Technique for electronic funds escrow

Abstract

A system, method and article of manufacture for integrated event tracking of an electronic escrow transaction. An instruction is received from a purchaser, via a network, to effect an electronic escrow transaction. The electronic funds escrow transaction arises out of a sale between a purchaser and a seller for goods or services purchased via a network. To effect the electronic escrow transaction, network communications are directed with each of the seller, the purchaser, and a financial institution. Each of these communications associated with effecting the electronic escrow transaction is stored in a memory.

We claim:  
     
         1 . A method for integrated event tracking of an electronic escrow transaction, comprising: 
 receiving an instruction from a purchaser, via a network, to effect an electronic escrow transaction associated with a sale, made via the network, of goods or services from a seller;    directing at least one network communication with each of the purchaser, the seller and at least one financial institution in effecting the electronic escrow transaction; and    storing a log of each communication, including the instruction, associated with the electronic escrow transaction    
     
     
         2 . The method of  claim 1 , further comprising: 
 initiating a debit from an account associated with the purchaser;    storing an indication of the initiation of the debit from the purchaser account;    initiating a credit to an account associated with the seller; and    storing an indication of the initiation of the credit to the seller account.    
     
     
         3 . The method of  claim 1 , further comprising: 
 initiating a debit from an account associated with a processing agent; and    storing an indication of the initiation of the debit from the processing agent account.    
     
     
         4 . The method of  claim 3 , further comprising: 
 initiating a credit to an account associated with the seller; and    storing an indication of the initiation of the credit to the seller account;    wherein the credit to the seller account is a corresponding credit to the debit from the processing agent account.    
     
     
         5 . The method of  claim 1 , further comprising: 
 transmitting a notice, via the network, to the seller that funds from an account associated with the purchaser are available and that the seller should ship the goods to, or provide the service for, the purchaser; and    storing an indication that the notice has been transmitted to the seller.    
     
     
         6 . The method of  claim 5 , wherein: 
 the notice is transmitted after at least one of (i) a predetermined period, beginning at initiation of a debit to an account associated with a purchaser, has elapsed, or (ii) funds from the purchaser account are credited to an account associated with a service provider.    
     
     
         7 . The method of  claim 1 , further comprising: 
 receiving, via the network, a first notice of one of (i) the goods having been shipped, or (ii) the services having been performed;    storing an indication that the first notice has been received;    transmitting a second notice, via the network, to the purchaser that the seller has one of (i) shipped the goods to the purchaser, or (ii) performed the services for the purchaser; and    storing an indication that the second notice has been transmitted to the purchaser;    wherein the first notice is received from at least one of (i) a shipping agent, or (ii) the seller.    
     
     
         8 . The method of  claim 7 , wherein the first notice includes a delivery tracking number.  
     
     
         9 . The method of  claim 1 , further comprising: 
 receiving, via the network, a notice of one of (i) the goods having been received from the seller and being acceptable, or (ii) the services having been acceptably performed by the seller; and    storing an indication that the notice has been received;    wherein the notice is received from at least one of (i) the seller, (ii) a shipping agent, or (iii) the purchaser.    
     
     
         10 . The method of  claim 9 , further comprising: 
 initiating a credit to an account associated with the seller; and    storing an indication of the initiation of the credit to the seller account;    wherein the credit to the seller account is initiated subsequent to receiving the notice.    
     
     
         11 . The method of  claim 1 , further comprising: 
 receiving, via the network, a notice of one of (i) the goods having been shipped by the seller, or (ii) the services having been performed by the seller;    initiating a credit to an account associated with the seller;    storing an indication that the notice has been received; and    storing an indication of the initiation of the credit to the seller account;    wherein the credit to the seller account is initiated after a predetermined period, beginning at receipt of the notice; and    wherein the notice is received from at least one of (i) the seller, or (ii) a shipping agent.    
     
