Patent ID: 8396738
Filing Date: 2013-03-12
Classification: G06Q

Abstract:
1. A method for determining payment for a service, the method comprising: developing at least one service criterion for a service to be provided; determining at least one geographical area where the service is to be provided, the determining of the at least one geographical area comprising identifying at least one of a geographical marketing area (GMA), a core-based statistical area (CBSA) and a ZIP code; evaluating at least one characteristic of a service provider providing the service; determining by a microprocessor a fee for the service to be provided, the fee determined based on data stored on non-transient computer-readable medium, the data indicative of the service criterion, the geographical area and the characteristic of the service provider; comparing by a microprocessor the determined fee with a reference baseline fee; and setting by the microprocessor a numerical value indicative of a payment amount to the service provider for providing the service based on the comparing, wherein: the method further comprising: wherein: the marketing service comprises marketing of a lender, and the defining of the objective of the marketing service comprises defining a number of loans to be generated by the lender in the geographical area as a result of the marketing service; and the determining of the cost of performing the marketing service in the geographical area comprises estimating a number of leads needed to be generated by the marketing service in order to generate the number of the loans in the geographical area as a result of the marketing service, wherein the estimating comprises using an equation: where the lead-to-application conversion and application-to-funding rate are assumed percentage values determined by evaluating past performance of the marketing service.