Worldpay, LLC (Symmes Township, OH)
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.Click here to view the patent on USPTO website.
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A well-crafted business plan is essential for start-ups. It must be based on IP and show what your service or product is distinctive. Investors will also be impressed if you can demonstrate that your IP rights are secure or in progress of being secure and that they support your business strategy.
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There are many kinds of patents. Knowing them is essential to protect your invention. Utility patents cover new processes and machine creations. Design patents cover ornamental designs. Patents for utility are the most effective because they shield the owner from copycats and competition. They are typically issued to improve or alter existing inventions. Utility patents also cover enhancements and modifications in existing inventions. A process patent would be a way to describe the actions or methods of performing a specific act. A chemical composition would include the combination of ingredients.
What is the average length of patents? Utility patents last 20 years from the initial date they were filed, but their expiration dates may be extended due to delays in the patent office such as.
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The first step to obtain the patent you want is to conduct an internet search for patents. You can do a google patent search or do a USPTO search. After the patent application has been submitted, the product that is that is covered by the patent application could be called patent-pending, and you will be able to locate the patent application online on the public pair. Once the patent office has approved your application, you will be able to conduct an examination of the patent number to locate the patent that was issued. Your product is now patentable. Alongside the USPTO search engine, you may also use other search engines like espacenet, which is described below. Patent lawyers or a patent attorney can assist you with the process. Patents granted in the United States are granted by the US trademark and patent office, or the United States patent office. This office also reviews trademark applications.
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2. These terms let you look up pertinent Cooperative Patent Classifications at Classification Search Tool. If you’re unable to find the right classification to describe your invention, look through the classification’s class Schemas (class schedules) and then try again. You may want to consider substituting the terms that you’re using for describing your invention, if you do not find any results in the Classification Text Search with synonyms similar to the words you used in the first step.
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