SYSTEM, METHOD AND APPARATUS TO PROVIDE A MULTI-CHANNEL RETAIL LAYAWAY SERVICE USING PHYSICAL RETAIL POINT-OF-SALE AND ON-LINE VIRTUAL PAYMENT SYSTEMS

摘要

A system, method and apparatus for facilitating a value exchange transaction and virtual payment system to provide retail layaway services. A registered buyer may use an on-line retail channel or a physical retail channel to form a layaway contract. The buyer simultaneously executes a debit and credit transaction at an on-line retail or physical retail channel to purchase one or more ordered items from registered or non-registered sellers while making an initial down payment. The items are then shipped to a secure storage facility for the duration of the layaway contract period making the retail sales final. Upon completion of the terms of the formed layaway contract, the ordered items are shipped from the secure storage facility 118 to the buyer's final shipping address 119. Canceled layaway transactions are made available for layaway, direct purchase, or purchase via an open on-line auction.

主权项

1. A multi-channel retail layaway service whereas registered buyers are provided credit via an on-line virtual payment account to purchase goods specifically for layaway making the retail sale with the registered and non-registered on-line retailers and registered physical retailers final. The sellers do not maintain ownership of the purchased goods during the layaway contract period, i.e., the ordered items are not placed in holding stock, for example, at the physical retail store location.