Systems and methods for optimizing transaction conversion rate using measured feedback

Abstract

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.