Abstract:
A Business to Business (B2B) online registration method to manage transactions over the Internet is disclosed. The B2B system implements the online registration method utilizing a web-enabled interactive database to automate the processing of online registrations of buyers and sellers, verifying credits of the buyers and sellers, generating online account numbers for transactions processing, finalizing the procedural details to manage the transactions between willing buyers and sellers over the Internet and tracking/reporting status of the transactional details as necessary to effectively manage the business.

Description:
[0001]    A portion of the disclosure of this patent document contains material that is subject to copyright protection. The copyright owner has no objection to the facsimile reproduction by anyone of the patent document or the patent disclosure, as it appears in the Patent and Trademark Office patent file or records, but otherwise reserves all copyright rights whatsoever.  
         BACKGROUND OF THE INVENTION  
         [0002]    This invention relates generally to Business to Business (B2B) registration, and more particularly, to network-based systems and methods to facilitate participation in an e-commerce marketplace for buyers and sellers through B2B registration.  
           [0003]    Currently, no single credit review score card exists that can be leveraged to approve suppliers for payment processing of credit, Automated Clearing House (ACH), International Money Transfer, Escrow, Payment Scheduling, Net settlement, financing, letters of credit, lines of credit, and authentication for Digital Certificates. Furthermore, there is no on-line registration process commercially available for credit approval of payments from a buyer to a seller with instant credit decision making and certificate issuance in a B2B Internet market segment. In order to automate the on-line registration process that can serve as a single point of entry to the Business to Business (B2B) environment, credit policy needs to be developed to encompass all of the payment options and service features that are being offered. Additionally, there are no solutions available or offered to buyers and sellers to transact business in a trusted environment that is integrated within the Internet marketplace. Lack of ability to access a “cash register” over the Internet to initiate/process transactions hampers businesses&#39; ability to grow their business with minimum financial risk associated with a poor credit rating of their customers. In addition, current approaches, which are largely paper based or manual, do not offer buyers and suppliers expeditious credit decision making on their behalf thereby delaying the transaction. Furthermore, delay in credit review process impacts ongoing risk mitigation among parties involved in the transaction.  
         BRIEF SUMMARY OF THE INVENTION  
         [0004]    The Internet (i.e. Net) marketplace enables business communities with similar business needs to create and participate in an e-commerce marketplace. The value proposition the Internet marketplace brings to it&#39;s participating members is access to a global mass market with a limited marketing investment, streamlining the due diligence process, reduced procurement costs, order fulfillment, transportation logistics, and payment processing support. Many of the buyers and suppliers who trade in the Internet marketplace are unknown parties.  
           [0005]    A Business to Business (B2B) Virtual Registration System (i.e. BBVRS) assists Net marketplaces in creating and maintaining “Trusted Communities”. The BBVRS provides complete end-to-end payment, trust/security products, and services for companies operating in the marketplace. The online market place consists of several different market segments, one buyer to one seller, one seller to many buyers, one buyer to many suppliers, and many buyers to many suppliers.  
           [0006]    In an exemplary embodiment, a searchable web-based system collects, tracks and disseminates real time information, regarding Buyers and Sellers. In another exemplary embodiment of the invention, a web-based method is utilized to manage transactions between buyers and sellers using a server system coupled to a centralized interactive database and at least one client system. The method includes receiving user information into a centralized database, storing the user information into various sub-sections of the centralized database to create a user profile and cross-referencing the user profile against a unique identifier for easy retrieval and update, approving the users for online transactions; and finally, retrieving the user profile from the centralized database in response to an inquiry to facilitate electronic payments online for products or services sold as part of online transactions. There are different versions of processes, computer programs, apparatus, databases and systems are disclosed.  
           [0007]    The BBVRS in one embodiment, includes a web-enabled interactive database to automate a transaction process for managing transactions between the buyers and sellers online and allowing buyers or sellers to access cash registers to make appropriate payments. The BBVRS captures all transaction details and provides on-line, up-to-date information upon request. The BBVRS tracks details regarding a specific transaction from inception to completion and provides a status of these details to users. In the exemplary embodiment, the system utilizes a Relational Database with a client user interface front-end for administration and a web interface for standard user input and reports. Information is accessed in the database through Structured Query Language (SQL). The BBVRS includes a user profiles database as well as transaction details database for use in automating documentation, monitoring and tracking activities associated with management of transactions.  
           [0008]    The BBVRS supports various levels of management hierarchy and provides access to individuals based on the position held by the individual within the business entity. The BBVRS has capability to download data extracted to populate commercialized database programs or spread sheet software, which provides the end-user with additional flexibility. Similarly, the data extracted can be uploaded to the BBVRS from commercialized database programs or spread sheet software.  
           [0009]    The BBVRS provides a formalized process to track and manage the transactions between various buyers and sellers after they have completed the registration process. The BBVRS also provides a cost benefit by streamlining the management process associated with B2B transactions to improve accountability and performance. 
