SYSTEMS AND METHODS FOR OPTIMIZING TRANSACTION CONVERSION RATE USING MEASURED FEEDBACK
A method for optimizing transaction authorization conversion rates using measured feedback includes retrieving payment transaction parameters and authorization results for a plurality of past payment transactions from a database, generating a transaction success model comprising authorization success factors for each of a plurality of payment transaction parameters using data science methods for statistical inference 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 transaction success model, and submitting the modified payment transaction to a financial institution for processing.
1 - 20 . (canceled)
21 . A method for optimizing transaction authorization conversion rates using measured feedback, comprising:
generating, by a processor, a transaction success model comprising authorization success factors for each of a plurality of payment transaction parameters;
determining, by the processor, one or more transaction modification rules by applying the generated transaction success model;
generating, by the processor, a modified payment transaction by using an authorization formatting service to modify one or more parameters of a payment transaction according to the one or more transaction modification rules; and
submitting, by the processor, the modified payment transaction to a financial institution for processing.
22 . The method of claim 21 , 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.
23 . The method of claim 21 , 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.
24 . The method of claim 21 , 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).
25 . The method of claim 24 , wherein the authorization success factors include an absence of one or more of the billing address, the CVV, and the payment vehicle expiration date.
26 . The method of claim 24 , 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.
27 . The method of claim 24 , 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.
28 . The method of claim 24 , wherein the modifying one or more parameters of the payment transaction comprises providing a payment vehicle issuer token.
29 . A non-transitory computer readable medium storing a program causing a computer to execute a method of optimizing transaction authorization conversion rates using measured feedback, the method comprising:
generating, by a processor, a transaction success model comprising authorization success factors for each of a plurality of payment transaction parameters;
determining, by the processor, one or more transaction modification rules by applying the generated transaction success model;
generating, by the processor, a modified payment transaction by using an authorization formatting service to modify one or more parameters of a payment transaction according to the one or more transaction modification rules; and
submitting, by the processor, the modified payment transaction to a financial institution for processing.
30 . The non-transitory computer readable medium of claim 29 , 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).
31 . The non-transitory computer readable medium of claim 30 , wherein the authorization success factors include an absence of one or more of the billing address, the CVV, and the payment vehicle expiration date.
32 . The non-transitory computer readable medium of claim 30 , 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.
33 . The non-transitory computer readable medium of claim 30 , 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.
34 . The non-transitory computer readable medium of claim 30 , wherein the modifying one or more parameters of the payment transaction comprises providing a payment vehicle issuer token.
35 . A computing system for optimizing transaction authorization conversion rates using measured feedback, the computing system comprising a non-transitory computer readable medium having instructions stored thereon which when executed by a processor cause the processor to:
generate, by a processor, a transaction success model comprising authorization success factors for each of a plurality of payment transaction parameters;
determine, by the processor, one or more transaction modification rules by applying the generated transaction success model;
generate, by the processor, a modified payment transaction by using an authorization formatting service to modify one or more parameters of a payment transaction according to the one or more transaction modification rules; and
submit, by the processor, the modified payment transaction to a financial institution for processing.
36 . The computing system of claim 35 , 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).
37 . The computing system of claim 36 , wherein the authorization success factors include an absence of one or more of the billing address, the CVV, and the payment vehicle expiration date.
38 . The computing system of claim 36 , 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.
39 . The computing system of claim 36 , 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.
40 . The computing system of claim 36 , wherein the modifying one or more parameters of the payment transaction comprises providing a payment vehicle issuer token.