Systems and methods for determining enhanced merchant identification

A computer implemented method for creating merchant profiles based on check transactions is provided. The method uses a computing device having a processor communicatively coupled to a memory. The method includes receiving a plurality of payment transactions including payment by a check where each payment transaction includes plurality of fields from the associated check that include at least a payee field, an address field, and a memo field, generating a list of unique merchants based in part on the payee fields of the plurality of payment transactions, generating two or more merchant profiles, and determining one or more connections between two or more merchant profiles in the plurality of merchant profiles. Each connection represents a relationship or association between two or more merchant profiles. The method also includes storing the one or more connections and the two or more merchant profiles.