       
    
    
     BRIEF DESCRIPTION OF THE DRAWINGS  
       [0010]    [0010]FIG. 1 is a simplified block diagram of a Business to Business Virtual Registration System (BBVRS) including a server system and a plurality of client systems connected to the server system;  
         [0011]    [0011]FIG. 2 shows a configuration of the database within a database server of the server system shown in FIG. 1;  
         [0012]    [0012]FIG. 3 is an exemplary embodiment of the process flow detailing the registration and activation transaction;  
         [0013]    [0013]FIG. 4 is an exemplary embodiment of a Transaction flow detailing the authorization and settlement flow for Automated Clearing House (ACH);  
         [0014]    [0014]FIG. 5 is an alternative exemplary embodiment of the Transaction flow detailing the authorization and settlement flow;  
         [0015]    [0015]FIG. 6 provides an overview of exemplary B2B Architecture Components;  
         [0016]    [0016]FIG. 7 is an exemplary embodiment of a first user interface welcoming a new buyer;  
         [0017]    [0017]FIG. 8 is an exemplary embodiment of a second user interface describing seven distinct steps that the user must take to complete the application quickly and easily, online;  
         [0018]    [0018]FIG. 9 is an exemplary embodiment of a third user interface describing key criteria that the user must meet before the user proceeds with the online registration;  
         [0019]    [0019]FIG. 10 is an exemplary embodiment of a General Information user interface;  
         [0020]    [0020]FIG. 11 is an exemplary embodiment of a user interface to facilitate input of reference information required under the Reference Section identified in FIG. 10;  
         [0021]    [0021]FIG. 12 is an exemplary embodiment of a user interface to facilitate input pertaining to funding information required under the Funding Section identified in FIG. 10;  
         [0022]    [0022]FIG. 13 is an exemplary embodiment of an Authorization Agreement user interface;  
         [0023]    [0023]FIG. 14 is an exemplary embodiment of a user interface to facilitate input pertaining to Payment Types information required under the Payment Types Section identified in FIG. 10;  
         [0024]    [0024]FIG. 15 is an exemplary embodiment of a user interface to provide information to the buyer or the seller on Service Fees information required under the Service Fees Section identified in FIG. 10;  
         [0025]    [0025]FIG. 16 is an exemplary embodiment of a user interface to provide information to the buyer or the seller on missing information or invalid entries from the application to complete the application when the buyer or the seller has selected the Application Review Section identified in FIG. 10; and  
         [0026]    [0026]FIG. 17 is an exemplary embodiment of a user interface providing an advisory message to the buyer or the seller to contact the administrator online through e-mail or through the telephone, if there are any problems associated with the registration process. 
     
    
     DETAILED DESCRIPTION OF THE INVENTION  
       [0027]    Exemplary embodiments of systems and processes that facilitate integrated network-based electronic reporting and workflow process management related to Business to Business Virtual Registration System (BBVRS) are described below in detail.  
         [0028]    The BBVRS facilitates electronic commerce transactions among individual buyers and suppliers, as Business to Business (B2B) Internet commerce becomes more pervasive. The BBVRS allows buyers and sellers access to many payment options without having to take the trade off-line, which is the current method available for business to business payments other than credit cards.  
         [0029]    The BBVRS handles registration for buyers and sellers from inception to completion and helps create a linkage for business transaction processing. The value proposition created by the BBVRS brings participating buyers and sellers an access to a global mass market with a limited marketing investment, streamlining the due diligence process, reduced procurement costs, order fulfillment, transportation logistics, and payment processing support.  
         [0030]    The BBVRS can be structured in several different ways to support Horizontal Marketplace, Vertical Marketplace, Auction Marketplace, Catalog Aggregators and Trading Exchanges. Horizontal Marketplaces fulfills the needs of the marketplace for specific types of purchases across industries while Vertical  20  Marketplace satisfies the needs of the marketplace for all purchasing needs within a specific industry. Auction Marketplaces allow multiple buyers to bid for products from individual suppliers whereas a Reverse Auction allows buyers to post their needs for a product or service and suppliers bid to fulfill the request for service. Catalog Aggregators centralize product catalogs from multiple vendors in a standardized format to facilitate product search and comparison with pre-defined prices and multiple features. Trading Exchanges are a forum for multiple buyers and suppliers with well defined products (normally commodities) that have high price volatility and require two-way negotiation.  
         [0031]    The BBVRS includes a proprietary transactional payment platform supporting both United States and International clients. The platform supports an easily integrated payment solution imbedded into various Net markets including auctions, catalog aggregators, and trading exchanges for both vertical and horizontal Net marketplaces.  
         [0032]    The platform provides connectivity and supports multiple direct interfaces to many Net marketplaces and external service providers. In addition to the traditional Data Payment Processing engines, the BBVRS Transaction Platform easily integrates with third party, “horizontal” service providers (such as financing partners). The BBVRS extends the payment service offerings to include other value-added services and/or new forms of Internet payments germane to the B2B marketplace. In general, some of the services envisioned could be Financing/Liquidity, Document Delivery, Logistics, etc.  
