07177836 is referenced by 159 patents and cites 62 patents.

A method for enabling two individual consumers to complete a transaction that includes payment from one consumer (the payor, or buyer) to another consumer (the payee, or seller). An intermediary typically operates the service over a computer network of nodes, such as the Internet. The buyer has the convenience of paying through a variety of different payment instruments. Likewise, the seller has the convenience of receiving payment through a variety of different disbursement instruments. For a fee, the intermediary collects the payment from the buyer and pays the seller. Although the intermediary may receive payment from the buyer before the intermediary transfers the payment to the seller, the intermediary may choose to pay the seller before receiving payment from the buyer. In this case, the intermediary assumes the risk of nonpayment by the buyer. Alternatively, the intermediary may pay a third party that specializes in processing transactions for the payment instrument chosen by the buyer to assume the risk of nonpayment by the buyer. In this case, the intermediary receives a promise of payment from the third party before the intermediary pays the seller. Such a promise of payment from the third party is referred to as an authorization.

Title
Method and system for facilitating financial transactions between consumers over the internet
Application Number
9/476386
Publication Number
7177836 (B1)
Application Date
December 30, 1999
Publication Date
February 13, 2007
Inventor
Matt Golub
Atlanta
GA, US
John Duncan
Eatons Neck
NY, US
Henry T Tsuei
Omaha
NE, US
Dominic John Morea
Massapequa Park
NY, US
Dan A German
Woodinville
WA, US
Agent
Morris Manning & Martin
Assignee
First Data Corporation
GA, US
IPC
G06Q 40/00
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