Methods for Reducing the Merchant Chargeback Notification Time
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United States of America Patent
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Issued Date -
Jul 31, 2014
app pub date -
Jan 29, 2013
filing date -
Jan 29, 2013
priority date (Note) -
Published
status (Latency Note)
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Abstract
A method is provided of alerting a merchant after completion of a transaction that the payment instrument used for the transaction has been identified as being suspect. A reporting processor receives payment instrument indicia regarding payment instruments which have been used for completion of transactions by the merchant, and payment instrument indicia regarding payment instruments which have been identified as being suspect. The reporting processor compares the payment instrument indicia which have been used for completion of transactions by the merchant with the payment instrument indicia which have been identified as being suspect to identify matching payment instrument indicia. The matching payment instrument indicia is associated with suspect payment instrument indicia used by the merchant for completion of the transaction. An electronic communication is provided to the merchant regarding any identified suspect payment instrument indicia. In this manner, the merchant can automatically suspend delivery of a good or service associated with the transaction if payment is suspect.
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