High Performance Payments: How to Seize the Billion-Dollar Opportunity
The current economic climate is squeezing businesses globally, putting executives under more pressure to bolster revenue than they’ve seen in a decade. Yet econometric modeling by Oxford Economics reveals that the simple, often overlooked matter of falsely declined payments cost $50.7 billion in lost opportunity last year, in four markets alone. Impatient and savvy online shoppers are benefiting from an increasingly competitive digital market. Consequently, in the US the amount of money lost by merchants to their competitors has increased by 300% since 2019. On average, online businesses in the US are losing 2.1% of their revenue to this problem. Yet the majority of merchants surveyed remain in the dark, unable to capture data about these losses and therefore impotent to do anything about it. From increased fraud, to sky-rocketing cross-border demand, ever-emerging regulations, and a nuanced scheme and issuer landscape - today’s complex landscape is making payments harder and is putting downward pressure on payments acceptance rates.
In this Webinar, we will cover key insights that can empower executives to recoup these lost billions and add significantly to their bottom line.
Talking points will include:
- Unlocking cross-border revenue: Top 3 tips for ensuring seamless and successful international sales - which are often those most likely to fail unnecessarily.
- How Machine Learning and AI square up to complexity: Real-life proven ML and AI use cases for mitigating fraud while driving up acceptance rates - and why large data sets with international network data are the key to powerful ML in payments.
- Balancing fraud mitigation with payments acceptance: SCA (Strong Customer Authentication) is on the rise in the US as well as in Europe. - how can merchants employ SCA to mitigate against fraud without adding friction and failure to their payments?
- The power of good payments data: Merchants know that without access to their transaction data, they’re flying blind, unable to identify problems, and impotent to build a proper payments strategy. And yet, most report a dire lack of data transparency from their providers. What does good data access actually look like? And once you have it, how can it empower optimal payments strategies?
- Transition to Network Tokens: As the industry gravitates towards adopting Network Tokens over PAN details, we analyze the implications for merchants. Highlighting the potential benefits, including cost reduction and increased acceptance rates, we will also discuss the challenges posed by uneven adoption and how merchants can steer through this evolving terrain to avoid false declines and maximize savings.