Today at Money 20/20 in Copenhagen, Adyen, the payments technology company, launched RevenueAccelerate, a data-driven suite of automated tools designed to significantly increase credit card approval rates globally. This is another step forward for Adyen in outperforming legacy payments systems, and unlocking new growth opportunities for its merchants.
Globally, approximately 5 percent of online credit card transactions fail due to flaws in the legacy payments system. RevenueAccelerate is designed to turn this current 5 percent into revenue, with no input required from the merchant.
RevenueAccelerate sits at the core of the Adyen payments platform, which is built from the ground-up, with direct connection to all credit card schemes. This gives Adyen maximum control over the full payment flow. It can collect a much broader range of transaction data than other systems, which fail due to lack of precious information. RevenueAccelerate uses this data to build intelligent rules to adapt the format and the route of each payment request in real-time, ensuring the highest chance of an authorization.
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.
Pieter van der Does, CEO & Founder of Adyen, Explained, "Ecommerce businesses need to challenge their payments provider to not only process payments but actually drive growth. We are able to offer RevenueAccelerate because we have something that no other payments solution has - a completely new infrastructure with the rich data needed to optimize success payments".
Founded in 2006 Adyen initially enabled merchants to plug into a single global platform, that could accept multiple currencies and payment methods all over the world. In 2012 it extended its capabilities to include fully-integrated in-store payment processing. RevenueAccelerate - which is available to all Adyen customers from today - is another big step enabling merchants to unlock millions of dollars in unexpected revenue. For more information, please visit www.adyen.com/revenueaccelerate
RevenueAccelerate, the data-driven suite of automated tools designed to fundamentally increase credit card approval rates globally. These include:
1. Smart Logic Issuer
RevenueAccelerate automatically re-formats the payment request, according to the issuing banks' specific preferences.
2. Intelligent payment routing
RevenueAccelerate dynamically routes transactions via local or international payment networks, based on what will deliver the best result for each bank.
3. Dynamic Card Validation
Dynamic Card Validation helps onboard new customers by automatically formatting the authorization request to $ 0 or $ 1 authorization, depending on the issuer preference.
4. Account Updater
RevenueAccelerate keeps customer card information up-to-date, even in the case of expired or lost and stolen cards.
5. Auto retries
RevenueAccelerate uses Adyen's data to selectively retry the declined transactions that are likely to be successful with a follow-up attempt.