Method and apparatus for processing sales transaction data

• US 20020188535A1
• Filed: 03/15/2001
• Published: 12/12/2002
• Est. Priority Date: 03/15/2001
• Status: Active Grant

• Current Assignee: Versata Development Group, Inc. (ESW Capital, LLC)
• Original Assignee: Versata Development Group, Inc. (ESW Capital, LLC)
• Inventors: Gharavy, Shari, Zhou, Cheng, Toub, Joshua, Chao, David, Erickson, Charles, Blount, Brian
• Granted Patent: US 7,958,024 B2
• Time in Patent Office: Days
• US Class Current: 705/35
• 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

Systems embodying the invention provide a way to manage the agreements that institutions such as financial services companies have with the 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 that is generated using the system. In one embodiment of the invention, the system generates each selling agreement utilizes 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 that must be met for each sale made by the sales representatives. The system verifies that the regulatory conditions are met (e.g., continuing education credits are satisfied, license renewed, residency requirements satisfied, etc . . . ). When the selling agreement and the regulatory information is entered into the system, embodiments of the invention may be utilized to process sales transaction data to ensure that the terms of the selling agreement are followed (e.g., commission are appropriately paid) and that regulations relating to such sales are satisfied.

Claims

1. ) In a computer system, a method for processing sales transaction data comprising:

obtaining data associated with an institution having zero or more products and a distributor having zero or more sales representatives for performing a plurality of sales transactions;

obtaining components associated with a selling agreement between said institution and said distributor, said selling agreement relating to said zero or more products;

generating said selling agreement based on rules associated with said components;

presenting said selling agreement to representatives associated with said institution and said distributor.

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

3. ) The method of claim 1 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 zero or more products were violated.

4. ) The method of claim 3 wherein said regulatory information comprises licensing information associated with selling said zero or more products.

5. ) The method of claim 3 wherein said regulatory information further comprises appointment information associated with selling said zero or more products.

6. ) The method of claim 3 wherein said regulatory information relates to credentials of said zero or more sales representatives.

7. ) The method of claim 3 wherein said regulatory information relates to credentials of said distributor.

8. ) The method of claim 1 wherein said zero or more products comprise a service.

9. ) The method of claim 3 further comprising:

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

10. ) The method of claim 7 wherein said evaluating utilizes said compensation schedule defined in said components of said selling agreement.

11. ) The method of claim 10 further comprising:

determining a net payment amount to be distributed to said zero 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 zero or more sales representatives.

12. ) The method of claim 7 wherein said components further comprise text supporting a legally binding agreement between said institution and said distributor.

13. ) The method of claim 1 wherein said rules for generating said selling agreement are obtained from a contract kit.

14. ) 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.

16. ) The computer program product of claim 15 wherein said components identify a compensation schedule for paying said plurality of sales representatives.

17. ) The computer program product of claim 15 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 zero or more products were violated.

18. ) The computer program product of claim 17 wherein said regulatory information comprises licensing information associated with selling said zero or more products.

19. ) The computer program product of claim 17 wherein said regulatory information further comprises appointment information associated with selling said zero or more products.

20. ) The computer program product of claim 17 wherein said regulatory information relates to credentials of said sales representative.

21. ) The computer program product of claim 17 wherein said regulatory information relates to credentials of said distributor.

22. ) The computer program product of claim 15 wherein said zero or more products comprise a service.

23. ) The computer program product of claim 17 further comprising:

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

24. ) The computer program product of claim 23 wherein said evaluating utilizes said compensation schedule defined in said components of said selling agreement.

25. ) The computer program product of claim 23 further comprising:

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

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

generating a payment amount;

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

26. ) The computer program product of claim 24 wherein said components further comprise text supporting a legally binding agreement between said institution and said distributor.

27. ) The computer program product of claim 15 wherein said rules for generating said selling agreement are obtained from a contract kit.

29. ) The apparatus of claim 1 wherein said components identify a compensation schedule for paying said zero or more sales representatives.

30. ) The apparatus of claim 28 wherein said mechanism if further configured 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 zero or more products were violated.

31. ) The apparatus of claim 30 wherein said regulatory information comprises licensing information associated with selling said zero or more products.

32. ) The apparatus of claim 30 wherein said regulatory information further comprises appointment information associated with selling said zero or more products.

33. ) The apparatus of claim 30 wherein said regulatory information relates to credentials of said zero or more sales representatives.

34. ) The apparatus of claim 30 wherein said regulatory information relates to credentials of said distributor.

35. ) The apparatus of claim 28 wherein said zero or more products comprise a service.

36. ) The apparatus of claim 30 further configured to evaluate said sales transaction data to determine commission amounts to be paid to said zero or more sales representatives.

37. ) The apparatus of claim 36 wherein said evaluating utilizes said compensation schedule defined in said components of said selling agreement.

38. ) The apparatus of claim 36 wherein said mechanism is further configured to:

determine a net payment amount to be distributed to said zero 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 zero or more sales representatives.

39. ) The apparatus of claim 37 wherein said components further comprise text supporting a legally binding agreement between said institution and said distributor.

