Increased Payment Conversion
At BlueSnap we believe that every point in the payment process is an opportunity to increase sales and reduce costs. Businesses might be using a payment solution that lacks the tools to improve authorization rates. These are things like Intelligent Payment Routing, failover or retries.
We often find that businesses may not have access to key information they need to make decisions. For example,
Conversion rates by issuing banks
Card type
Product
Transaction size.
At BlueSnap, we give businesses a better way to improve payment authorization and convert more transactions to sales. With all of BlueSnap's tools we have found that businesses can definitely improve their authorization rates.
For those taking payments in one country, they can see up to a 1-3% improvement in sales. And for those taking cross-border payments, the improvement can be as great as 3-5%.
Our All-in-One Payment Platform is connected to a network of more than 30 global banks, and our Intelligent Payment Router will automatically direct transactions to the acquiring bank that has the highest likelihood of success. We keep the payment local, aligning where the card is issued to where the payment is processed, because this increases authorization rates and reduces card scheme fees.
In cases of a transaction decline, we can failover to another acquiring bank, which can often increase the authorization rates by as much as 1-3%. The more information an issuer has about the transaction, the more likely they will approve it, so another successful strategy to lower interchange fees and increase authorization rates is through implementing Level 2 and Level 3 Data.
At BlueSnap, we use card brand tokenization to get the highest authorization rates. And, if a business has subscriptions or allows customers to save their cards, often called "card on file", a good percentage of those card will change, either because they expire or because a new card number is issued. So, to ensure our businesses have the most up-to-date card information, we have Account Updater and if a business is converting from another payment provider, we have a simple card on file conversion process to help them.
Here at BlueSnap, we help businesses increase sales by giving them the tools they need to improve payment conversion.
To learn more about BlueSnap tools that help businesses gain insight into their payment flow, check out our video on reporting and reconciliation at bluesnap.com.
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