G - Physics – 06 – Q
Patent
G - Physics
06
Q
G06Q 20/02 (2012.01) G06Q 30/04 (2012.01) H04L 12/16 (2006.01)
Patent
CA 2288311
Escrow Electronic Commerce Process adds new methods to standard electronic commerce (e-commerce) processes. In standard electronic commerce a customer "visits" a merchant's web site and selects items to purchase, selects a shiping method, then enters their credit card payment identification numbers and selects a "submit" button to send this information to the merchant's sever computer, usually the selecting of the "submit" button causes a Secure Socket Layer (SSL) to open between the customer's computer and the merchants server computer, encrypts the data string and sends it to the merchants server compute where the Credit Card information is verified and if "approved" then the order is processed as the merchant has the custom's funds via their merchant credit card bank account. A problem has arisen, mainly with small businesses, that some merchants have kept the customer's money and have not shipped the product, or have shipped the product and the shipment has not arrived at the customer's address. Also, the merchant has access to the customer's credit card information. Since electronic commerce is suitable for transactions between a customer and a merchant, who are unknown, to each other and at great distances from each other, the customer's fear that products ordered and paid for may not be shipped and their concern over giving credit card information to numerous merchants has resulted in loss of customs confidence in doing electronic commerce, particularly with small businesses. The escrow electronic commerce process adds new methods and modifies the standard electronic commerce process to ensure that the funds are not obtainable by the merchant until the customer has received the shipment by interjecting a third party, called the Escrow Agent who is a "certified credit card processor" into the standard electronic commerce process such that the credit card information is processed by the Escrow Agent and if "approved" then the Escrow Agent "holds" the funds and notifies the merchant that a specific customer has made an order for specific product(s) products to be delivered to a specific address and that the funds have been verified and are being "held' for the merchant pending shipment of the goods to the customer, when the shipment has been verified the Escrow Agent releases the funds to the merchant. Finally, when the order transaction is complete the Escrow Agent destroys the custom's credit card information so the customer's concern for credit card security is removed.
Haynes Charles
Na
LandOfFree
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