US 7,624,061 B2 · Method and system for exchanging commodities online

Abstract

A method of providing a best bid and a best offer to a buyer, including receiving one or more offers to sell a commodity according to a predetermined contract at one or more specified prices. The specified prices are adjusted based on shipping costs associated with a destination specified by the buyer. A best offer is determined from the adjusted prices. A source location is determined corresponding to the best offer price. One or more bids are received to purchase the commodity. A best bid is determined corresponding to the source location. The best bid is adjusted based on the shipping cost between the source location and the destination and the adjusted best bid and the best otter are transferred to the buyer over a computer network for display by a networked host.

Claims1

Dependent claims

A system for exchanging commodities, comprising:

means for permitting a seller to enter an offer for selling a commodity according to a predetermined contract;
means for permitting a buyer to enter a bid for purchasing the commodity;
means for matching the bid to the offer to generate a transaction;
means for notifying a transportation partner of the transaction so that the transportation partner can arrange pick-up and delivery of the commodity;
and
means for notifying a credit clearinghouse of the transaction so that the clearinghouse can arrange to receive payment from buyer and make payment to the seller.

3 more elements

Dependencies are inferred from the claim text.

Facts

Application

09/922,240Filed 3 Aug 2001 · us provisional application

Priority

4 Aug 2000

Published

US 2002/0107782 A18 Aug 2002

Granted

24 Nov 2009

Term ends

Not estimatedThe source records don’t support an estimate.

Classification6 codes

G06Q 20/10
Payment architectures: specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
G06Q 40/00
Finance
G06Q 40/03
Finance; Insurance; Tax strategies; Processing of corporate or income taxes: credit; Loans; Processing thereof
G06Q 40/04
Finance; Insurance; Tax strategies; Processing of corporate or income taxes: trading; Exchange, e.g. stocks, commodities, derivatives or currency…

Method and system for exchanging commodities online

Life of this patent

Method and system for exchanging commodities online

Life of this patent

Abstract

Claims1