A method for facilitating international transactions via exchanges between currencies and geographic matching is by providing an online platform for consumers in various countries, where the consumer from a first country that desires a product from a second country is linked to an individual in the second country that wants a product from the first country. The consumers are matched and transactions are made by the platform facilitate transfer of any required payments to ensure that each consumer can make the purchase on behalf of another consumer within their country of residence, for shipping to the consumer in the other nation, eliminating the need for buyers to make any international purchases directly while still availing themselves of products from abroad without the involvement of merchants and minimizing the effect and amount of cross-border transactions.

In this modern age, in which the Internet allows people to stay informed of what’s going on anywhere in the world at any time consumers are confronted with a variety of products and services that are available in other countries that theycannot find locally. Many times, businesses have benefited from this globalization by importing these items and offering them for sale to local buyers. In other cases, companies make use of international shipping services to allow foreign customers to purchase items.

However, they are often cases where a consumer may require a product accessible for purchase in a foreign country but where there is no option to purchase the product from where they reside, such as due to limitations on the currency of the seller or a lack of shipping options of the merchant. Sometimes a purchase is possible but the entity in the transaction (e.g. the seller or acquirer, the consumer’s bank and so on.) may not be able to make it happen. The transaction may be challenging due to the charges that are high or unfavourable foreign exchange rates. Additionally, there could be buyers from various countries who would like to buy goods from another country. However, it is impossible to establish an exchange platform that could facilitate this kind of arrangement.

Thus, a system that can find consumers based on geographical location and preferences for purchases is necessary. This will facilitate foreign financial transactions , and also allow consumers to make purchases abroad.

The present disclosure provides an overview of the methods and systems that facilitate foreign transactions through exchanges between currencies and geographic matching. A platform collects requests from all customers around the world to purchase products that the consumer is looking for. The platform allows consumers from two countries to pair up and receive information about the items they are interested in. Every consumer is able to purchase the product in their home country for the foreign customer, with the platform providing the funds needed to make this purchase (e.g., directly, using an escrow, fromaccounts with local currency in order to avoid foreign exchange rates and so on.). In some cases the purchases can be matched by value, so that each consumer can buy the product on behalf of the foreign consumer directly with their own money instead of having to pay the platform/foreign buyer. When the purchase is completed then each buyer ships the item to the foreign consumer, where the shipping costs might be a part of the settlement made by the platform or offset by the other. That means that each consumer receives an item purchased from abroad without the need to depend on foreign merchants, or intricate cross-border transactions. The system is used in certain cases to facilitate financial transactions and to reduce the gap between foreign currencies and electronic wallets.

One method to facilitate international transactions through swaps between currencies and geographic matching is storing in a memory of processing servers a plurality purchase requests. Each purchase request includes the home geographic location, request geographic locations, product requests price of the product, shipping addresses, and destination addresses. A processor on the server executes a query within the storage to determine some or all of the matching purchases. The initial purchase signal transmits, through the transmitter the second purchase signal to a different computer server. This second purchase request contains at least the requested product.

A system to facilitate foreign transactions using exchanges between currencies and geographical matching includes: A memory of a processor server that stores multiple request for purchase. Every purchase request contains a home geographical location as well as request geographic locations, product request, price of the product, shipping addresses, and receiving addresses. A processor device of this server is set to send a first purchase request to the first computing server that contains the requested product.

Click here to view the patent on USPTO website.

Get Patents with PatentPC

What is a patent?

Patents are granted by the government to protect an invention. It grants the inventor the sole right to develop, utilize and market the invention. Society benefits when new technologies are brought for sale. These benefits could be directly realized when people can achieve previously unattainable feats or by the economic opportunities which innovation can bring (business expansion, job creation).

Patent protection is demanded by a variety of pharmaceutical companies and university researchers to protect their research and development. A patent can cover an abstract or physical product or process or method or composition of materials unique to the field. Patent protection must be granted to any invention that is valuable or novel and is not yet known by other people in the same area.

Patents are awarded to inventors who have commercially viable inventions. They provide a reason for inventors to invent. Small-scale businesses and inventors are assured that they will get a return on the investment they make in technology development through patents. It means that they can make a living by their work.

Patents play a vital role in businesses with the ability to:

Protect your innovative products and services.

Enhance the visibility and worth of your products on market

Differentiate yourself and your products from the competition.

Find out about business and technical information.

Avoid the risk of accidentally using proprietary third-party content, or losing important information, creative outputs, or another creative output.

Patents convert knowledge of the inventor into a marketable asset, that opens new avenues for job creation through joint ventures and licensing.

Investors involved in the development and commercialization of technology will find small companies with patent protection to be more attractive.

Patenting can generate fresh ideas and innovative inventions. The information you create may be eligible for protection under patents.

Patents can be used as an obstacle to unscrupulous third parties profiting from the invention’s success.

The profits from technology patents that are successful and commercially viable can be used to finance the development of technology through research and development (R&D) that will boost the likelihood of improved technology in the future.

You can use the intellectual property rights of your company to convince investors and lenders that your product has commercial potential. One powerful patent may lead to numerous financing options. Patents can be used along with other IP assets as collateral or security for financing. Investors are also able to view your patent assets to increase the value of your company. Forbes and others have noted that every patent could add between $500,000 and one million dollars to your company’s valuation.