         [0033]    The business to business virtual registration process allows buyers and suppliers to quickly establish a B2B account online. The registration process includes business rating service(s), credit review/approval for payment processing (when applicable), issuance of corporate and individual authentication services, registration to conduct business in the Net marketplace, and management reporting. The key to success for the registration process is serving as a single entry point of information that allows set-up for all payment methods offered, available features (including future horizontal services) and functionality. The registration process drives the integration efforts to the Net marketplace, buyers, and suppliers. Credit Review and Approval, issuance of Internet Commerce Account (ICA), payment activation, and the issuance of digital authentication certificates is done via the registration process. The main focus of product distribution is to offer a modular payment processing solution that easily fits across many vertical and horizontal exchanges made up of many small to medium sized buyers and suppliers.  
         [0034]    The registration process collects all demographic data for buyers and suppliers. The system has the following capabilities:  
         [0035]    1) Developing joint partnership to create brand awareness;  
         [0036]    2) Displaying and recording different pricing structures for suppliers;  
         [0037]    3) Serving multiple Net marketplaces; and  
         [0038]    4) Accumulating &amp; distributing Information necessary for approval of traditional and non-traditional payments.  
         [0039]    There are two distinct types of risk associated with online transactions: credit and fraud. The fraud risk parameters could result from charge-backs, invalid sales, buyer/supplier fraud, kiting, factoring, counterfeit transactions, and lost or stolen information. Most fraud losses in the B2B space generate from charge-backs, non-performance by buyers and suppliers, and “Not Sufficient Funds” (NSF). In addition, fraud may occur by accepting orders and billing even if business does not plan to ship merchandise since they are going out of business.  
         [0040]    A complete credit review must be provided on each supplier who is requesting to extend the credit in terms of payment processing and financing through the BBVRS. New account credit investigation for buyers and suppliers include:  
         [0041]    1) Systematic bureau interfaces to personal and commercial credit bureaus(domestic and International) and other external service organization to assist in credit review process;  
         [0042]    2) Ability to access US Government Edgar, UK: Company House, Better Business Bureau etc.;  
         [0043]    3) Tools used for credit review which include industry specific score cards, etc.;  
         [0044]    4) Systematic inquiries to positive and negative database files, and Verification of business references;  
         [0045]    5) Perform Risk Assessment;  
         [0046]    6) Create credit rating;  
         [0047]    7) Create Business rating where the business entity involved in developing rating does not incur credit risk;  
         [0048]    8) Account queuing;  
         [0049]    9) Credit officer review and evaluation;  
         [0050]    10) Credit decision made;  
         [0051]    11) Automated notification to the buyer or the seller;  
         [0052]    12) Certification Authentication requirements; and  
         [0053]    13) Pre-Approval capabilities for additional payment alternatives and services.  
         [0054]    The BBVRS automates the manual authentication process to determine the information provided by the buyer/supplier is accurate at the time before digital certificate issuance. The manual authentication process referenced above includes the Receipt of the “Letter of Authorization” on company letterhead, Confirmation of Proof of Right—Articles of Incorporation or Company Registration, Confirmation of Ownership of the domain name, and the Confirmation of Employment of technical contact or other authorized individuals via email.  
         [0055]    The systems and processes facilitate, for example, electronic submission of information using a client system, automated extraction of information, and web-based registration for buyers and sellers. The system provides a Transaction platform for the B2B Process including registration of buyers and sellers based on the information that was acquired from Buyers &amp; Sellers, manage requirements relating to Credit Review and Decisioning Process, handle Scoring Process and Financial Credit Rating standards, and manage exchange payment ratings.  
         [0056]    The systems and processes are not limited to the specific embodiments described herein. In addition, components of each system and each process can be practiced independent and separate from other components and processes described herein. Each component and process also can be used in combination with other components and processes.  
         [0057]    [0057]FIG. 1 is a simplified block diagram of a Business to Business Virtual Registration System (BBVRS)  10  including a server system  12  and a plurality of client systems  14  connected to server system  12 . BBVRS  10  tracks information from buyers and sellers from inception to completion and provides a status to users upon request. In one embodiment, client systems  14  are computers including a web browser, such that server system  12  is accessible to client systems  14  via the Internet. Client systems  14  are interconnected to the Internet through many interfaces including a network, such as a local area network (LAN) or a wide area network (WAN), dial-in-connections, cable modems and special high-speed ISDN lines. Client systems  14  could be any device capable of interconnecting to the Internet including a web-based phone or other web-based connectable equipment. A database server  16  is connected to a centralized database  20  containing product related information on a variety of products, as described below in greater detail. In one embodiment, centralized database  20  is stored on database server  16  and can be accessed by potential users at one of client systems  14  by logging onto server system  12  through one of client systems  14 . In an alternative embodiment centralized database  20  is stored remotely from server system  12 .  
         [0058]    The BBVRS utilizes a web-enabled interactive database to automate a Business to Business (B2B) virtual registration process. System  10  captures all pertinent information and provides on-line, up-to-date information to buyers and/or sellers, after authentication, upon request. In one exemplary embodiment, system  10  utilizes a Relational Database with a client user interface front-end for administration and a web interface for standard user input and reports. Information is accessed in the database through Structured Query Language (SQL). The BBVRS is a virtual registration tool to facilitate Internet Commerce. The BBVRS can also be used as a stand alone tool for internal users. System  10  supports various levels of management hierarchy and provides access to individuals based on the position held by the individual within the business entity.  
