Abstract: A method and system of payment of goods and services in an electronic commerce system, reduces the transfer and processing costs for each purchase made by a customer from a merchant; using a customer agent, a merchant agent, an account manager associated with the agents for administration of customer accounts and merchant accounts, and a mediating trusted agent associated with one of the account manager and merchant agent for checking transactions during a trading session. The customer agent and merchant agent, account manager, and mediating trusted agent are interconnected by an electronic communication network.