Product: BlueSnap intelligent payment routing
Company: BlueSnap Inc.
As a global payment gateway provider BlueSnap Inc. understands the importance of closing the sale, particularly in e-commerce environments where the average transaction fail rate hovers around 17 percent, according to data published by Spreadly Inc. To counteract this problem BlueSnap has deployed big data in a manner that is expected to improve conversions by 5 to 10 percent, which can translate into increased revenue for the company's online and mobile merchant clients.
According to BlueSnap, hundreds of data combinations, including shopper location, currency, merchant location, transaction amount and card type are analyzed to optimally route transactions through its intelligent payment routing system.
"Big data has become so complex, especially with global payments, and we have simplified it with our business intelligence tool," said Ralph Dangelmaier, BlueSnap Chief Executive Officer. "With the power of intelligent payment routing, we are increasing sales for merchants and putting more revenue in their pockets so they can focus on building their business."
Failed transactions occur for a variety of reasons, from differing acquirer policies to difficulties in the transaction process itself. Examples for transaction failure include such factors as an out-of-date payment source, complications with a bank network, or a poor network connection between the point of purchase and merchant. The company said it evaluates the merchant's unique business model and adjusts the payment processing to optimize online sales.
BlueSnap's intelligent payment routing system automatically switches transactions between acquiring banks to maximize the payment success. A built-in default function will link to an alternate bank in the event of a transaction failure. The system is also programmed to retry failed recurring charges and notify shoppers when an update in billing information is required. All combined, these tactics are designed to yield higher payment conversions by eliminating sales barriers.
BlueSnap customers also receive access to multiple acquiring options with payment acceptance in 180 countries in 29 languages, 60 currencies and 110 different payment types. The intelligent payment routing service is included at no additional cost, BlueSnap noted.
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