Patent ID: 6839690

Claim:
A method for facilitating automated electronic payment online for commercial transaction, the method comprising the steps of: A) registering electronically buyer information with a trusted third party; B) registering electronically seller information with the trusted third party; C) offering specified goods; D) negotiating terms for the sale of the specified goods; E) having the trusted third party calculate electronically the buyer's credit score and seller's standing score which is dependent upon the seller's trading history and the seller's financial standing for the purchase of the specified goods; F) contracting for a sale of the specified goods, which includes monies, amount of credit, amount of escrow and amount of bond to be deposited with the trusted third party that is dependent upon the buyer's credit and seller's standing score; G) transferring buyer and/or seller funds and/or escrow and/or bond to the trusted third party; H) delivering specified goods to buyer; and I) having the trusted third party pay the seller the contractually agreed upon amount if the buyer determines that the delivered goods comply with the contract.