         [0059]    [0059]FIG. 2 shows a configuration of database  20  within database server  16  of server system  12  shown in FIG. 1. Database  20  is coupled to several separate components within server system  12 , which perform specific tasks.  
         [0060]    Database  20  is divided into a Users Profile Section  24 , which is further divided into a Sellers Information Section  26 , and a Buyers Information Section  28 .  
         [0061]    Sellers Information Section  26  collects and stores information on seller information including at least one of a Business name, a Business Legal Name, a Business address including a City, a State, and a Zip Code, a Name of an Authorized Signer, a Title of the Authorized Signer, a Business Phone Number, a Business Fax Number, an “Attention to” identifying where the communication must be send to, an Email address, an URL address, a Domain Name, a State of Incorporation, a Date of Incorporation, a Number of Employees, Product being Sold or Marketed, Location of the Business and It&#39;s Various Divisions, a Total Annual Sales of Business, an Estimated Annual Credit Card Sales, an Expected Average Credit Card Transaction, a Sales Tax Rate, a Refund policy, a Percentage of Credit Card Sales for Products, a Percentage of Credit Card Sales for Services, a Method of Advertising, and information whether the party registering currently using the credit card as a preferred acceptance mode of payment.  
         [0062]    Buyers Information Section  28  collects and stores information on a Business name, a Business Legal Name, a Business address including a City, a State, and a Zip Code, a Name of an Authorized Signer, a Title of the Authorized Signer, a Business Phone Number, a Business Fax Number, an “Attention to” identifying where the communication must be send to, an Email address, an URL address, a Domain Name, a State of Incorporation, a Date of Incorporation, a Number of Employees, Product being Sold or Marketed, Location of the Business and It&#39;s Various Divisions, a Total Annual Sales of Business, an Estimated Annual Credit Card Purchases, an Expected Average Credit Card Transaction, a Sales Tax Rate, a Percentage of Credit Card Purchases for Products, a Percentage of Credit Card Purchases for Services, a Method of Advertising, and information whether the party registering currently using the credit card as a preferred method of payment, and other related information.  
         [0063]    Database  20  is further divided into a Registration Information Section  30 , a Service Providers Information Section  32 , a Service Bureaus Information Section  34 , and a Transactional Details Information Section  36 . Sections  26 ,  28 ,  30 ,  32 ,  34 , and  36  within database  20  are interconnected to update and retrieve the information as required.  
         [0064]    Server system  12  further includes a collection component  64  for collecting information from users into centralized database  20 , a tracking component  66  for tracking information, a displaying component  68  to display information, a receiving component  70  to receive a specific query from client system  14 , and an accessing component  72  to access centralized database  20 . Receiving component  70  is programmed for receiving a specific query from one of a plurality of users. Server system  12  further includes a processing component  76  for searching and processing received queries against data storage device  38  containing a variety of information collected by collection component  64 . An information fulfillment component  78 , located in server system  12 , downloads the requested information to the plurality of users in the order in which the requests were received by receiving component  70 . Information fulfillment component  78  downloads the information after the information is retrieved from data storage device  38  by a retrieving component  80 .  
         [0065]    Retrieving component  80  retrieves, downloads and sends information to client system  14  based on a query received from client system  14  regarding various alternatives.  
         [0066]    Retrieving component  80  further includes a display component  84  configured to download information to be displayed on a client system&#39;s graphical user interface and a printing component  88  configured to print information.  
         [0067]    Retrieving component  80  generates various reports requested by the user through client system  14  in a pre-determined format. System  10  is flexible to provide alternative reports and is not constrained to the options set forth above.  
         [0068]    [0068]FIG. 3 is an exemplary embodiment of a process flow  90  detailing a registration and activation transaction. BBVRS  10  (shown in FIG. 1) allows a consumer/individual to accept electronic payments/transfers for products sold on-line, whether through auctions or otherwise. In general, an individual buyer/supplier applies utilizing registration process  92  for a business entity&#39;s account for payment processing. Buyer/supplier provides registration data through a pre-determined format. Registration data is submitted to registration service providers that provide various types of services for processing  94  of the registration data. Based on the registration data and the information available from registration service providers, a specific account number is generated. A credit officer located at the business entity completes a decision process  96  and either approves or disapproves the buyer/supplier. If disapproved, a notification e-mail is send to the buyer/supplier. If approved, appropriate documentation is generated and the account number is finalized. Respective databases and servers are updated  98 . Upon approval, the supplier and their customers are able to access an on-line cash register where a buyer would enter a personal credit card number or other forms of personal payment information for transmission to the payment processor via a secure gateway. The funds would be transmitted electronically as specified by the buyer to the supplier via the Net marketplace.  
