving step, said transaction information electronic receiving step, said electronic creating step, said electronic debiting step, said debit amount electronic transferring step, said notification electronic receiving step, said credit amount electronic transferring step, and said electronic crediting step are implemented using at least one processor and at least one memory.

An apparatus for coordinating payment between a payor and a payee of a transaction for a contractual obligation, comprising:

• a bank account information reception module that receives, from an online entity administering the transaction, bank account information including information on (1) a payor bank account corresponding to the payor, and (2) a payee bank account corresponding to the payee;
• a transaction information reception module that receives, from the online entity, the transaction information including a payment amount to be paid by the payor to the payee for the contractual obligation;
• a debit request transmission module that transmits, to a payment processor, a debit request including instructions to (1) create a discrete financial account specific to the transaction, (2) debit, from the payor bank account, a debit amount equal to or greater than the payment amount, (3) transfer the debit amount to the discrete financial account, and (4) hold the debit amount in the discrete financial account;
• and
• a credit request transmission module that transmits, after a confirmation that the contractual obligation has been at least partially satisfied, a credit request to the payment processor, the credit request including instructions to (1) transfer a credit amount from the discrete financial account, and (2) credit, to the payee bank account, the payment amount.

A computer program product comprising a non-transitory computer-readable medium having control logic stored thereon for causing a computer to coordinate payment between a payor and a payee of a transaction for a contractual obligation, the control logic comprising computer readable program code which, when executed, causes the computer to perform the steps of:

• electronically receiving bank account information from an online entity administering the transaction, the bank account information including information on (1) a payor bank account corresponding to the payor, and (2) a payee bank account corresponding to the payee;
• electronically receiving transaction information from the online entity, the transaction information including a payment amount to be paid by the payor to the payee for the contractual obligation;
• electronically transmitting a debit request to a payment processor, the debit request including instructions to (1) create a discrete financial account specific to the transaction, (2) debit, from the payor bank account, a debit amount equal to or greater than the payment amount, (3) transfer the debit amount to the discrete financial account, and (4) hold the debit amount in the discrete financial account;
• and
• electronically transmitting, after a confirmation that the contractual obligation has been at least partially satisfied, a credit request to the payment processor, the credit request including instructions to (1) transfer a credit amount from the discrete financial account, and (2) credit, to the payee bank account, the payment amount.