Growing Pains? Here’s how to get your stack ready
After years of hard work, your company is finally growing like a weed, customers are flooding in and they are throwing money at you buying your products in volumes you have never seen before. Your growth parameters are exploding and your company has recently started to execute on its global expansion plans. Exciting times indeed! You and your team are responsible for maintaining and building one of the most crucial parts of the business: the company’s payment infrastructure. You are literally in charge of maintaining and supporting the lifeblood of the company.
Kudos! Managing your payment stack on a large scale can be a daunting task: the complexity of your payment stack is increasing exponentially. You are adding new vendors, new currencies and new payment methods on an (almost) daily basis. And avoiding vendor outages while keeping fees low and approval rates high with your current payment stack is starting to look like an impossible mission.
This is probably the time to add a payment switch to your payment stack.
So what is a payment switch?
A payment switch is dynamic, agnostic, simple, and smart by design. The payment switch is software that simplifies the challenges that hyper-growing companies meet in an increasingly global and complex e-commerce world. With a click, you get access to dozens of payment methods and payment providers around the world. The payment switch offers you a single unified dashboard for all of your payments activity, providing the highest level of control over your payments. The switch empowers you to dynamically route your payments to the best providers using custom rules to increase acceptance rates and lower fees.
Faster time to any market.
The global payments market today uses 180 currencies, 320 payment methods, and a few thousands of payment providers across 195 countries, each with their own time-consuming integration. Let the payment switch help. By using a payment switch, you can save time and resources connecting to multiple payment providers through a single API. You can also gain a larger market share by supporting local payment providers and the most popular local payment methods, quickly and easily.
Watch your approval rates skyrocket.
Payment declines can be a costly problem, especially for merchants seeking growth and global expansion into foreign markets. When a decline occurs, a payment switch enables merchants to automatically retry the transaction with a second acquirer to obtain approval. Congratulations! You’ve provided a better customer experience, made more sales, and saved time and $$$ by sparing your support team manual retries.
Low approval rates are a costly problem. For your company, every fraction of lost payments means millions of dollars in lost revenue. The payment switch allows you to send your payments to the best provider possible, where decline rates are lowest for that particular payment type. Still declined? The payment switch has your back! When a decline occurs, the payment switch enables you to automatically retry the transaction with a second acquirer to obtain approval. Watch your declines shrink away as you raise your customer satisfaction — and your bottom line.
Save $$$ in processing fees.
One provider, two providers, three providers. Since your payment globalization, you’ve started to feel the burden of payment fees cutting into your profit margin. With the payment switch, you can send your payments to local payment providers and offer your customers local payment methods, to eliminate cross-border fees and currency exchange fees. The payment switch also helps you save on per-payment fees and global payment fees by sending your payments to the best, lowest-cost providers.
Set custom rules to dynamically route your payments.
You know exactly what you need to run your business. Enter your rules into the payment switch, and let it do the rest. Want to route your USD transactions to one provider and your EUR providers to another? Want to experiment to see which providers perform better in which countries? We’ve got your back. With the payment switch, you can route transactions by card issuing country, card vendor, currency, customer scoring, acquirer fees, and you can retry declined transactions. Not satisfied with current payments performance? Make instantaneous adjustments with the click of a button
Gain deep insights with the best payments visibility there is.
No more looking at seven different provider dashboards to get a sense of your payment activity. With the payment switch, you can take an in-depth look at your entire payment activity in one consolidated analytics dashboard. Manage your payments more effectively and act on insights in real-time. Take a look at comprehensive analytics and granular insights, and optimize your payment processes accordingly. Are your VISA payments suffering a high decline rate? Easily understand why! With the payment switch placing all of your payment information at your fingertips, it becomes much easier to understand which areas of your business need to be focused on to increase revenue.
Payment provider outages are rare, but inevitable. When an outage occurs to your large scale payment operation it can cause a huge amount of damage (and losses) – to your bottom line, and to your customers.We’ve all been there — one of the easiest ways to frustrate a customer is to have a slowdown or inability to process transactions at the time of payment. And your company almost always takes the blame for this even if a third party is at fault. Unfortunately, acquirer slowdowns or failures are most common during busy periods when payment processors are dealing with increased transaction volumes. Think Christmas or Black Friday, where short outages can cost thousands or even millions of dollars in sales. Thank the moon for payment switches! The ability of the payment switch to dynamically route transactions between different acquirers help merchants to easily respond to an acquirer slow-down or outage. When an outage occurs, transactions can be routed to a backup acquirer, to maintain consistent response times and avoid the possibility of prolonged time-outs.
Happier customers, happier you.