By Latest Finextra Research Start-ups Headlines
“Time is money” couldn’t ring truer, especially when it comes to transaction acceptance rates. Acceptance or approval rates, the percentage of successful transactions versus declined ones, serve as a vital metric for merchants. Every lost
transaction represents a missed opportunity and a potential dent in revenue and customer trust. So, the higher the acceptance rate, the greater the revenue potential and customer satisfaction.
With competition fiercer than ever in the online marketplace, merchants must stay ahead by continuously refining their strategies to boost acceptance rates. After all, the cost of losing transactions far outweighs the investment required to offer a diverse
range of payment options or retain customers, for instance.
How Paysecure’s innovative solutions can help merchants achieve no less than a remarkable
75% acceptance rate? Check further
our infographic and learn how you can capitalize on every sales opportunity.
1. Harness data-driven and Big Data insights
Paysecure’s Analytic report empowers merchants to comprehensively examine and analyze data from diverse perspectives, enabling them to pinpoint and address specific areas of concern. By breaking down data into manageable segments, merchants can strategically
focus on areas requiring improvement.
For example, upon identifying recurring 3D timeout errors among customers of a particular merchant, we utilized the Analytic report’s filtering capabilities to isolate the issue. Through this process, we discovered that customers were encountering difficulties
due to being redirected within an iFrame, preventing the 3D window from opening. Implementing a solution involved embedding a clickable link within the iFrame to enable clients to open a new window. This resulted in a notable 5% improvement in approval rates.
2. Route transactions with precision
Paysecure’s gateway offers merchants advanced features such as rule-based routing, enabling the selection of the most suitable MIDs for various types of traffic. This functionality ensures streamlined processing and enhances overall success rates.
Our platform empowers merchants with the ability to construct intricate decision-making web “trees”, facilitating optimized transaction management. Furthermore, through the creation of complex AND-OR conditions using parameters tailored to their specific
needs, merchants can fine-tune their processes for optimal outcomes.
For instance, if merchants observe a recurring error pattern involving debit cards from specific BINs directed to certain MIDs, they can establish rules to reroute these transactions to alternative MIDs with higher approval rates. Additionally, the Paysecure
gateway continuously gathers data on BIN and bank approval rates, dynamically generating customer segments and comparing them to specific bank approval rates. Leveraging this intelligent data, transactions are intelligently routed along the most favorable
paths for approval.
3. Manage error responses
Our Paysecure team developed Error Decision Making, a powerful tool enabling clients to make informed decisions based on error responses from payment gateways. This feature combines error code actions triggered by specific gateway responses within defined
timeframes, enhancing decision-making capabilities.
This capability allows clients to block specific profiles, cards, or entire BINs from being routed to banks or MIDs, which is particularly valuable when encountering temporary errors from certain MIDs.
Manually creating rules for unsupported BINs by various banks can be time-consuming. In such cases, the system can autonomously learn from error responses and automatically block those BINs for the affected MIDs, hence streamlining the process and ensuring
efficient management.
4. Automate card management to streamline recurring payments
At Paysecure, our cutting-edge technology is meticulously crafted in-house by our team of dedicated experts. With the ability to build solutions from scratch, we offer unmatched flexibility and agility, tailoring our offerings to meet our clients’ specific
business needs.
Also, we handle every aspect from collection and verification to acceptance or declination, ensuring a seamless experience for both payers and recipients. Our skilled product tech team offers unrivaled responsiveness as they address any request within a
maximum of 2 hours.
5. Cater to consumer’s preferred payment methods
From traditional credit and debit cards to emerging options like UPI, Pix, Open Banking, and ACH, our platform ensures flexibility and accessibility for all users. What’s more, our agile development approach and adaptability enable us to seamlessly integrate
a wide range of payment methods in just 4 days, empowering merchants to stay ahead in the digital payments landscape.
6. Personalize the checkout experience
Many merchants struggle with checkout experiences that lack personalization, leading to increased friction and lower success rates. Limited shipping options can further erode customer trust in the checkout process, failing to align with brand identity and
design aesthetics. Paysecure addresses these challenges by offering lightning-fast and instant pay-outs, ensuring timely transactions and heightened customer satisfaction. With a wide selection of over 100 pay-out methods, we provide a comprehensive solution
to meet the diverse needs of clients.
7. Safeguard transactions with vigilant fraud detection
Paysecure’s enhanced fraud prevention measures and effectively safeguard businesses against threats and reduce chargebacks. As a provider equipped with PCI DSS compliance and powerful fraud prevention tools, we ensure the security and integrity of transactions.
Furthermore, our unique User Trust Score offers a 360-degree assessment, providing merchants with a comprehensive understanding of their customers and enabling them to route transactions based on trust levels.
8. Select the right payment partner
At Paysecure, we offer a comprehensive suite of features and products tailored to meet the diverse needs of merchants. With our in-house solution developed by our dedicated tech team, we provide feature-rich solutions and implement custom requests seamlessly.
We prioritize offering merchants comprehensive support and resources to ensure a smooth integration and onboarding process.
Paysecure has rapidly established itself within various industries, including iGaming, eCommerce, Exchange & Forex, Sports betting & gambling, and more, within approximately one year of operation. Our global reach spans even the most exotic geographies,
offering a diverse range of payment methods, including local and preferred options, along with robust multi-currency support.
Trust in our commitment to fostering long-term partnerships and cultivating honest relationships with our clients. With us, the future of payments is here, offering unmatched reliability, agility, and innovation to propel your business forward. To delve
deeper into this subject, visit our website and learn how Paysecure’s solutions can lead merchants to business growth.
Source: Latest Finextra Research Start-ups Headlines