     
         12 . The method of  claim 1 , further comprising: 
 receiving, via the network, a notice of one of (i) the goods having been received from the seller and being unacceptable, (ii) the goods having not been received from the seller, (iii) the services having not been acceptably performed by the seller, or (iv) the services having not been performed by the seller; and    storing an indication that the notice has been received.    
     
     
         13 . The method of  claim 12 , wherein the notice includes a notice to suspend a pending credit to an account associated with the seller  
     
     
         14 . The method of  claim 12 , wherein the notice includes a notice to reverse a debit to an account associated with the purchaser.  
     
     
         15 . The method of  claim 1 , further comprising: 
 receiving, via the network, a first notice that the goods have been returned shipped to the seller;    storing an indication that the first notice has been received;    transmitting to the seller, via the network, a second notice that the goods have been returned shipped from the purchaser; and    storing an indication that the second notice has been transmitted to the seller;    wherein the first notice is received from at least one of (i) the purchaser, or (ii) a shipping agent.    
     
     
         16 . The method of  claim 15 , wherein the first notice includes a delivery tracking number.  
     
     
         17 . The method of  claim 15 , further comprising: 
 receiving, via the network, a third notice that the goods have been received by the seller; and    storing an indication that the third notice has been received;    wherein the third notice is received from at least one of (i) the seller, or (ii) the shipping agent.    
     
     
         18 . The method of  claim 1 , further comprising: 
 initiating a credit to an account associated with the purchaser; and    storing an indication of the initiation of the credit to the purchaser account;    wherein the credit to the purchaser account is initiated at after least one of (i) upon receipt of a notice, via the network from at least one of the seller or a shipping agent, that the goods have been delivered to the seller, or (ii) after a predetermined period, beginning at a notification to the seller that the purchaser has shipped the goods to the seller, has elapsed.    
     
     
         19 . The method of  claim 1 , wherein the goods or services are goods or services purchased from an Internet auction.  
     
     
         20 . The method of  claim 1 , further comprising: 
 initiating a debit from an account associated with the purchaser;    initiating a credit to an escrow account associated with a processing agent;    initiating a debit to the escrow account associated with the processing agent;    initiating a credit to an account associated with the seller;    storing an indication of the initiation of the debit to the purchaser account; and    storing an indication of the initiation of the credit to the seller account.    
     
     
         21 . The method of  claim 20 , wherein the credit to the escrow account is a corresponding credit to the debit from the purchaser account.  
     
     
         22 . The method of  claim 20 , wherein the credit to the seller account is a corresponding credit to the debit from the escrow account.  
     
     
         23 . The method of  claim 1 , further comprising: 
 receiving the instruction via a web page generated subsequent to the purchaser selecting a hyper-link presented to the purchaser by an Internet web site selling goods or services;    wherein the web page presented to the purchaser includes details of the sale.    
     
     
         24 . The method of  claim 1 , wherein the stored logged communications include an indication of the date and time each communication is received or transmitted.  
     
     
         25 . The method of  claim 1 , further comprising: 
 retrieving any of the logged and stored communications.    
     
     
         26 . The method of  claim 1 , further comprising: 
 receiving, from a shipping agent, a first notice that goods have been delivered to the purchaser;    storing an indication that the first notice has been received;    receiving, from the purchaser, a second notice that the delivered goods are acceptable;    storing an indication that the second notice has been received; and    initiating a credit to an account associated with the seller.    
     
     
         27 . The method of  claim 26 , wherein: 
 the credit to the account associated with the seller is initiated after at least one of (i) a predetermined period, beginning upon receipt of the first notice, has elapsed, or (ii) receipt of the second notice.    
     
     
         28 . A system for integrated event tracking of an electronic escrow transaction, comprising: 
 a communications port configured to receive and to transmit information via a network;    a processor in communication with the communications port and configured to direct at least one network communication with each of a purchaser, a seller and at least one financial institution in effecting an electronic escrow transaction arising out of a sale of goods or services made via a network, and to log and store each communication associated with the electronic escrow transaction; and    a memory in communication with the processor and configured to store the logged communications.    
     
