Patent ID: 7610244
Filing Date: 2009-10-27
Classification: G06Q

Abstract:
1. A method for effecting payment for at least one item offered for auction sale by a seller via an electronic auction web site and won by a winning bidder, where the electronic auction web site is accessible by a plurality of users and maintained by an electronic auction system, the method comprising: receiving informational data from the plurality of users via at least one web page accessible via at least one web page of the electronic auction web site; creating a plurality of payment accounts configured for storing funds therein and corresponding to the plurality of users of the electronic auction web site using the informational data received via the at least one web page accessible via the at least one web page of the electronic auction web site, wherein funds stored within the plurality of payment accounts can be used by said plurality of users for effecting payment for network transactions associated with said electronic auction web site; providing the plurality of users an option to enable an automatic payment service, wherein the automatic payment service automatically effects payment after occurrence of a termination event associated with the network transactions; linking said plurality of payment accounts to at least one computing device of the electronic auction system; displaying a link on the electronic auction web site for providing said plurality of users which includes the winning bidder access to their respective payment accounts for viewing the amount of funds stored therein; determining the conclusion of the auction sale by the electronic auction system; and interacting with said winning bidder by the electronic auction system by performing the steps of: