Patent


 

TRANSACTION ARBITER SYSTEM AND METHOD

The Price Setter Transaction Arbiter is a system that permits merchants and service providers to interact in an automated way with pricing functions and limiting parameters from other merchants. Rather than utilizing fixed price schedules, the transaction arbiter permits each merchant/provider to define a set of limiting parameters which describe how the merchant will respond to a customer request-for-quote for a given product or service. These merchant/provider functions and limiting parameters interact with both the customer request-for-quote and the results of other merchant/provider functions to generate a dynamic real-time mechanism that prompts competition among participating merchants/providers and achieves an optimal price for a given product or service.

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