         [0069]    [0069]FIG. 4 is an exemplary embodiment of a Transaction flow  110  detailing the authorization and settlement flow for ACH. Whenever a registered Buyer  120  and Seller  122  agree to a commercial transaction through a B2B Net marketplace  124  utilizing world-wide Internet  126 , meaning goods going from Seller  122  to Buyer  120  in exchange for money going from the Buyer to the Seller, funds transfer are triggered to settle the deal. The payment occurs through the BBVRS platform by using details of the trade combined with the user profile  128  information. Buyer  120  and Seller  122  are validated  130  through user profile  128  information  
         [0070]    Once Buyer  120  and Seller  122  perform details of trade and confirm the order, Buyer  120  initiates the order and selects payment option ACH  132  from seller  122 . Buyer  120  selects banking information  134  through a Bank Profile Banking Information  136 . Buyer  120  confirms ACH transaction  138  and Seller  122  sends back an approval response  140  confirming that Seller  122  has agreed to the transaction. The debit and credit transactions produced by BBVRS  10  are sent in files to TeleCheck for real-time authorization  142 . TeleCheck in turn sends transaction files to an ACH member bank for presentment. The transaction is approved and transaction details  144  are created, which are sent back to SurePay Manager  146  to generate transaction reports.  
         [0071]    [0071]FIG. 5 is an alternative exemplary embodiment of Transaction flow  160  detailing the authorization and settlement flow. Components in the flow chart, identical to components of the flow chart shown in FIG. 4, are identified in FIG. 5 using the same reference numerals used in FIG. 4. Buyer  120  and Seller  122  conduct business over marketplace  124  through Internet  126 . Buyer  120  accesses supplier&#39;s Web site and Catalog Tool  162  and initiates the transaction relating to the goods. Seller  122  displays fee information to Buyer  120  and Buyer  120  confirms buy the decision. Software Development Kit (SDK)  164  from Unibex through SurePay XML Server  166  on behalf of Seller  122  calls out to SurePay Gateway  168  with the authorization request for ACH. SurePay transaction database  170  is created which communicates through Internet  126  with Reporting Manager  172  to generate a variety of reports, validate frauds, and a transaction review  174 . Real-time validation  176  is done at the time of payment request and an authorization response code  178  is returned. Authorization response code  178  includes format checks as well as hitting negative database for bad check writers, etc. Included in the call to gateway is a predetermined settlement date from Seller  122  where Buyer  120  has agreed for funds to be deducted from the account on xx/xx/xxx in the future. Email notification is sent to the buyer and the seller the day before scheduled payment of the transaction settlement occurring the next day at 10:00 p.m. EST, unless the transaction is cancelled. The funds are automatically settled on the date sent in the transaction record with email notification sent to the buyer of funds disbursement. Funds are either debited to an Acquirer&#39;s account  180  through utilizing a Credit Card Processing Platform  182 , a Telecheck Internet Check Acceptance (ICA)  184 , or International Money Transfer  186 . Finally, the e-mail is sent to the buyer that the transaction has been approved and the goods have been shipped.  
         [0072]    [0072]FIG. 6 provides an overview of exemplary B2B Architecture Components  200 . Architecture components  200  provide various architecture components including, but not limited to, a Registration Processing Component  210 , a Client Component  220 , a Digital Certificate Management Component  230 , a Transactional Processing Component  240 , and an Administration Component  250 .  
         [0073]    Registration Processing Component  210  handles Central Registration Process, Credit Review &amp; Rating, Account Activation, and Digital Certificate Application. Client Component  220  manages Client Profile, Signatory Privilege, Multi-level Users, Fee Structure, and various Settlement Options. Digital Certificate Management Component  230  handles Digital Certificate Management, SurePay PKI, Issuance of Digital Certificates, Management of Digital Certificates, Authentication of Digital Certificates, and Revocation of Digital Certificates. Transactional Processing Component  240  manages Central Integration Toolkit, Transaction Switch, Transaction Messaging, Payment Scheduler, Recurring Payments, Escrow Management, Financing, and Money Transfer. Administration Component  250  manages Digital Certificate Administration, Data Import, Data Export, Online Queries, Online Statements, Integrated Billing, and User Profile Administration.  
         [0074]    Administration Component  250  further allows the administrator to import and export data from other commercial software. A user can import information from another software program into BBVRS  10  and can export the data from BBVRS  10  to allow for custom reports and analysis. The system&#39;s flexibility permits the user or an administrator to change the user profile information including the user&#39;s payment information (or company&#39;s payment information), add new users, edit user profiles, and delete inactive users. This flexibility allows the user, administrator, or anyone having an authorization to make changes or enhancements.  
         [0075]    BBVRS architecture of system  10  as well as various components of system  10  are exemplary only. Other architectures are possible and can be utilized in connection with practicing the processes described below.  
         [0076]    [0076]FIGS. 7 through 17 are exemplary embodiments of user interfaces utilized by the BBVRS  10  in the registration process for Buyers. Exemplary embodiments of user interfaces utilized by the BBVRS  10  in the registration process for Sellers are identical in many respects to user interfaces shown in FIGS.  7  through  17 . Differences in layout of user interfaces between Sellers and Buyers are only minor and are exemplified, as and when necessary in the specification. For the purposes of explanation, a brief overview of terminology is provided hereunder:  
         [0077]    ABA Routing Number  
         [0078]    Also referred to as a Transit Routing Number. Directs electronic Automated Clearing House deposits to the proper bank institution.  
