METHODS AND SYSTEMS FOR VENDOR ASSURANCE
Methods and systems for managing financial transactions. Specifically, the invention includes methods and systems for creating order profiles used to select vendors for carrying out third-party sub-transactions needed to complete financial transactions. A product related to the completion of the financial transaction is selected, a vendor ordering profile is selected, a product vendor that most closely matches the characteristics designated in the ordering profile is selected, and the selected product is ordered from the selected product vendor.
1 . A method for selecting a vendor for at least one transaction using at least one processor, the method comprising:
receiving, via the at least one processor, a selection of a product related to the transaction; and
automatically selecting, via the at least one processor, at least one vendor from a plurality of vendors using a distribution selection method.
2 . The method of claim 1 , wherein the distribution selection method comprises one or more of an equal distribution selection method, a specific distribution selection method, or a qualitative distribution selection method.
3 . The method of claim 2 , wherein the distribution selection method comprises the equal distribution selection method, the equal distribution selection method comprising:
automatically selecting, via the at least one processor, a subset of vendors from the plurality of vendors; and
automatically ordering, via the at least one processor, the product from each of the vendors in the subset of vendors before reordering the product from any one vendor in the subset of vendors.
4 . The method of claim 2 , wherein the distribution selection method comprises the specific distribution selection method, the specific distribution selection method comprising:
automatically selecting, via the at least one processor, a subset of vendors from the plurality of vendors; and
automatically ordering, via the at least one processor, a specific amount of the product from each one of the vendors in the subset of vendors.
5 . The method of claim 2 , wherein the distribution selection method comprises the qualitative distribution selection method, the qualitative distribution selection method comprising:
receiving, via the at least one processor, a selection of an ordering profile stored in a storage medium coupled to the at least one processor, the ordering profile having desired characteristics;
applying, via the at least one processor, the ordering profile to the plurality of product vendors by comparing the selected ordering profile desired characteristics to characteristics associated with each vendor contained in the plurality of product vendors; and
obtaining, via the at least one processor, the selection of the at least one product vendor from the plurality of product vendors by selecting a vendor that has characteristics that best match the selected ordering profile desired characteristics.
6 . The method of claim 1 , further comprising the step of automatically ordering, via the at least one processor, the product from the selected at least one vendor.
7 . The method of claim 5 , wherein the selected ordering profile comprises one of a pre-existing ordering profile and a new ordering profile.
8 . The method of claim 5 , wherein the selected ordering profile desired characteristics comprises at least one of:
an ordering area;
a vendor ranking based on preset criteria;
a distribution method; or
distribution parameters.
9 . The method of claim 8 , further comprising selecting, via the at least one processor, the next vendor that has associated characteristics that most closely match the selected ordering profile desired characteristics when the selected vendor has reached a predetermined vendor ranking with a designated limit.
10 . A system for selecting a vendor for at least one transaction for a product or service, the system comprising:
at least one processor;
a user interface in communication with the at least one processor; and
a storage medium in communication with the at least one processor;
wherein the at least one processor is configured to:
receive a selection of at least one product or service from a list of products and services stored in the storage medium,
receive a selection of an ordering profile having desired characteristics associated with the at least one selected product or service;
compare the selected ordering profile desired characteristics to characteristics associated with each vendor from a plurality of vendor information stored in the storage medium; and
one of
display a list of vendors that result from the comparison of the selected ordering profile desired characteristics to characteristics associated with each vendor so that the user can select a qualified vendor, or
automatically select a vendor based on the results of the comparison of the selected vendor ordering profile desired characteristics to the characteristics associated with each vendor.
11 . The system of claim 10 , wherein one of the ordering profile desired characteristics is based on a performance ranking score.
12 . The system of claim 11 , wherein the performance ranking score is based on one of a delivery time, the capacity to deliver the product or service in a specified amount of time, and the cost of the product or service.
13 . The system of claim 10 , wherein the characteristics associated with each vendor further comprises at least one of:
vendor location;
vendor capacity to deliver the services in a specified time period;
vendor Fair Isaac and Company credit score;
vendor licensing; or
vendor ranking based on preset criteria.
14 . The system of claim 10 , wherein the at least one processor is further configured to select another vendor if the selected vendor has reached a predetermined number of orders designated as a limit.
15 . The system of claim 10 , wherein the at least one processor is embedded in a handheld device.
16 . A system for selecting a vendor for at least one transaction for a product or service, the system comprising:
at least one processor;
a user interface in communication with the at least one processor; and
a storage medium in communication with the at least one processor;
wherein the at least one processor is configured to:
receive a selection of a product or service related to the transaction; and
automatically select, via the at least one processor, at least one vendor from a plurality of vendors using one of an equal distribution selection method, a specific distribution selection method and a qualitative distribution selection method.
17 . The system of claim 16 , wherein the equal distribution selection method further comprises automatically selecting a subset of vendors from the plurality of vendors and automatically ordering the product or service from each of the vendors in the subset of vendors before reordering the product or service from any one vendor in the subset of vendors.
18 . The system of claim 16 , wherein the specific distribution selection method further comprises automatically selecting a subset of vendors from the plurality of vendors and automatically ordering a specific amount of the needed product or service from each one of the vendors in the subset of vendors.
19 . The system of claim 16 , wherein the processor is further configured for using the qualitative distribution selection method to:
receive a selection of an ordering profile stored in the storage medium, the ordering profile having desired characteristics;
apply the ordering profile to the plurality of product vendors by comparing the selected ordering profile desired characteristics to characteristics associated with each vendor contained in the plurality of product vendors; and
select the at least one product vendor from the plurality of product vendors by selecting the at least one vendor that has characteristics that best match the selected ordering profile desired characteristics.
20 . The system of claim 19 , wherein the at least one processor is further configured to automatically order the product from the selected at least one vendor.