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Treating unsuccessful card-not-present transactions as routine is unacceptable. When a transaction fails, customer satisfaction, trust, and revenue all suffer. Customers generally seek to avoid any friction in the checkout process.

Merchants not only have to guarantee a smooth checkout experience for customers but also navigate through issuer preferences, network modifications, expanding payment choices, and multiple routing options. 

Staying abreast of these increasingly common and expensive challenges poses a considerable difficulty for many merchants. 

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To tackle this escalating issue, Worldpay, from FIS, has introduced a comprehensive solution named Revenue Boost. This tool assists merchants in optimizing payment approvals while managing costs effectively.

Elevating a Proactive Strategy for Enhanced Customer Retention

The predominant issue of customer churn is frequently attributed to a flawed payment process. 

Instead of resigning to it as an unavoidable cost of conducting business, merchants should wholeheartedly adopt a proactive approach—a specialized payment strategy aimed at securing even higher conversion rates, particularly for first-time customers. 

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Throughout the customer shopping journey, merchants encounter numerous opportunities to make a lasting impact, with a pivotal moment arising during the checkout process. 

When customers commit to a purchase, it becomes imperative for merchants to guarantee a flawlessly executed payments process. A seamless and frictionless experience significantly augments the probability of customers returning.

Insights from Jason Harding: Optimizing Customer Lifetime Value

Jason Harding, Worldpay’s Product Director of Optimization, stressed the crucial aspect of enhancing the lifetime value of customers through a well-crafted payment approach in a recent PaymentsJournal podcast. 

In the framework of a robust payment system, merchants must have unrestricted access to relevant data that directly benefits their organization. 

According to Harding, the implementation of network payment tokens empowers merchants with the most up-to-date customer information, effectively minimizing checkout friction without compromising security. 

The utility of account updaters is underscored, as they play a pivotal role in automatically refreshing subscription customer card information.

A Comprehensive Solution

Worldpay aims to assist merchants in handling a greater volume of card-not-present transactions while mitigating the costs and risks associated with payment processing. The Revenue Boost turnkey solution, leveraging the power of machine learning, is designed to optimize performance.

Recognizing that a one-size-fits-all approach is insufficient due to varying goals, needs, and strategies among merchants to boost e-commerce sales, Worldpay emphasizes the importance of personalized experiences. 

The company believes that the new features of its solution enable merchants to tailor the payment experience according to their requirements, opening up new opportunities for growth.

During a Revenue Boost pilot conducted by Worldpay from May 2022 to April 2023, involving a minimum of 500,000 transactions, notable success stories emerged.

One customer reported a $6 million approval lift over a six-month period, while another experienced a 4% acceptance increase on Black Friday.

Highlighting the effectiveness of network payment tokens for merchants, participant feedback from the pilot included a reported savings of $1.2 million in payment costs over 12 months.

Gabriel de Montessus, Head of Global Enterprise at Worldpay, emphasized the potential impact of lowering costs and increasing approval rates, stating, “By doing so, we can unlock the true value of payments for our customers. We’ve already witnessed success with some of the world’s biggest brands and eagerly anticipate collaborating with more to drive global commerce.”

About FIS

FIS stands at the forefront as a leading provider of technology solutions tailored for financial institutions and businesses of varying sizes and across diverse industries worldwide. 

Your mission is to facilitate the seamless flow of commerce by unlocking the potential of financial technology that drives the global economy. 

Committed employees at FIS are dedicated to propelling advancements in the way the world engages in payments, banking, and investments, leveraging our trusted innovation, system performance, and adaptable architecture.

Headquartered in Jacksonville, Florida, FIS proudly holds a position among the Fortune 500® and the Standard & Poor’s 500® Index. 

They empower our clients to harness technology in inventive ways, addressing critical business challenges and delivering exceptional experiences for their customers. 

To discover more about FIS, please visit fisglobal.com, and stay connected with them on Facebook, LinkedIn, and Twitter (@FISGlobal).

 

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