23 November 2024, Sat |
3:22 AM
Checkout.com, a renowned global payments solution provider, has unveiled its latest product, “Intelligent Acceptance,” designed to empower merchants with increased acceptance rates and revenue growth opportunities. Leveraging the power of artificial intelligence (AI), this groundbreaking optimization engine has been fine-tuned using billions of transactional data points from Checkout.com’s global network, along with invaluable insights gathered during its decade-long expertise in the digital economy.
During the beta testing phase, Intelligent Acceptance showcased remarkable results, generating approximately $750 million in new revenue through optimized transactions. Moreover, acceptance rates for over 30 merchants, including prominent names like Klarna, Ant Group, NordVPN, Reach, and Sunday, increased by up to 9.5 percentage points.
Melissa Pottenger, Head of Key Partnerships at Reach, expressed her excitement about the significant boost in authorization rates of payments processed through Checkout.com’s rails, attributing the success to the deployment of Intelligent Acceptance.
Meron Colbeci, Chief Product Officer at Checkout.com, emphasized the company’s commitment to simplifying complexities for businesses and providing merchants with easily accessible AI-powered payment optimization. The utilization of machine learning allowed Checkout.com to offer merchants insights derived from its vast global transaction data, enabling real-time enhancements and driving more revenue, while also saving time and controlling costs.
Intelligent Acceptance’s optimization capabilities span the entire payment flow, encompassing pre-processing aspects such as messaging and routing, as well as post-processing functions with adaptive retries. Merchants have the flexibility to tailor the optimization criteria to suit their specific needs, whether it be maximizing acceptance rates, reducing transaction costs, or both.
The AI engine utilizes various innovative strategies, such as leveraging Network Tokens when issuers support them and their cost-effectiveness is favorable compared to PAN credentials. Additionally, Intelligent Acceptance ensures compliance by promptly identifying transactions requiring 3DS authentication and automatically adding the necessary data to ensure adherence.
Tomer Turbovich, Senior Engineering Manager & Money Movements account group lead at Klarna, praised the improved authorization rates and the reduction in extra payment costs facilitated by Intelligent Acceptance, enhancing customer experience and minimizing fees for merchants.
The launch of Intelligent Acceptance comes at a time when businesses are striving to optimize revenues and streamline costs. False declines, which accounted for a staggering $50.7 billion loss in 2022 due to declined transactions despite sufficient funds, remain a significant challenge. Intelligent Acceptance’s continuous testing helps reduce the number of false declines and boosts revenue by reducing friction in the payment process.
Daniel Hosking, VP of Payments at Sunday, emphasized the crucial role played by Checkout.com in improving the customer experience and ensuring successful first impressions, essential for their business success.
With the introduction of “Intelligent Acceptance,” Checkout.com reaffirms its commitment to empowering merchants with cutting-edge AI technology, promising to revolutionize payment processing and drive unprecedented revenue growth.
