Method and system for facilitating a purchase process
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United States of America Patent
Stats
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Mar 18, 2014
Grant Date -
Aug 9, 2007
app pub date -
Feb 7, 2006
filing date -
Feb 7, 2006
priority date (Note) -
In Force
status (Latency Note)
Importance
Abstract
A transaction system and method is provided for enabling potential buyers to purchase goods through reverse on-line auction process. The transaction system is configured to automatically receive periodic uploads of information regarding goods for sale by suppliers and to store this information in a database. A potential buyer can login to the transaction system and submit searches for goods based on a variety of parameters which may include condition, warranty, and revision. The potential buyer also submits an offer price for each requested item. The transaction system queries the database to determine if the requested goods are available. The transaction system selects the vendor so as to maximize the sales margin and then determines whether the buyer's offer can be accepted based on predetermined margin requirements. If the buyer's offer can be accepted, the system generates an acceptance to the offer from the buyer and generates a purchase order to the selected supplier.
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