Method and apparatus for processing sales transaction data

• US 10,475,117 B2
• Filed: 05/24/2011
• Issued: 11/12/2019
• Est. Priority Date: 03/15/2001
• Status: Expired due to Term

• Current Assignee: Versata Development Group, Inc. (ESW Capital, LLC)
• Original Assignee: Versata Development Group, Inc. (ESW Capital, LLC)
• Inventors: Chao, David, Blount, Brian, Toub, Joshua, Gharavy, Shari, Zhou, Cheng, Erickson, Charles
• Primary Examiner(s): Hamilton, Lalita M
• Application Number:
  US13/114,379
• Publication Number:
  US 20120130877A1
• Time in Patent Office: 3,094 Days
• Field of Search: 705 35, 705 39, 705 40, 705 37, 705 80, 705 264, 705336
• CPC Class Codes: G06Q 20/102 Bill distribution or payments
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03

Abstract

A system provides a way to manage agreements that institutions such as financial services companies have with distributors who sell their products. Each distributor has a plurality of sales representatives that earn commissions for selling such products. The commissions earned and any other constraints imposed on the sales representatives may be defined within a selling agreement. The system can generate each selling agreement utilizing a set of components representative of the type of agreement formed between the institutions and the distributor. The components of each selling agreement contain an associated rule set that enables a configuration engine to generate an appropriate document. The system also contains a set of regulatory conditions for each sale made by the sales representatives. The system may be utilized to process sales transaction data to ensure that selling agreement terms are followed and that regulations for each sale are satisfied.

Claims

1. A method for automating processing sales transaction data and transforming data and components into a digital selling agreement, the method comprising:

performing by a computer system programmed to execute code, wherein the code is loaded in a memory of the computer system and executable by the processor to transform the computer system into a machine for;

obtaining data, via a backbone, associated with an institution having one or more products and a distributor having one or more sales representatives for performing a plurality of sales transactions, wherein the backbone interacts with one or more databases containing the data and eliminates development of at least some custom code and allows integration with applications;

obtaining components, via the backbone, including one or more document components and one or more compensation components and the compensation components are distinct from the document components, associated with a selling agreement between said institution and said distributor, said selling agreement relating to said one or more products;

processing rules stored in a memory coupled to a processor of the computer system to determine, in accordance with at least a portion of the data associated with the institution and the distributor, which of at least one of the document components and at least one of the compensation components to include in the selling group;

accessing a configuration engine and executing the configuration engine to transform at least a portion of the data and components into said selling agreement based on the processing of the rules associated with said components so said selling agreement includes the document and compensation components determined by the processing of the rules; and

providing data for presenting said selling agreement to one or more data processing systems of representatives associated with said institution and said distributor.

2. The method of claim 1 wherein said one or more compensation components identify a compensation schedule for paying said one or more representatives.

3. The method of claim 2 further comprising:

obtaining regulatory information associated with said plurality of transactions;

obtaining sales transaction data, said sales transaction data identifying at least one of a plurality of sales transaction;

evaluating regulatory information associated with said sales transaction data to determine if regulations relating to selling said one or more products were violated.

4. The method of claim 3 wherein said regulatory information relates to credentials of said one or more sales representatives.

5. The method of claim 3 further comprising:

evaluating said sales transaction data to determine commission amounts to be paid to said one or more sales representatives.

6. The method of claim 5 wherein said evaluating utilizes said compensation schedule defined in said components of said selling agreement.

7. The method of claim 6 further comprising:

determining a net payment amount to be distributed to said one or more sales representatives;

deducting a debt amount from said net payment amount based on debt rules;

generating a payment amount;

paying out said payment amount to said one or more sales representatives.

8. The method of claim 6 wherein said one or more document components further comprise text supporting a legally binding agreement between said institution and said distributor.

9. The method of claim 2 wherein said one or more products comprise a service.

10. The method of claim 2 wherein said rules for generating said selling agreement are obtained from a contract kit.

11. The method of claim 1 wherein said presenting said selling agreement comprises generating a text version of said selling agreement for signature by said distributor and said institution.

12. A non-transitory, computer readable medium comprising:

a computer usable medium having code stored therein for automating processing sales transaction data and transforming data and components into a digital selling agreement and executable by a processor to transform a computer system into a machine to;

obtain data, via a backbone, associated with an institution having one or more products and a distributor having one or more sales representatives for performing a plurality of sales transactions, wherein the backbone interacts with one or more databases containing the data and eliminates development of at least some custom code and allows integration with applications;

obtain components, including one or more document components and one or more compensation components and the compensation components are distinct from the document components, associated with a selling agreement between said institution and said distributor, said selling agreement relating to said one or more products;

process rules stored in a memory coupled to a processor of the computer system to determine, in accordance with at least a portion of the data associated with the institution and the distributor, which of at least one of the document components and at least one of the compensation components to include in the selling group;

access a configuration engine and execute the configuration engine to transform at least a portion of the data and components into said selling agreement based on the processing of the rules associated with said components so said selling agreement includes the document and compensation components determined by the processing of the rules; and

output said selling agreement to one or more data processing systems of representatives associated with said institution and said distributor.

