Billions of dollars are lost each year as clients abandon their e-commerce checkout pages every year. Customers leaving a payment page is costing businesses huge losses in revenue and profit, especially if volumes are increasing and not converting to approved transactions. PayFuture’s conversion recovery system has the ability to convert up to 20% of potentially failed transactions into approvals. The opportunity cost/financial loss can be huge for merchants so much so that it could make the difference between a business making a profit or a loss.
How does it work?
PayFuture’s conversion recovery tool will offer the customer an alternative local payment method if a transaction has declined for any reason, this hugely boosts approval rates whilst improving customer retention statistics. Coupled with our unique AI technology that predicts an approve or decline before it happens – this is one of the most powerful propositions available in the market.
Re-engages the Customers Before They Leave the Site
Anticipating when an online client is about to abandon or needs support on your payment technology platform is key. Our conversion recovery solution works in real-time to identify when a client may leave, allowing our automated chatbots or the customer service/call centre the opportunity to re-engage before they leave the site and lose the conversion to sale opportunity.
Localised Checkout Page
Essentially the ‘hard part’ of browsing through the site by a client and adding to a basket has already been performed and the client is now at the point of making a payment, however the last mile step of making the payment is not yet completed. The issue is that many merchants who are present in multiple global regions and using non-localised payment page can be a huge negative factor leading to client payment abandonment.
Our checkout page is localised to the local country where the payment is taking place. Each country will have a different simple checkout page, simply because if a customer looks at the page and trust the environment they are unlikely to close the browser page.
Connects to the Best Local Payment Gateway
From the customer’s region PayFuture will localise language, currency and most used local payment as standard for the best by country user payment experience.
PayFuture only connects to the best local gateways per region that offer local payment solutions. We see this as a key component in our merchants entering multiple geographic regions. Many regions unfortunately have degraded network connectivity with local systems which can lead to drop-offs and high decline rates. Processing Opportunities will only work with the best of breed systems in every local region.
Proprietary A/B Testing Mechanism
Our unique gateway technology has a proprietary A/B testing mechanism which is a great way to see if a change in the look and feel of the payment page works or not. The methodology is as follows. One transaction will go to the default standard page whilst the other goes to the new page (potential candidate) to be tested. The customised tool assists to understand how the shape, size, user heatmap and even the colour of your payment buttons affect conversion rates and their optimisation.