A system and method provides for enabling on-line transactional services
among sellers and buyers having no previous relationship with each other.
The system includes a financial clearinghouse for receiving a request for
goods or services from a buyer and making a real-time determination of a
risk classification of the buyer utilizing an on-line repository of credit
information. The financial clearinghouse determines a risk-based discount
fee as a function of the buyer's risk classification in order to establish
a payment amount to the seller from the clearinghouse. If the transaction
is authorized by the financial clearinghouse, the financial clearinghouse
transmits the payment amount to the seller and transmits an invoice to the
buyer for the purchase price of the transaction. The system can also
include a broker coupled to the financial clearinghouse for providing an
on-line order acceptance and processing capability between the buyers and
sellers.
