Method and system for multi-currency escrow service for web-based transactions

A computer system of escrow service for web-based transactions, comprising:

• a transaction module on an escrow service server pre-programmed for receiving information regarding a transaction between a seller and a buyer involving a delivery of goods or a performance of services, the information consisting at least in part of a seller currency, a buyer currency that is different than the seller currency, and a method of payment selected from a group consisting at least in part of credit card, wire transfer, and automated clearing house;
• a currency exchange data management system pre-programmed for providing a currency exchange rate quote to the buyer via a banking module on the escrow service server computed using a pre-determined forward rate that depends at least in part on the method of payment, the pre-determined forward rate used in computing the rate quote for the credit card method of payment being different from the pre-determined forward rate used in computing the currency exchange rate quote for either of the wire transfer or the automated clearing house methods of payment;
• the transaction module being further pre-programmed for receiving a buyer payment for the transaction from the buyer in the buyer currency according to the method of payment, for returning at least part of the buyer payment to the buyer in the buyer currency if an election of the buyer of rejection of the delivery of the goods or performance of the services is received by the transaction module before expiration of a pre-defined inspection period, and for transferring at least part of the buyer payment to a seller transaction account in the seller currency according to the selected method of payment via the banking module if an election by the buyer of acceptance of the delivery of the goods or performance of the services is received by the transaction module or if the pre-defined inspection period expires before receipt by the transaction module of the election by the buyer of rejection of the delivery of the goods or performance of the services.

A machine-readable medium on which is encoded program code for escrow service for web-based transactions, the program code comprising instructions for:

• receiving information by a transaction module on an escrow service server regarding a transaction between a seller and a buyer involving a delivery of goods or performance of services, the information consisting at least in part of a seller currency, a buyer currency that is different than the seller currency, and a method of payment selected from a group consisting at least in part of credit card, wire transfer, and automated clearing house;
• providing a currency exchange rate quote to the buyer by a currency exchange data management system via a banking module on the escrow service server computed using a pre-determined forward rate that depends at least in part on the method of payment, the pre-determined forward rate used in computing the rate quote for the credit card method of payment being different from the pre-determined forward rate used in computing the currency exchange rate quote for either of the wire transfer or the automated clearing house methods of payment;
• receiving a buyer payment for the transaction by the transaction module from the buyer in the buyer currency according to the method of payment;
• returning at least part of the buyer payment to the buyer in the buyer currency by the transaction module if an election of the buyer of rejection of the delivery of the goods or performance of the services is received by the transaction module before expiration of a pre-defined inspection period;
• and
• transferring at least part of the buyer payment to a seller transaction account in the seller currency according to the selected method of payment by the transaction module via the banking module if an election by the buyer of acceptance of the delivery of the goods or performance of the services is received by the transaction module or if the pre-defined inspection period expires before receipt by the transaction module of the election by the buyer of rejection of the delivery of the goods or performance of the services.