13. The non-transitory, computer readable medium of claim 12 wherein said one or more compensation components identify a compensation schedule for paying said plurality of sales representatives.

14. The non-transitory, computer readable medium of claim 12 further comprising:

obtaining regulatory information associated with said plurality of transactions;

obtaining sales transaction data, said sales transaction data identifying at least one of a plurality of sales transaction;

evaluating regulatory information associated with said sales transaction data to determine if regulations relating to selling said one or more products were violated.

15. The non-transitory, computer readable medium of claim 14 wherein said regulatory information comprises licensing information associated with selling said one or more products.

16. The non-transitory, computer readable medium of claim 14 wherein said regulatory information further comprises appointment information associated with selling said one or more products.

17. The non-transitory, computer readable medium of claim 14 wherein said regulatory information relates to credentials of said sales representative.

18. The non-transitory, computer readable medium of claim 14 wherein said regulatory information relates to credentials of said distributor.

19. The non-transitory, computer readable medium of claim 14 further comprising:

evaluating said sales transaction data to determine commission amounts to be paid to said one or more sales representatives.

20. The non-transitory, computer readable medium of claim 19 wherein said evaluating utilizes said compensation schedule defined in said components of said selling agreement.

21. The non-transitory, computer readable medium of claim 20 wherein said one or more document components further comprise text supporting a legally binding agreement between said institution and said distributor.

22. The non-transitory, computer readable medium of claim 19 further comprising:

determining a net payment amount to be distributed to said one or more sales representatives;

deducting a debt amount from said net payment amount based on debt rules;

generating a payment amount;

paying out said payment amount to said one or more sales representatives.

23. The non-transitory, computer readable medium of claim 12 wherein said one or more products comprise a service.

24. The non-transitory, computer readable medium of claim 12 wherein said rules for generating said selling agreement are obtained from a contract kit.

25. An apparatus for processing sales transaction data comprising:

a processor;

a memory coupled to said processor, wherein said processor includes code therein for automating processing sales transaction data and transforming data and components into a digital selling agreement and the code is executable by the processor to transform a computer system into a machine to;

obtain data, via a backbone, associated with an institution having one or more products and a distributor having one or more sales representatives for performing a plurality of sales transactions, wherein the backbone interacts with one or more databases containing the data and eliminates development of at least some custom code and allows integration with applications;

obtain components, including one or more document components and one or more compensation components and the compensation components are distinct from the document components, associated with a selling agreement between said institution and said distributor, said selling agreement relating to said one or more products;

process rules stored in a memory coupled to a processor of the computer system to determine, in accordance with at least a portion of the data associated with the institution and the distributor, which of at least one of the document components and at least one of the compensation components to include in the selling group;

access a configuration engine and execute the configuration engine to transform at least a portion of the data and components into said selling agreement based on the processing of the rules associated with said components so said selling agreement includes the document and compensation components determined by the processing of the rules; and

a display screen configured to output said selling agreement to one or more data processing systems of representatives associated with said institution and said distributor.

26. The apparatus of claim 25 wherein said one or more compensation components identify a compensation schedule for paying said one or more sales representatives.

27. The apparatus of claim 25 wherein said code is further executable by the processor to:

obtain regulatory information associated with said plurality of transactions;

obtaining sales transaction data, said sales transaction data identifying at least one of a plurality of sales transaction;

evaluating regulatory information associated with said sales transaction data to determine if regulations relating to selling said one or more products were violated.

28. The apparatus of claim 27 wherein said regulatory information comprises licensing information associated with selling said one or more products.

29. The apparatus of claim 27 wherein said regulatory information further comprises appointment information associated with selling said one or more products.

30. The apparatus of claim 27 wherein said regulatory information relates to credentials of said one or more sales representatives.

31. The apparatus of claim 27 wherein said regulatory information relates to credentials of said distributor.

32. The apparatus of claim 27 further configured to evaluate said sales transaction data to determine commission amounts to be paid to said one or more sales representatives.

33. The apparatus of claim 32 wherein said evaluating utilizes said compensation schedule defined in said components of said selling agreement.

34. The apparatus of claim 33 wherein said one or more document components further comprise text supporting a legally binding agreement between said institution and said distributor.

35. The apparatus of claim 32 wherein said mechanism is further configured to:

determine a net payment amount to be distributed to said one or more sales representatives;

deduct a debt amount from said net payment amount based on debt rules;

generate a payment amount;

pay out said payment amount to said one or more sales representatives.

36. The apparatus of claim 25 wherein said one or more products comprise a service.

37. The apparatus of claim 25 wherein said rules for generating said selling agreement are obtained from a contract kit.

38. The apparatus of claim 25 wherein said presenting said selling agreement comprises generating a text version of said selling agreement for signature by said distributor and said institution.

39. The apparatus of claim 25 wherein said presenting said selling agreement comprises generating a text version of said selling agreement for signature by said representatives of said distributor and said institution.