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Ted Chung

Richard S Yoon

Scott Lee Chung

In accordance with the present invention, a method and system of communal purchasing is disclosed. The preferred embodiments describe a community purchase model where a product can be purchased a particular price only if enough buyers are willing to purchase at that price. The preferred embodiments pool together the collective buys for a product to get a better price than if an individual buyer was to purchase the product by himself/herself. Therefore, a fixed 'discount' price is used to collect a number of buys, wherein the number of buys is recorded in a specific product record and the transaction to purchase the product is consummated if the number of buys for the product reaches a minimum number of buys. Moreover, further embodiments obtain a pre-payment or a guarantee for payment for the product while collecting buys for the product. In addition, further embodiments set a cutoff date by when the number of buys must reach the number of minimum number of buys or cancel the product purchase if the cutoff date has been reached and the number of buys for the product associated with the product record does not reach the minimum number of buys.

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Los Angeles, CA, United States of America

Ted Chung