         [0079]    ACH—Automated Clearing House  
         [0080]    A method of transferring funds between the banks and financial institutions via the ACH Network.  
         [0081]    ACH Clearing House (ACH) Network  
         [0082]    A funds transfer governed by the Rules of NACHA that provides for the interbank clearing of electronic entries for participating financial institutions.  
         [0083]    ACH Operator  
         [0084]    The central clearing facility that receives entry form ODFI&#39;s, distributes the entries to RDFI&#39;s and performs settlement functions. The ACH Operator is responsible for processing electronic entries received from other ACH Operators or ODFI&#39;s.  
         [0085]    ACH Agreement  
         [0086]    A contract between originating company and originating financial institution to completely identify an account holders or provide information concerning a payment to the RDFI and the Receiver  
         [0087]    ACH Authentication  
         [0088]    The process of generating a message/data-specific code that can be used to identify the sender of the message/data and to protect the message/data from insertion, modification, deletion, or replay.  
         [0089]    ACH Authorization  
         [0090]    A written agreement that defines the terms and conditions between trading partners to allow payments processed through the ACH Network to be deposited in or withdrawn from his or her account at a financial institution.  
         [0091]    Automated Bill Payment (Also Direct Payment)  
         [0092]    A method of collection used in which a debtor gives the collecting company authorization to debit an account at his or her financial institution.  
         [0093]    Availability  
         [0094]    Number of days required collecting items before the trading partner have available balances.  
         [0095]    Availability Schedule  
         [0096]    Schedule of deposited checks showing when the funds will be available.  
         [0097]    Average Ticket  
         [0098]    The average dollar amount of your ACH transaction.  
         [0099]    Banking Day  
         [0100]    Any day on which a participating depository financial institution is open during any part of the day for carrying on substantially all its banking functions.  
         [0101]    Batch-ACH  
         [0102]    A group of records or documents considered as a single unit for the purpose of data processing usually a day&#39;s worth of transactions.  
         [0103]    Buyer  
         [0104]    Business owner who is a registered member of a trading exchange.  
         [0105]    Buyer Account Number  
         [0106]    A number that numerically identifies each buyer to the processor for accounting and billing purposes.  
         [0107]    Clearing  
         [0108]    Processing of collecting electronic items from the drawee banks after being deposited by a trading partner.  
         [0109]    Clearing House  
         [0110]    A voluntary association of depository institutions that facilitates the clearing of electronic items through the direct exchange of funds between members.  
         [0111]    Compliance  
         [0112]    Compliance to the National Automated Clearing House Association regulatory bylaws.  
         [0113]    Corporate-to-Corporate Payments  
         [0114]    Any of the class of automated payment formats developed for the ACH Network that allow concurrent exchange of funds and remittance information between trading partners.  
         [0115]    Credit Entry  
         [0116]    An entry to the record of an account to represent the transfer or placement of funds into the account.  
         [0117]    Credit Rating  
         [0118]    Classification of a customer&#39;s ability to repay debts and various obligations.  
         [0119]    Credit Risk  
         [0120]    The risk that a party to a transaction cannot provide the necessary funds, as contracted, in order for settlement to take place. Typically, credit-risk related losses arise from the failure or bankruptcy of a company.  
         [0121]    Data Encryption  
         [0122]    The scrambling of information sent over the Internet, only the intended users can read and understand encrypted information.  
         [0123]    DDA  
         [0124]    Demand Deposit Account. The individual account that is credited and or debited for deposits, fees, and adjustments.  
         [0125]    Debit Entry  
         [0126]    An entry to the record of an account to represent the transfer or removal of funds from the account.  
         [0127]    Direct Payment (See Also Automated Bill Payment)  
         [0128]    A method of collection used in the ACH Network for certain claims, generally those that are repeated over a period of time, for which the debtor gives the Originator an authorization to debit his or her account.  
         [0129]    Effective Entry Date  
         [0130]    The date the originating company expects payments to take place. Settlement date will be on the effective entry date or the next available business day.  
         [0131]    Electronic Funds Transfer (EFT)  
         [0132]    Electronic Funds Transfer is a generic terms used to describe any ACH or wire transfer.  
         [0133]    Entry  
         [0134]    An electronic item representing the transfer of funds in the ACH.  
         [0135]    Error Resolution  
         [0136]    Procedures required for resolving a trading exchange allegation that entries were improperly charged to the trading partner&#39;s account.  
         [0137]    Exception Entry  
         [0138]    Any entry that requires special attention for processing, examples include return entries, stop payments, notification of change, dishonored return claims, etc.  
         [0139]    Fraud Risk—ACH  
         [0140]    The risk that a payment transaction will be initiated or altered in an attempt to misdirect or misappropriate funds.  
         [0141]    Funds Availability  
         [0142]    The time at which the funds resulting from a transfer are made available to the trading partner.  
         [0143]    Individual Identification Number  
         [0144]    The number used by the originating company to identify the Receiver.  
