System and method for managing merchant terms and conditions applicable to a payment transaction
Systems and methods are provided for managing a merchant's set of terms and conditions that are applicable to a payment vehicle transaction. When a chargeback for the payment vehicle transaction is initiated and disputed, the applicable set of terms and conditions can be transmitted to an issuer financial institution on behalf of the merchant as part of the dispute process.
1. A computer-implemented method of processing a payment vehicle transaction, wherein the payment vehicle transaction is submitted by a merchant computing system, and wherein the merchant computing system is associated with a merchant, the method comprising:
receiving, at a payment processing computing system, transaction data from the merchant computing system, wherein the transaction data is associated with the payment vehicle transaction at a merchant point of sale (POS) device, wherein the payment processing computing system is associated with an acquirer processor, and wherein a set of transaction terms and conditions of the merchant apply to the payment vehicle transaction;
subsequent to receiving the transaction data from the merchant computing system, accessing a website associated with the merchant to extract a current set of transaction terms and conditions, wherein the website maintains the current set of transaction terms and conditions;
comparing the current set of transaction terms and conditions against a stored set of transaction terms and conditions, wherein the stored set of transaction terms and conditions are stored in a terms and conditions database of the acquirer processor;
determining whether the current set of transaction terms and conditions are changed from the stored set of transaction terms and conditions;
storing, in a transaction database, a transaction record comprising the transaction data, wherein the transaction database is communicably coupled to the payment processing computing system;
storing, in the terms and conditions database, the differences determined between the current set of transaction terms and conditions and the stored set of transaction terms and conditions; and
linking the stored set of transaction terms and conditions with the stored differences in the transaction record, wherein the linking is performed using a terms and conditions identifier, and wherein the terms and conditions identifier is used to apply the stored differences and the stored set of transaction terms and conditions to the payment vehicle transaction.
2. A computer-implemented method of claim 1 , wherein the website is accessed in response to receiving the transaction data.
3. A computer-implemented method of claim 1 , wherein the website is accessed at least daily.
4. A computer-implemented method of claim 1 , wherein the transaction data comprises the set of transaction terms and conditions.
5. A computer-implemented method of claim 1 , further comprising:
receiving from the merchant a first data file, wherein the first data file includes the set of transaction terms and conditions.
6. A computer-implemented method of claim 1 , further comprising:
receiving from the merchant a second data file, wherein the second data file is an updated set of transaction terms and conditions; and
subsequent to receiving the second data file, linking the updated set of transaction terms and conditions to transaction data received from the merchant computing system.
7. A computer-implemented method of claim 1 , wherein the payment vehicle transaction is initiated with a payment vehicle that is associated with an account holder and an issuer financial institution, further comprising:
subsequent to the account holder initiating a chargeback request at the issuer financial institution, identifying the transaction record associated with the chargeback request; and providing the set of transaction terms and conditions to a requesting party.
8. A computer-implemented method of claim 7 , wherein the requesting party is any of the issuer financial institution and the merchant.
9. A computer-implemented method of claim 1 , wherein the acquirer processor comprises the payment processing computing system and the transaction database.
10. A non-transitory computer readable medium having instructions stored thereon which when executed by a processor cause the processor to:
receive transaction data for a payment vehicle transaction at a merchant point of sale (POS) device, wherein a set of transaction terms and conditions of a merchant apply to the payment vehicle transaction;
subsequent to receiving the transaction data from the merchant computing system, access a website associated with the merchant to extract a current set of transaction terms and conditions, wherein the website maintains the current set of transaction terms and conditions;
comparing the current set of transaction terms and conditions against a stored set of transaction terms and conditions in a terms and conditions database of an acquirer processor;
determining whether the current set of transaction terms and conditions are changed from the stored set of transaction terms and conditions;
store, in a transaction database, a transaction record comprising the transaction data;
store, in the terms and conditions database, the differences determined between the current set of transaction terms and conditions and the stored set of transaction terms and conditions; and
link the stored set of transaction terms and conditions with the stored differences in the transaction record, wherein the linking is performed using a terms and conditions identifier, and wherein the terms and conditions identifier is used to apply the stored differences and the stored set of transaction terms and conditions to the payment vehicle transaction.
11. A non-transitory computer readable medium of claim 10 , wherein the instructions further cause the processor to access the website in response to receiving the transaction data.
12. A non-transitory computer readable medium of claim 10 , wherein the transaction data comprises the set of transaction terms and conditions.
13. A non-transitory computer readable medium of claim 10 , wherein the instructions further cause the processor to:
receive from the merchant a first data file, wherein the first data file includes the set of transaction terms and conditions.
14. A non-transitory computer readable medium of claim 13 , wherein the instructions further cause the processor to:
receive from the merchant a second data file, wherein the second data file is an updated set of transaction terms and conditions; and
link the updated set of transaction terms and conditions to transaction data received from the merchant computing system.
15. A non-transitory computer readable medium of claim 10 , wherein the payment vehicle transaction is initiated with a payment vehicle that is associated with an account holder and an issuer financial institution, and wherein the instructions further cause the processor to:
identify the transaction record associated with the chargeback request initiated by the account holder; and provide the set of transaction terms and conditions to a requesting party.
16. A non-transitory computer readable medium of claim 15 , wherein the requesting party is any of the issuer financial institution and the merchant.
17. A system for processing a payment vehicle transaction, wherein the payment vehicle transaction is submitted by a merchant computing system, and wherein the merchant computing system is associated with a merchant, the system comprising at least one computer processor, the at least one computer processor configured to execute instructions for:
receiving, at a payment processing computing system, transaction data from the merchant computing system, wherein the transaction data is associated with the payment vehicle transaction at a merchant point of sale (POS) device, wherein the payment processing computing system is associated with an acquirer processor, and wherein a set of transaction terms and conditions of the merchant apply to the payment vehicle transaction;
subsequent to receiving the transaction data from the merchant computing system, accessing a website to extract a current set of transaction terms and conditions from the merchant, wherein the website maintains the current set of transaction terms and conditions;
storing, in a transaction database, a transaction record comprising the transaction data;
comparing the current set of transaction terms and conditions against a stored set of transaction terms and conditions, wherein the stored set of transaction terms and conditions are stored in a terms and conditions database of the acquirer processor;
determining whether the current set of transaction terms and conditions are changed from the stored set of transaction terms and conditions;
storing, in the terms and conditions database, the differences determined between the current set of transaction terms and conditions and the stored set of transaction terms and conditions; and
linking the stored set of transaction terms and conditions with the stored differences in the transaction record, wherein the linking is performed using a terms and conditions identifier, and wherein the terms and conditions identifier is used to apply the stored differences and the stored set of transaction terms and conditions to the payment vehicle transaction.