Worldpay, LLC (Symmes Township, OH)

Methods for optimizing transaction authorization conversion rate include retrieving payment transaction parameter and authorization results for a number of payments that have occurred in the past and generating success factors for authorization for each of a plurality payment transaction parameters based on the parameters of payment transfer that are retrieved and results of authorization when receiving a transaction from a merchant through an acquirer’s process, changing one or more parameters of the payment transaction based on the factors that are generated for success in obtaining authorization and submitting the modified transaction to a financial institution.

Networks and transactions on the internet are used for a great number of purchases and sales between bank cardholders. A typical transaction using a credit card may involve multiple participants. These include the person who holds the account, the merchant and acquirer processor, as well as an issuer processor as well as an issuer financial institution. Millions of these transactions take place every day at merchants that use various payment card types, such as debit cards, credit cards, prepaid card, and so on. Transactions based on the information supplied by the account holder could be rejected due to a range of different reasons, such as insufficient funds, expiration of card or expired account information or a variety of otheroccurrences. But, other elements, like the presence or absence of some elements of information about the account, can also impact the rate of acceptance, or the conversion of payments. Refusal to accept transactions can result in various undesirable outcomes for both the merchant as well as the account holder. While conventional methods of submitting electronic transactions can be tailored to merchants or acquirer processors, they do not take into account factors that could alter the conversion process of transactions in previous transactions.

This disclosure is intended to overcome one or more of the mentioned problems.

According to certain aspects of this disclosure, systems and methods are disclosed for optimizing transaction authorization conversion rates.

In one embodiment the computer-implemented method is described for optimizing transaction authorization conversion rates. This method involves taking payment transaction parameters and authorization results for a variety of previous payments, and generating an the success rate of authorization for each of a variety of payment transaction parameters based on the parameters of the transaction and authorization result, receiving an authorization transaction from a merchant at an acquirer processor and altering one or more parameters for a payment transaction in accordance with the generated authorization successes factors and then submitting the modified transaction to a financial institution for it to be processed.

A method to optimize the conversion rates of transaction authorizations is described according to another embodiment. The system comprises the following: a memory with processor-readable instruction stored therein; and a method that can connect to the memory and execute instructions of the processor. The processor is able to perform multiple tasks, including retrieving payment transaction parameters and authorization results for aplurality payments in the past, create success factors for authorizations of each of a plurality payment transaction parameters based upon the retrieved payment transaction parameter and authorization results, accept the payment transaction from a merchant through an acquirer processor, alter one or more payment transaction parameters according to the success factors that are generated, and send the transaction to the bank to process the transaction.

In accordance with another embodiment, a machine-readable medium is disclosed which stores instructions that are run by a computer, will cause the computer to execute an algorithm for optimizing conversion rates for transactions that authorize authorization. The method involves retrieving a payment transaction parameter and authorization results for a number of previous payment transactions, creating the success factors for authorization of each of a variety of payment transaction parameters based upon the parameter of the payment transaction that was retrieved and authorization results, obtaining an authorization transaction from a merchant at an acquirer processor and modifiying one or more of the payment transaction parameters based on the authorization success factors generated and sending the altered transaction to a financial institution in order to be processed.

Other advantages and features of the disclosed embodiments will be explained in the description below. Some of the details will be obvious from the description. The rest can learn through the application of the disclosed embodiments. The objectsand advantages on the disclosed embodiments can be achieved and realized through the use of the elements and combinations particularly pointed out in the appended claims.

It should be understood that the general description above and the detailed description below are only examples and explanations and not intended to limit the specifics of the claimed embodiments.

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