40. ) The apparatus of claim 28 wherein said rules for generating said selling agreement are obtained from a contract kit.

41. ) The apparatus of claim 28 wherein said presenting said selling agreement comprises generating a text version of said selling agreement for signature by said distributor and said institution.

42. ) The apparatus of claim 15 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.

15. ) A computer program product comprising:

a computer usable medium having computer readable program code for processing sales transaction data embodied therein, said computer readable program code configured to;

obtain data associated with an institution having zero or more products and a distributor having a plurality of sales representatives for performing a plurality of sales transactions;

obtain components associated with a selling agreement between said institution and said distributor, said selling agreement relating to said zero or more products;

generate said selling agreement based on rules associated with said components;

output said selling agreement to representatives associated with said institution and said distributor.

28. ) An apparatus for processing sales transaction data comprising:

a processor;

memory coupled to said processor;

said memory comprising a mechanism configured to;

obtain data associated with an institution having zero or more products and a distributor having zero or more sales representatives for performing a plurality of sales transactions;

obtain components associated with a selling agreement between said institution and said distributor, said selling agreement relating to said zero or more products;

generate said selling agreement based on rules associated with said components;

a display screen configured to output said selling agreement to representatives associated with said institution and said distributor.

43. ) In a computer system, a method for processing sales transaction data comprising:

capturing transaction data associated with sales performed by a plurality of sales representatives;

determining if said transaction data conforms to a set of regulatory conditions associated with said sales;

computing a plurality of compensation amounts based on said sale transactions data and said set of regulatory conditions; and

executing a payment process to compensate said plurality of sales representatives for said sales.

44. ) The method of claim 43 further comprising:

generating a selling agreement to define a relationship between an institution and a distributor, wherein said plurality of sales representatives work on behalf of said distributor.

45. ) The method of claim 44 wherein said selling agreement comprises compensation components defining commission amounts.

46. ) The method of claim 45 wherein said computing utilizes said compensation components to determine said plurality of compensation amounts.

47. ) The method of claim 45 wherein said set of regulatory conditions defines at least one license associated with performing said sales.

48. ) The method of claim 47 wherein said at least one license equates to physical licenses issued by jurisdictions controlling said sales.

49. ) The method of claim 45 wherein said determining if said transaction data conforms to said set of regulatory conditions associated with said sales further comprises:

determining if continuing education credits associated with maintaining said at least one license have been earned.

50. ) The method of claim 45 wherein said determining if said transaction data conforms to said set of regulatory conditions associated with said sales further comprises:

determining if renewal requirements for a specific type of said at least one license are satisfied.

51. ) The method of claim 45 wherein said determining if said transaction data conforms to said set of regulatory conditions associated with said sales further comprises:

determining if said at least one licenses is expired.

52. ) The method of claim 45 wherein said determining if said transaction data conforms to said set of regulatory conditions associated with said sales further comprises:

determining if renewal requirements for said at least one license are satisfied.

53. ) The method of claim 45 wherein said determining if said transaction data conforms to said set of regulatory conditions associated with said sales further comprises:

54. ) The method of claim 45 wherein said set of regulatory conditions defines at least one appointment associated with performing said sales.

55. ) The method of claim 54 wherein said determining if said transaction data conforms to regulatory conditions associated with said sales further comprises:

determining if said at least one appointment requires said at least one license.

56. ) The method of claim 54 wherein said determining if said transaction data conforms to regulatory conditions associated with said sales further comprises:

determining if said at least one appointment requires errors and omissions coverage.

57. ) The method of claim 54 wherein said determining if said transaction data conforms to regulatory conditions associated with said sales further comprises:

determining if renewal requirements for said at least one appointment are satisfied.

58. ) The method of claim 54 wherein said determining if said transaction data conforms to regulatory conditions associated with said sales further comprises:

determining if residency rules associated with said at least one appointment are satisfied.

59. ) The method of claim 54 wherein said regulatory conditions relates to said sales of a particular product type.

60. ) The method of claim 54 wherein said determining if said transaction data conforms to regulatory conditions associated with said sales further comprises:

determining if said at least one appointment is valid.

61. ) The method of claim 60 wherein said at least one appointment is associated with said distributor.

62. ) The method of claim 43 further comprising:

generating a plurality of reports about said at least one sales representative.

63. ) The method of claim 43 further comprising:

generating a plurality of reports about said sale transaction data.

64. ) A method for processing sales transaction data comprising:

a means for capturing transaction data associated with sales performed by a plurality of sales representatives;

a means for determining if said transaction data conforms to a set of regulatory conditions associated with said sales;

a means for computing a plurality of compensation amounts based on said sale transactions data and said set of regulatory conditions; and

a means for executing a payment process to compensate said plurality of sales representatives for said sales.

65. ) A computer program product comprising:

a computer usable medium having computer readable code for processing sales transaction data embodied therein, said computer readable code configured to;

capture transaction data associated with sales performed by a plurality of sales representatives;

determine if said transaction data conforms to a set of regulatory conditions associated with said sales;

compute a plurality of compensation amounts based on said sale transactions data and said set of regulatory conditions; and

execute a payment process to compensate said plurality of sales representatives for said sales.