The present invention relates to a computer-based system that provides a method for real time data storage and retrieval for the purpose of verifying and validating sales transactions and product return/warranty repair eligibility. An electronic product registration system is provided which stores information on purchased products and which enables a retail store or the like to verify compliance with return policies prior to accepting a product for return or replacement, thereby reducing improper or fraudulent product returns under warranty, while also providing related functionality to third parties such as law enforcement agencies and the like.