         [0145]    Item  
         [0146]    An electronic record representing the movement of funds.  
         [0147]    Memo Posting  
         [0148]    An interim procedure in which credits and debits are recorded in individual accounts in a manner that allows financial institutions to reflect deposit information prior to actual posting.  
         [0149]    NACHA  
         [0150]    The national association that establishes the standards, rules, and procedures that enable depository financial institutions to exchange payments on a national basis.  
         [0151]    Notification of Change (NOC)  
         [0152]    Information sent by a RDFI to notify the ODFI that previously valid information for a Receiver has become outdated or that information contain in a pre-notification is erroneous.  
         [0153]    Orginating Depository Financial Instituion (ODFI)  
         [0154]    A participating financial institution that originates ACH entries at the request of and by (ODFI) agreement with its customers.  
         [0155]    Originator  
         [0156]    Any individual corporation or other entity that initiates entries into the Automated Clearing House System.  
         [0157]    Posting  
         [0158]    The process of recording debits and credits to individual account balances.  
         [0159]    Pre-Notification (Prenote)  
         [0160]    A non-dollar entry that may be sent through the ACH network to alert the receiving financial institution that a live dollar transaction will be forthcoming that requires the verification of the Receiver&#39;s account number.  
         [0161]    Processor  
         [0162]    Any organization performing data processing services in regard to ACH transaction including service bureaus, ACH Operators, etc.  
         [0163]    Receiver  
         [0164]    A trading exchange partner or entity, which has authorized an originator to initiate a credit or debit entry to a transaction account held at an RDFI.  
         [0165]    Receiving Depository Financial Institution (RDFI)  
         [0166]    Any financial institution qualified to receive ACH entries that agrees to abide by the NACHA Operating Rules and guidelines.  
         [0167]    Recurring Transaction  
         [0168]    A transaction that is periodically charged to the buyer&#39;s account for ongoing goods or services for which written permission has been granted by a buyer to a vendor (seller).  
         [0169]    Referral  
         [0170]    The message received from an ACH Processor when an attempt for authorization requires a call to the Voice Authorization Center.  
         [0171]    Regulation E  
         [0172]    A regulation promulgated by the Federal Reserve Board of Governors in order to ensure a minimum level of protection in disputes arising from electronic funds transfers.  
         [0173]    Rejects  
         [0174]    Any ACH batch file that has not been accepted by an ACH Operator because it cannot be processed, usually because of a technical error.  
         [0175]    Represented Entry  
         [0176]    Allows the ACH Network to be utilized to transmit re-presented entries to accounts for the collection of funds returned for insufficient funds or uncollected funds.  
         [0177]    Returns  
         [0178]    An ACH entry that has been returned to the ODFI by the RDFI or by the ACH Operator because it cannot be processed.  
         [0179]    Reversals  
         [0180]    Any ACH entries or files sent within required deadlines to “correct” or reverse previously originated entries or files.  
         [0181]    Routing Number  
         [0182]    A nine-digit number that identifies a specific financial institution also referred to as the ABA number.  
         [0183]    Seller  
         [0184]    Business owner (seller) of products.  
         [0185]    SIC Code  
         [0186]    The Standard Industry Classification assigned by an Acquirer for processing.  
         [0187]    Trace Number  
         [0188]    A 15 character code uniquely identifying each entry with a batch in an ACH file.  
         [0189]    Trading Exchange  
         [0190]    Forum where multiple buyers and suppliers can meet for purposes in engaging in trade and purchase of goods or services.  
         [0191]    Trading Partner  
         [0192]    Registered buyers or supplies that engage in trade in the e-commerce marketplace.  
         [0193]    Transaction Code  
         [0194]    A two digit code in the ACH record that determines whether an entry is a debit or a credit to a DDA account.  
         [0195]    Transaction Fees  
         [0196]    Service costs charged to a buyer on a per transaction bases.  
         [0197]    Warehouse  
         [0198]    “Storage” of pending files until release or settlement dates.  
         [0199]    Zero Dollar Payment  
         [0200]    An entry that carries a zero amount but does include payment related remittance data.  
         [0201]    Through a series of user interfaces, the user is guided to complete the registration process and create a structure of the database within the system that tracks and manages users&#39; transactions. The information provided through the user interfaces depicted in FIGS. 7 through 17 is stored in centralized database  20  and retrieved by server system  12  as required. Many variations of particular user interfaces or screens viewable by the user can be utilized. The following description refers to one set of screens that can be used to prompt the user, whether buyer or seller, to make the necessary inputs to enable the system to generate various reports, charts, or status reports. Of course, many variations of such screens are possible.  
         [0202]    Referring now specifically to the drawings, FIG. 7 is an exemplary embodiment of a first user interface  300  welcoming a new buyer. User interface  300  provides general instructions  302  to the buyer relating to the registration process and advises a list of documents the buyer should compile before proceeding with the online registration.  
         [0203]    [0203]FIG. 8 is an exemplary embodiment of a second user interface  320  describing seven distinct steps  322  that the user must take to complete the application quickly and easily online.  
