Co-purchasing system & method

A computer-implemented method for facilitating a co-purchasing campaign for an item, wherein a set of instructions for executing said computer implemented method are stored on a non-transitory computer-readable medium, said method comprising:

• a) displaying a plurality of items for sale from a retailer's website on a mobile application or web browser;
• b) receiving, from an individual, a selection of an item from said plurality of items for purchase, wherein a specific cost is associated with said item;
• c) providing a co-purchase checkout option for purchasing said item;
• d) prompting said individual, upon said individual's selection of said co-purchase checkout option, to login to an account or create an account for said co-purchase checkout option to grant said individual access to said co-purchase checkout option;
• e) converting said individual to an organizer upon said individual's access to said co-purchase checkout option;
• f) prompting said organizer to select a recipient for said item;
• g) assigning said organizer, said recipient, and said item to a co-purchasing campaign for said item;
• h) generating a link associated with said co-purchasing campaign, wherein said link includes a total cost of said item and a total amount currently contributed to said co-purchasing campaign, and wherein said retailer may set at least an expiration date for said link;
• i) prompting said organizer to contribute an organizer's monetary amount to said co-purchase campaign;
• j) prompting said organizer to share said link via at least one sharing medium with a plurality of invitees;
• k) prompting a first invitee of said plurality of invitees to contribute a first invitee's monetary amount to said co-purchase campaign;
• l) providing a vault for storing at least a first set of data associated with a payment method of a first contributor and a first contributor's monetary amount and a second set of data associated with a second payment method of said first invitee;
• m) verifying said payment method of said first contributor and said second payment method of said first invitee through a gateway of said retailer's website via a payment processor of said retailer, a first issuing bank for said payment method of said first contributor, and a second issuing bank for said payment method of said first invitee;
• n) storing authorization data for said first contributor's monetary amount from said payment method of said first contributor and said first invitee's monetary amount from said second payment method of said first invitee such that both said first contributor's monetary amount and said first invitee's monetary amount remain unsettled;
• o) updating said total amount currently contributed to said co-purchasing campaign for said link based on said first contributor's monetary amount and said first invitee's monetary amount;
• p) processing said first contributor's monetary amount and said invitee's monetary amount through said payment processor of said e-commerce retailer, said first issuing bank, and said second issuing bank if said total amount currently contributed meets a threshold amount;
• and,
• q) releasing, upon expiration of said link, said authorization data for said first contributor's monetary amount and said first invitee's monetary amount such that said first contributor and said first invitee are not charged.