Systems and methods for optimizing transaction authorization conversion rate
A method for optimizing transaction authorization conversion rates includes retrieving payment transaction parameters and authorization results for a plurality of past payment transactions, generating authorization success factors for each of a plurality of payment transaction parameters based on the retrieved payment transaction parameters and authorization results, receiving, at an acquirer processor, a payment transaction from a merchant, modifying one or more parameters of the payment transaction according to the generated authorization success factors, and submitting the modified payment transaction to a financial institution for processing.
1. A method for optimizing transaction authorization conversion rates, comprising:
retrieving payment transaction parameters and authorization results for a plurality of past payment transactions from a database;
generating authorization success factors for each of a plurality of payment transaction parameters based on the retrieved payment transaction parameters and authorization results;
receiving, at an acquirer processor, a payment transaction from a merchant;
modifying one or more parameters of the payment transaction according to the generated authorization success factors; and
submitting the modified payment transaction to a financial institution for processing.
2. The method of claim 1 , further comprising:
receiving a payment transaction authorization result for the submitted modified payment transaction; and
adding the received payment transaction authorization result and the parameters of the modified payment transaction to a database of payment transaction processing results.
3. The method of claim 1 , wherein the modifying one or more parameters of the payment transaction further comprises:
comparing the parameters of the payment transaction to the generated authorization success factors; and
modifying each parameter of the payment transaction where the generated authorization success factors indicate a greater likelihood of authorization of the payment transaction.
4. The method of claim 1 , wherein the payment transaction parameters comprise one or more of a billing address, a card verification value (CVV), a payment processing network, a payment vehicle expiration date, a payment vehicle issuer token, and a merchant classification code (MCC).
5. The method of claim 4 , wherein the authorization success factors include the absence of one or more of the billing address, the CVV, and the payment vehicle expiration date.
6. The method of claim 4 , wherein:
the merchant is associated with a plurality of MCCs, and
the authorization success factors indicate a likelihood of authorization of the payment transaction associated with each MCC among the plurality of MCCs.
7. The method of claim 4 , wherein:
a plurality of payment networks are available for submitting the modified payment transaction for processing, and
the authorization success factors indicate a likelihood of authorization of the payment transaction associated with each payment network among the plurality of payment networks.
8. The method of claim 4 , wherein the modifying one or more parameters of the payment transaction comprises providing a payment vehicle issuer token.
9. A non-transitory computer readable medium storing a program causing a computer to execute a method of optimizing transaction authorization conversion rates, the method comprising:
retrieving payment transaction parameters and authorization results for a plurality of past payment transactions;
generating authorization success factors for each of a plurality of payment transaction parameters based on the retrieved payment transaction parameters and authorization results;
receiving, at an acquirer processor, a payment transaction from a merchant;
modifying one or more parameters of the payment transaction according to the generated authorization success factors; and
submitting the modified payment transaction to a financial institution for processing.
10. The non-transitory computer readable medium of claim 9 , wherein the payment transaction parameters comprise one or more of a billing address, a card verification value (CVV), a payment processing network, a payment vehicle expiration date, a payment vehicle issuer token, and a merchant classification code (MCC).
11. The non-transitory computer readable medium of claim 10 , wherein the authorization success factors include the absence of one or more of the billing address, the CVV, and the payment vehicle expiration date.
12. The non-transitory computer readable medium of claim 10 , wherein:
the merchant is associated with a plurality of MCCs, and
the authorization success factors indicate a likelihood of authorization of the payment transaction associated with each MCC among the plurality of MCCs.
13. The non-transitory computer readable medium of claim 10 , wherein:
a plurality of payment networks are available for submitting the modified payment transaction for processing, and
the authorization success factors indicate a likelihood of authorization of the payment transaction associated with each payment network among the plurality of payment networks.
14. The non-transitory computer readable medium of claim 10 , wherein the modifying one or more parameters of the payment transaction comprises providing a payment vehicle issuer token.
15. A computing system for optimizing transaction authorization conversion rates, the computing system comprising a non-transitory computer readable medium having instructions stored thereon which when executed by a processor cause the processor to:
retrieve payment transaction parameters and authorization results for a plurality of past payment transactions;
generate authorization success factors for each of a plurality of payment transaction parameters based on the retrieved payment transaction parameters and authorization results;
receive, at an acquirer processor, a payment transaction from a merchant;
modify one or more parameters of the payment transaction according to the generated authorization success factors; and
submit the modified payment transaction to a financial institution for processing.
16. The system of claim 15 , wherein the payment transaction parameters comprise one or more of a billing address, a card verification value (CVV), a payment processing network, a payment vehicle expiration date, a payment vehicle issuer token, and a merchant classification code (MCC).
17. The system of claim 16 , wherein the authorization success factors include the absence of one or more of the billing address, the CVV, and the payment vehicle expiration date.
18. The system of claim 16 , wherein:
the merchant is associated with a plurality of MCCs, and
the authorization success factors indicate a likelihood of authorization of the payment transaction associated with each MCC among the plurality of MCCs.
19. The system of claim 16 , wherein:
a plurality of payment networks are available for submitting the modified payment transaction for processing, and
the authorization success factors indicate a likelihood of authorization of the payment transaction associated with each payment network among the plurality of payment networks.
20. The system of claim 16 , wherein the modifying one or more parameters of the payment transaction comprises providing a payment vehicle issuer token.