Reverse auction system with guaranteed funds and dynamic sale allocation

Non-transitory computer-readable storage media encoded with a computer program including instructions executable by a processor to create an intermediary application for a reverse auction environment comprising:

• a) a database, in a computer memory, of a plurality of sellers;
• b) a software module configured to receive an offer to buy from a buyer prior to the start of the reverse auction or during the reverse auction, wherein the buyer is an individual person or entity, the offer to buy directed to an item, the item having a price, the offer to buy comprising a proposed purchase price for the item from the buyer, the proposed purchase price being equal to or less than the price;
• c) a software module configured to verify availability of funds from the buyer in the amount of at least a portion of the proposed purchase price before or concurrent with selection of one or more bidding sellers;
• d) a software module configured to receive bids from one or more of the plurality of sellers, the bids for sale of the item, each bid having a price for the item, wherein the offer is binding to the buyer if at least one or more of the buyer's criteria for winning the reverse auction is satisfied;
• e) a software module configured to select the one or more bidding sellers upon the expiration of a time period, each selected seller bidding on the item at a price equal to or less than the proposed purchase price;
• f) a dynamic sale allocation module configured to apply an algorithm to allocate sale of the item to a selected seller, the seller receiving the allocation based on two or more seller characteristics simultaneously, the two or more seller characteristics selected at beginning of the reverse auction from the group consisting of:
• price, shipping speed, shipping provider, local delivery availability, local pickup availability, seller rating, seller ranking, number of previous sales, warranty, payment methods accepted, and condition of previously delivered items, the allocation immediately making the sale binding;
• and
• g) a software module configured to distribute the verified funds to the seller.

A system for computer-implemented auction technology in which guaranteed funds are dynamically allocated among a plurality of acquired items, comprising:

• a) a digital processing device comprising an operating system configured to perform executable instructions and a memory;
• b) a computer program including instructions executable by the digital processing device to create an intermediary application for a reverse auction environment comprising:
• i. a database, in a computer memory, of a plurality of sellers;
• ii. a software module configured to receive an offer to buy from a buyer prior to the start of the reverse auction or during the reverse auction, wherein the buyer is an individual person or entity, the offer to buy directed to an item, the item having a price the offer to buy comprising a proposed purchase price for the item from the buyer, the proposed purchase price being equal to or less than the price;
• iii. a software module configured to verify availability of funds from the buyer in the amount of at least a portion of the proposed purchase price before or concurrent with selection of one or more bidding sellers;
• iv. a software module configured to receive bids from one or more of the plurality of sellers, the bids for sale of the item, each bid having a price for the item, wherein the offer is binding to the buyer if at least one or more of the buyer's criteria for winning the reverse auction is satisfied;
• v. a software module configured to select the one or more bidding sellers upon the expiration of a time period, each selected seller bidding on the item at a price equal to or less than the proposed purchase price;
• vi. a dynamic sale allocation module configured to apply an algorithm to allocate sale of the item to a selected seller, the seller receiving the allocation based on two or more seller characteristics simultaneously, the two or more seller characteristics selected at beginning of the reverse auction from the group consisting of:
• price, shipping speed, shipping provider, local delivery availability, local pickup availability, seller rating, seller ranking, number of previous sales, warranty, payment methods accepted, and condition of previously delivered items, the allocation immediately making the sale binding;
• and
• vii. a software module configured to distribute the verified funds to the seller.

In a computer-implemented reverse auction system having a reverse auction environment wherein sellers compete to obtain business from a buyer, the improvement comprising an assured demand allocation system with dynamic item and price allocation and guaranteed buyer funds comprising:

• a) a database, in a computer memory, of a plurality of sellers;
• b) a software module configured to receive an offer to buy from a buyer prior to the start of the reverse auction or during the reverse auction, wherein the buyer is an individual person or entity, the offer to buy directed to an item, the item having a price, the offer to buy comprising a proposed purchase price for the item from the buyer, the proposed purchase price being equal to or less than the price;
• c) a software module configured to verify availability of funds from the buyer in the amount of at least a portion of the proposed purchase price before or concurrent with selection of one or more bidding sellers;
• d) a software module configured to receive bids from one or more of the plurality of sellers, the bids for sale of the item, each bid having a price for the item, wherein the offer is binding to the buyer if at least one or more of the buyer's criteria for winning the reverse auction is satisfied;
• h) a software module configured to select the one or more bidding sellers upon the expiration of a time period, each selected seller bidding on the item at a price equal to or less than the proposed purchase price;
• e) a dynamic sale allocation module configured to apply an algorithm to allocate sale of the item to a selected seller, the seller receiving the allocation based on two or more seller characteristics simultaneously, the two or more seller characteristics selected at beginning of the reverse auction from the group consisting of:
• price, shipping speed, shipping provider, local delivery availability, local pickup availability, seller rating, seller ranking, number of previous sales, warranty, payment methods accepted, and condition of previously delivered items, the allocation immediately making the sale binding;
• and
• f) a software module configured to distribute the verified funds to the seller.