     
         29 . The system of  claim 28 , wherein the processor is further configured to: 
 receive an instruction from the purchaser, via network communication, to effect the electronic escrow transaction; and    store an indication of the received instruction in the memory.    
     
     
         30 . The system of  claim 28 , wherein the processor is further configured to: 
 initiate a debit from an account associated with the purchaser;    store an indication in the memory of the initiation of the debit from the purchaser account;    initiate a credit to an account associated with the seller; and    store an indication in the memory of the initiation of the credit to the seller account.    
     
     
         31 . The system of  claim 28 , wherein the processor is further configured to: 
 initiate a debit from an account associated with a processing agent; and    store an indication in the memory of the initiation of the debit from the processing agent account.    
     
     
         32 . The system of  claim 31 , wherein: 
 the processor is further configured to initiate a credit to an account associated with the seller and store an indication in the memory of the initiation of the credit to the seller account; and    the credit to the seller account is a corresponding credit to the debit from the processing agent account.    
     
     
         33 . The system of  claim 28 , wherein the processor is further configured to: 
 transmit a notice, via network communication, to the seller that funds from an account associated with the purchaser are available and that the seller should ship the goods to, or provide the service for, the purchaser; and    store an indication in the memory that the notice has been transmitted to the seller.    
     
     
         34 . The system of  claim 33 , wherein the notice is transmitted after at least one of (i) a predetermined period, beginning at initiation of a debit to an account associated with the purchaser, has elapsed, or (ii) funds from the purchaser account are credited to an account associated with a processing agent.  
     
     
         35 . The system of  claim 28 , wherein the processor is further configured to: 
 receive, via network communication, a first notice of (i) the goods having been shipped to the purchaser, or (ii) the services having been performed for the purchaser;    store in the memory an indication that the first notice has been received;    transmit a second notice, via network communication, to the purchaser that the seller has one of (i) shipped the goods to the purchaser, or (ii) performed the services for the purchaser; and    store in the memory an indication that the second notice has been transmitted to the purchaser.    
     
     
         36 . The system of  claim 35 , wherein the first notice includes a delivery tracking number.  
     
     
         37 . The system of  claim 35 , wherein the first notice is transmitted by at least one of (i) the seller, or (ii) a shipping agent.  
     
     
         38 . The system of  claim 28 , wherein the processor is further configured to: 
 receive, via network communication from at least one of the purchaser, the seller, and a shipping agent, a notice of one of (i) the goods having been received from the seller and being acceptable, or (ii) the services having been acceptably performed by the seller; and    store in the memory an indication that the notice has been received.    
     
     
         39 . The system of  claim 38 , wherein: 
 the processor is further configured to initiate a credit to an account associated with the seller and store an indication in the memory of the initiation of the credit to the seller account; and    the credit to the seller account is initiated subsequent to receiving the notice.    
     
     
         40 . The system of  claim 28 , wherein: 
 the processor is further configured to receive, via network communication, a notice of (i) the goods having been shipped by the seller, or (ii) the services having been performed by the seller, initiate a credit to an account associated with the seller, store an indication in the memory of the initiation of the credit to the seller account;    the credit to the seller account is initiated after a predetermined period, beginning at receipt of the notice; and    the notice is received from at least one of (i) the seller, or (ii) a shipping agent.    
     
     
         41 . The system of  claim 28 , wherein the processor is further configured to: 
 receive, via network communication, a notice of one of (i) the goods having been received from the seller and being unacceptable, (ii) the goods having not been received from the seller, (iii) the services having not been acceptably performed by the seller, or (iv) the services having not been performed by the seller; and    store in the memory an indication that the notice has been received.    
     
     
         42 . The system of  claim 41 , wherein the notice includes a notice to suspend a pending credit to an account associated with the seller.  
     
