Patent ID: 8266002
Filing Date: 2012-09-11
Classification: G06Q

Abstract:
1. A system for facilitating a sales transaction for purchasing a retail service by a group of buyers from at least one seller over an electronic network comprising a processor configured to execute the steps of: a. receiving into the system a request to buy a product by a buyer that specifies type of said product, a maximum unit price for said product, the quantity of said product requested, and buyer's billing information; b. forming a buying group with buyers having substantially similar purchase characteristics; c. qualifying said buyer for entry into said buying group; d. establishing a buyer's escrow fee amount, of which said buyers must agree to pay if he fails to fulfill his commitment; e. receiving into the system a seller's information for a seller to qualify to submit bids; f. establishing a seller's escrow fee amount, of which said seller must agree to pay if he fails to fulfill his commitment; g. conducting a reverse auction cycle wherein a seller transmits into said system a bid to sell a product to said buying group wherein said bid includes the minimum selling price, the minimum quantity of units for sale and the maximum quantity of units for sale; h. matching buyers with a seller via a matching process when the number of products requested by buyers having a maximum unit price that exceeds said seller's minimum selling price and exceeds said seller's minimum quantity of units for sale, after said auction closes, via the following steps;