Startups require a carefully-crafted business plan that builds on the IP to show that your product or service is distinctive and superior or ingenuous. In addition, investors will be impressed if you can prove that your IP rights are secured or are in the process of becoming secure and that they align with your business strategy.

It is essential to protect an invention before applying for patent protection. The public disclosure of an invention before filing it is often detrimental to its novelty and make it patent-infringing. Disclosures that are filed prior to filing, like for investors, test-marketing or any other business partners, is best done after signing a confidentiality contract.

There are a variety of patents. Understanding them is crucial for protecting your invention. Utility patents are for new processes and machine creations. Design patents cover ornamental designs. Patents for utility are the best option and protect the owner against copycats and other competitors. In most cases they are granted to improve or modify existing inventions. Utility patents also cover enhancements and modifications to existing inventions. For example, a process patent covers acts or methods for performing an action, while chemical compositions will comprise a mixture of ingredients.

What is the length average of the patent? Patents for utility last 20 years from the earliest date of filing, however their expirations can be extended because of delays at the patent office such as.

Are you interested in the patenting of your idea? Patents are granted only to applicants who file first, you need to file quickly – call PatentPC to speak with a patent attorney PatentPC to patent your idea today!

Patent searches are an essential step when you’re preparing a patent application. This allows you to view other concepts and provide an insight into their inventions. You’ll be able to limit the scope of your idea. Furthermore, you’ll learn about state of the technology in your field of innovation. This will assist you in know the extent of your invention and help prepare you to file your patent application.

How to Search for Patents

The first step in obtaining your patent is to conduct an internet search for patents. You can do a google patent search or do a USPTO search. Patent-pending is the name used to describe the product that has been protected by the patent application. You can search the public pair to find the patent application. Once the patent office approves the patent application, you can conduct a patent number search to locate the patent that was issued, and your product will now be patented. You can also utilize the USPTO search engine. See below for details. A patent lawyer or attorney can assist you with the procedure. In the US Patents are issued by the US patent and trademark office, or the United States patent and trademark office, which also examines trademark applications.

Are you looking for similar patents? Here are the steps:

1. Brainstorm terms that describe your invention based on its purpose, composition, and usage.

Write down a concise and precise explanation of your invention. Don’t use generic terms like “device”, “process,” or “system”. Look for synonyms to the terms you picked initially. Then, note significant technical terms and key words.

Utilize the following questions to help you identify the keywords or concepts.

  • What is the purpose of the invention Is it a utilitarian device or an ornamental design?
  • Is inventing a method to create something or perform a function? Are you referring to a product?
  • What is the composition and function of the invention? What is the physical makeup of the invention?
  • What is the purpose of the invention?
  • What are the technical terms and keywords that describe the essence of an invention? To assist you in finding the correct terms, consult an online dictionary of technical terms.

2. Use these terms to search for pertinent Cooperative Patent Classifications for your invention at the Classification Text Search Tool. To find the most appropriate classification for your invention, go through the resulting classification’s class Schemes (class schedules). If you don’t get any results from the Classification Text Search, you might want to think about substituting the words to describe your invention using synonyms.

3. Examine 3. Check the CPC Classification Definition for confirmation of the CPC classification you have found. The link to the CPC classification definition is provided in the event that the title of the classification has a blue box that includes “D” on the left. CPC classification definitions can help identify the specific classification’s scope, so you are sure to choose the most appropriate. Additionally the definitions may include some tips for searching and other information which could be helpful for further study.

4. Retrieve patent documents with the CPC classification from the Patents Full-Text and Image Database. By focusing on abstracts and drawings that are representative you can narrow your search to find the relevant patent documents.

5. Take advantage of this list of most relevant patent publications to examine each in detail for similarity to your invention. Pay attention to the claims and specifications. There are many patents available through contacting the patent examiner as well as the applicant.

6. Retrieve published patent applications with the CPC classification you picked in Step 3 of the Applications Full-Text and Image Database. You can use the same method of search in Step 4 to narrow your results to the most relevant patent application through the abstract and representative illustrations on every page. Next, carefully examine the patent applications published, paying particular attention to the claims and additional drawings.

7. Find additional US patent publications using keyword searches in PatFT and AppFT databases, classification searching of non-U.S. patents according to below, and searching for non-patent patent disclosures in the literature of inventions using internet search engines. Examples:

  • Add keywords to your search. Keyword searches may turn up documents that are not well-categorized or have missed classifications during Step 2. For example, US patent examiners often supplement their classification searches with keyword searches. Think about the use of technical engineering terminology rather than everyday words.
  • Search for foreign patents using the CPC classification. Then, re-run the search using international patent office search engines such as Espacenet, the European Patent Office’s worldwide patent publication database of over 130 million patent publications. Other national databases include:
  • Search non-patent literature. Inventions can be made public in many non-patent publications. It is recommended that you search journals, books, websites, technical catalogs, conference proceedings, and other print and electronic publications.

To review your search, you can hire a registered patent attorney to assist. A preliminary search will help one better prepare to talk about their invention and other related inventions with a professional patent attorney. In addition, the attorney will not spend too much time or money on patenting basics.