Checkout.com, a leading player in the digital economy, has introduced its latest product, Intelligent Acceptance, aimed at enhancing acceptance rates and boosting merchant revenues. The solution leverages artificial intelligence (AI) to reduce revenue losses resulting from false declines and increased operating expenses.
Intelligent Acceptance is powered by an optimisation engine built on billions of transactional data points from Checkout.com’s global network. The tool optimises the entire payment flow, encompassing pre-processing aspects like messaging and routing, as well as post-processing with adaptive retries. It offers merchants the ability to enhance specific stages of their transaction journey, whether it’s maximising acceptance rates, reducing transaction costs, or both.
By utilising Intelligent Acceptance, merchants can take advantage of Network Tokens to achieve higher acceptance rates, lower interchange fees, and secure card data sharing. The tool also enables dynamic routing of transactions to networks with the lowest fees, thereby reducing costs. Compliance requirements are met through instant identification of transactions requiring 3DS authentication and the addition of necessary data to the payment request.
During beta testing, Intelligent Acceptance yielded significant results, generating approximately $750 million in new revenue and increasing acceptance rates by up to 9.5 percentage points for more than 30 merchants, including Klarna, Ant Group, NordVPN, Reach, and Sunday.
Melissa Pottenger, Head of Key Partnerships at Reach, expressed her satisfaction with the tool, stating that the authorisation rate of payments processed on Checkout.com’s platform increased by nearly 10%, leading to substantial benefits for their business and clients.
Meron Colbeci, Chief Product Officer at Checkout.com, noted the company’s commitment to simplifying complexities for businesses and empowering them to optimise their payments effortlessly. Leveraging machine learning and their extensive transaction data, Checkout.com can offer scalable AI-driven solutions. The adaptive payments engine constantly fine-tunes acceptance rates, unlocking additional revenue, saving time for merchants, and providing greater cost controls.
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