5 steps to increase your checkout conversions
How much do you know about the reason behind your declined transactions?
You know your customer hits ‘pay’, and you know that the transaction is either approved or declined.
But are all unsuccessful transactions declined for a genuine reason?
Issuers’ response processes are often a black box to merchants; a decline is a decline and that’s the end of it.
Globally, 5% of online card transactions are refused due to a flaw in the legacy payments system.
RevenueAccelerate sits at the core of the Adyen payments platform. It is a data-driven suite of automated tools, which optimizes the process of every payment to increase authorization rates – without the merchant having to lift a finger.
Forrester research found that Adyen customers increase revenue by 1.4%
So what’s the secret?
The key to this veritable treasure trove of additional revenue lies in data. Adyen’s payments platform is built from the ground-up to connect directly to the card schemes, giving it access to extensive data from every transaction. RevenueAccelerate uses this data, and machine learning, to build intelligent rules which adapt both the format and the route of each payment in real-time, ensuring the highest chance of an authorization.
To learn more, we need to dive a bit deeper into the workings of RevenueAccelerate, which is made up of the following components:
Smart Issuer Logic
RevenueAccelerate automatically re-formats the payment request according to the issuing banks’ specific preferences. This is called Smart Issuer Logic, and it continues to adapt its logic as issuing bank behavior changes.
Intelligent payment routing
Thanks to Adyen’s local connection to banks around the world, RevenueAccelerate can dynamically route transactions via local or international payment networks, based on what will deliver the best result for each bank.
Dynamic Card Validation
For merchants who need to validate a customer card, Dynamic Card Validation helps by automatically formatting the authorization request as $0 or $1 authorization, based on what we know works best for each bank.
This feature will keep customer card information up-to-date, even in the case of expired, lost or stolen cards. This reduces churn and ensures a seamless one-click or recurring payment experience.
Some transactions fail simply because of a temporary glitch or transmission issue on the part of the issuing bank. RevenueAccelerate uses Adyen’s data to selectively retry the declined transactions that are likely to be successful with a follow-up attempt.
A commissioned study conducted by Forrester Consulting on behalf of Adyen states that revenue gained on Adyen transactions by global ecommerce organizations is 1.43 percent, which translates into millions of dollars in unexpected profits.
For more information on payments KPIs and how to use RevenueAccelerate, download the full Forrester report.
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