         [0204]    [0204]FIG. 9 is an exemplary embodiment of a third user interface  330  describing key criteria  332  that the user must meet before the user proceeds with the online registration. For example, the user must be an officer of the business establishment and must be authorized to act on behalf of the company and enter into this contractual commitment, the user must have a Federal Tax ID number for the business or Social Security number if not incorporated, the user must be at least  18  years of age, and the bank account where the funds are being withdrawn must be a business account or an account used primarily for business.  
         [0205]    [0205]FIGS. 10 through 16 are exemplary embodiments of user interfaces to facilitate online registration for the buyer.  
         [0206]    By selecting a specific button out of various buttons located on user interface  340  shown in FIG. 10, the user can move from one section of the application to the another. There are a total of six different sections of the online application. These sections are identified as a General Information Section  342 , a Reference Section  344 , a Funding Section  346 , a Payment Type Section  348 , a Service Fees Section  350  and an Application Review Section  352 . The Buyer provides various Business Information under General Information Section  342  which includes information such as a Business name (DBA), a Business Legal Name, a Business address including a City, a State, and a Zip Code, a Name of an Authorized Signer, a Title of the Authorized Signer, a Business Phone Number, a Business Fax Number, an “Attention to” identifying where the communication must be sent to, an Email address, an URL address, a Domain Name, a State of Incorporation, a Date of Incorporation, a Number of Employees, a Product being Sold or Marketed, Location of the Business and It&#39;s Various Divisions, a Total Annual Sales of Business, Estimated Annual Credit Card Purchases, an Expected Average Credit Card Transaction, a Sales Tax Rate, a Percentage of Credit Card Purchases for Products, a Percentage of Credit Card Purchases for Services, a Method of Advertising, and information whether the party registering currently using the credit card as a preferred method of payment, and other related information.  
         [0207]    If the registration process relates to registering a Seller, user interface  340  is modified to incorporate additional questions that the Seller needs to answer. These questions relate to a Total Annual Sales of Business, an Estimated Annual Credit Card Sales, an Expected Average Credit Card Transaction, a Sales Tax Rate, a Refund policy, a Percentage of Credit Card Sales for Products, a Percentage of Credit Card Sales for Services, a Method of Advertising, and information whether the party registering currently using the credit card as a preferred acceptance mode of payment.  
         [0208]    [0208]FIG. 11 is an exemplary embodiment of a user interface  380  to facilitate input of reference information required under Reference Section  344  identified in FIG. 10. Reference information required includes information on at least three references including Owners, Partners or Officers of the business. Information  382  required includes, a First Name, a Last Name, a Middle Initial, an Address including a Street Name, a City, and a Zip Code, a Title of the Person such as an Owner, a Partner, or an Officer, a Telephone Number, and a Social security Number.  
         [0209]    [0209]FIG. 12 is an exemplary embodiment of a user interface  400  to facilitate input pertaining to funding information required under Funding Section  346  identified in FIG. 10. A Demand Deposit Account (DDA)  402  and American Banker&#39;s Association (ABA)  404  numbers are extremely important for the correct withdrawal to process the payments. This information directs the funds to be withdrawn from the business&#39;s bank and business&#39;s specific account. BBVRS  10  debits buyer&#39;s account for payments and other fees approved by the buyer per the terms and conditions agreed between the buyer and buyer&#39;s vendor. The accuracy of these numbers is extremely important to ensure that the buyer&#39;s funds are transferred correctly  
         [0210]    An Authorization Agreement  420 , as shown in FIG. 13 is completed by the buyer to allow the business entity managing BBVRS  10  to initiate debit entries to the buyer&#39;s account.  
         [0211]    [0211]FIG. 14 is an exemplary embodiment of a user interface  430  to facilitate input pertaining to Payment Types information required under Payment Types Section  348  identified in FIG. 10. User interface  430  offers an opportunity to the Buyer to select one or more preferred methods for payment out of Diner&#39;s Club, JCB, Discover, American express, or a Telecheck Internet Check Acceptance Service. Visa and Mastercard are already set up as available options. Once the buyer identifies preferred methods for payment types, the buyer moves to the next section to review service fees.  
         [0212]    [0212]FIG. 15 is an exemplary embodiment of a user interface  450  to provide information to the buyer or the seller on Service Fees  452  information required under Service Fees Section  350  identified in FIG. 10. Service fees  452  are hard coded and become part of the contract after the buyer or the seller has agreed to the terms and conditions.  
         [0213]    [0213]FIG. 16 is an exemplary embodiment of a user interface  470  to provide information to the buyer or the seller on missing information or invalid entries  472  from the application to complete the application when the buyer or the seller has selected Application Review Section  352  identified in FIG. 10. The buyer or the seller corrects these errors by scrolling down user interface  470  and selecting the field that is highlighted in red.  
         [0214]    [0214]FIG. 17 is an exemplary embodiment of a user interface  490  providing an advisory message to the buyer or the seller to contact the administrator online through e-mail or through the telephone, if there are any problems associated with the registration process.  
         [0215]    While the invention has been described in terms of various specific embodiments, those skilled in the art will recognize that the invention can be practiced with modification within the spirit and scope of the claims.