Importance

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Abstract

Escrow services involve an escrow agent who facilitates an exchange between two parties, typically a payer and a payee. The 'cash on delivery' ('C.O.D.') service is akin to an escrow service, although carriers do not favor C.O.D. services due to their costs. The claimed invention is a method and system which provides an escrow service akin to a C.O.D. service, allowing a carrier to provide the equivalent of a C.O.D. service while shifting payment management to the escrow agent. The system embodying the claimed invention includes electronic devices facilitating electronic communications between the payer and the payee to the transaction. In one embodiment, such electronic communications are provided via the short message service (SMS) feature available on mobile phones and include a notification to the payee that the purchased item was successfully delivered and that the escrowed funds shall be released and delivered to payee.

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First Claim