Method and system for verification at point of sale

A method for consumer verification of a payment transaction that exceeds previously established account limitations, comprising:

• storing, in an account database of a processing server, a plurality of account profiles, wherein each account profile includes data related to a transaction account including at least a primary account number and one or more transaction controls;
• receiving, by a receiving device of the processing server, from a point of sale device of a merchant, a transaction message related to a payment transaction via a payment network, wherein the transaction message is formatted based on one or more standards and includes a plurality of data elements including at least (i) a first data element storing a specific primary account number, (ii) a second data element storing a point of sale identifier that identifies the point of sale device of the merchant, and (iii) one or more additional data elements storing transaction details including at least details of a particular product and/or service;
• executing, by a processing device of the processing server, a query on the account database to identify a specific account profile where the included primary account number corresponds to the specific primary account number stored in the first data element included in the received transaction message;
• determining, by the processing device of the processing server, whether the payment transaction exceeds the one or more transaction controls included in the identified specific account profile based on the transaction details stored in the one or more additional data elements included in the received transaction message;
• in response to determining that the payment transaction exceeds the one or more transaction controls, generating, by the processing server, a unique payment transaction identifier;
• electronically transmitting, by a transmitting device of the processing server, to the point of sale device of the merchant, a data signal comprising the generated unique payment transaction identifier with question data for a plurality of questions associated with the payment transaction,
• wherein the point of sale device is associated with the point of sale identifier stored in the second data element included in the received transaction message, and
• wherein at least one question of the plurality of questions requires input of a reason for exceeding a specific transaction control, of the one or more transaction controls, for purchasing the particular product and/or service;
• receiving, by the receiving device of the processing server, a data signal comprising the generated unique payment transaction identifier with answer data for a plurality of answers from the point of sale device of the merchant via the communication network;
• determining, by the processing device of the processing server whether the answer data for the plurality of answers included in the received data signal indicates valid answers or invalid answers to the plurality of questions;
• in response to determining that the answer data indicates valid answers, electronically transmitting, by the transmitting device of the processing server, the received transaction message to an issuing financial institution associated with the transaction account for processing of the transaction;
• and
• in response to determining that the answer data indicates invalid answers, declining, by the processing device of the processing server, the received transaction message, and transmitting the declined transaction message to the point of sale device of the merchant.