Singapore (31 01 2021) Global Payment Technology provider, Payfuture, has launched a unique AI driven ‘Customer Conversion Recovery Tool’. This ground-breaking innovation significantly reduces the number of online customers, who would previously have have checked out – unlikely to return. Recognising that many of these sales are lost at the payment approval stage – Payfuture’s system sets out to overcome initial payment difficulties, converting lost sales into business. In practice, the new system can save up to 20% of check-outs; thus paying for itself at a very early stage.
Where transactions are declined, Payfuture’s Customer Conversion Recovery tool will offer the customer an alternative local payment method. This significantly boosts approval rates whilst improving customer retention statistics. Uniquely, the process is driven by Payfuture’s advanced AI technology. This anticipates when an online client is about to abandon a transaction or needs support with a payment, allowing for automated chatbots or the customer call centre to re-engage promptly before the sale is lost. As a truly global solution, the Payfuture toolset will localise language, currency and use the most used local payment platform as standard, for the best-by-country user payment experience.
The Conversion Tool will work with most leading payment platforms and has also been fully integrated with Payfuture’s own widely acclaim Payment Connection platform. No other integrated solution offers such a powerful global proposition to the world’s Merchants.
Manpreet Haer, Co-founder of Payfuture says: “Tragically, billions of dollars are lost each day as clients abandon their e-Commerce check-out pages. We worked out though, that by using ‘AI’ to assess clients alongside a powerful recovery tool, we could convert up to 20% of failed transactions at the payment stage – by converting them into approvals. This was such a huge source of potential extra revenue that initial interest from Merchants has been extremely high – so we expect demand to be very strong indeed.”
Note to Editors:
PayFuture was founded in 2019 by veterans of the payments technology and cyber security sectors. The business was formed to provide a best of breed alternative local payment connector focusing on providing market leading global payment technology.
The founders realised that in order to be successful in existing as well as emerging ecommerce markets, a first rate client journey was paramount.
Created by a team of innovators, AI technologists and payments enthusiasts, Payfuture is designed to offer an experience, with market changing features and technology.
For more information on the tool or Payfuture get in touch at firstname.lastname@example.org