     
         43 . The system of  claim 41 , wherein the notice includes a notice to reverse a debit to an account associated with the purchaser.  
     
     
         44 . The system of  claim 28 , wherein the processor is further configured to: 
 receive, via network communication from at least one of the purchaser or a shipping agent, a first notice that the goods have been returned shipped to the seller;    store in the memory an indication that the first notice has been received;    transmit to the seller, via network communication, a second notice that the goods have been returned shipped from the purchaser; and    store in the memory an indication that the second notice has been transmitted to the seller.    
     
     
         45 . The system of  claim 44 , wherein the first notice includes a delivery tracking number.  
     
     
         46 . The system of  claim 44 , wherein the processor is further configured to: 
 receive, via network communication from at least one of the seller or a shipping agent, a third notice that the goods have been received by the seller; and    store in the memory an indication that the third notice has been received.    
     
     
         47 . The system of  claim 28 , wherein: 
 the processor is further configured to initiate a credit to an account associated with the purchaser and store in the memory an indication of the initiation of the credit to the purchaser account; and    the credit to the purchaser account is initiated after at least one of (i) receipt of a notice, via network communication from a least one of the seller or a shipping agent, that the goods have been returned to the seller by the purchaser and accepted by the seller, or (ii) a predetermined period, beginning at a notification to the seller that the purchaser has shipped the goods to the seller, has elapsed.    
     
     
         48 . The system of  claim 28 , wherein the goods or services are goods or services purchased from an internet auction.  
     
     
         49 . The system of  claim 28 , wherein the processor is further configured to: 
 initiate a debit from an account associated with the purchaser;    initiate a credit to an escrow account associated with a processing agent;    initiate a debit to the escrow account associated with the processing agent;    initiate a credit to an account associated with the seller;    store an indication in the memory of the initiation of the debit to the purchaser account; and    store an indication in the memory of the initiation of the credit to the seller account.    
     
     
         50 . The system of  claim 49 , wherein the credit to the escrow account is a corresponding credit to the debit from the purchaser account.  
     
     
         51 . The system of  claim 49 , wherein the credit to the seller account is a corresponding credit to the debit from the escrow account.  
     
     
         52 . The system of  claim 28 , wherein: 
 the communications port is further configured to receive an instruction, via a web page generated subsequent to the purchaser selecting a hyper-link presented to the purchaser by an Internet web site selling goods or services, to direct execution of an electronic escrow transaction for a sale transaction; and    the web page presented to the purchaser includes details of the purchase made from the internet web site.    
     
     
         53 . The system of  claim 28 , wherein the stored logged communications include an indication of the date and time of each communication's direction or receipt.  
     
     
         54 . The system of  claim 28 , wherein the processor is further configured to retrieve any of the stored communications from the memory.  
     
     
         55 . The system of  claim 28 , wherein the processor is further configured to (i) receive, from a shipping agent, a first notice that goods have been delivered to the purchaser, (ii) store in the memory an indication that the first notice has been received, (iii) receive, from the purchaser, a second notice that the delivered goods are acceptable, (iv) store in the memory an indication that the second notice has been received, and (v) initiate a credit to an account associated with the seller.  
     
     
         56 . The system of  claim 55 , wherein the credit to the seller account is initiated after at least one of (i) a predetermined period, beginning upon receipt of the first notice, has elapsed, or (ii) receipt of the second notice.  
     
     
         57 . An article of manufacture for integrated event tracking of an electronic escrow transaction, the article of manufacture comprising: 
 a computer readable medium; and    computer programming stored on the medium;    wherein the stored computer programming is configured to be readable from the computer readable medium by a computer to thereby cause the computer to operate so as to: 
 receive an instruction from a purchaser, via a network, to effect an electronic escrow transaction associated with a sale, made via the network, of goods or services from a seller;  
 direct at least one network communication with each of the purchaser, the seller and at least one financial institution in effecting the electronic escrow transaction; and  
 store a log of each communication associated with the electronic escrow transaction in a memory.