Spreedly Rolls Out Innovative Revenue Optimization Tools

Spreedly, revenue optimization, payments, network tokenization, Payments Orchestration

Spreedly, a payments infrastructure firm headquartered in Durham, North Carolina, is introducing innovative revenue optimization solutions aimed at increasing conversions.

“Spreedly’s goal is to help every business to optimize their payment strategy by leveraging a diverse array of services,” Daniel Wideman, vice president of product, Spreedly, said in a statement on Thursday (Nov. 12). “Too often, the complexity of building infrastructure to optimize across multiple payment providers was limited to only the world’s most sophisticated teams.”

He added that the company is known for “connecting to and optimizing across hundreds of payment services,” and these new solutions elevate their offerings “to the next level.” 

The expanded revenue optimization solutions include the integration of smart routing and network tokenization to its payments orchestration platform. 

The company said that its simplified solution for merchants and platforms can up the average authorization rate by 3 percent or more.

Spreedly points to its “insight into transaction performance across over 120 payment services and 100 currencies.” Its smart routing technology uses a set of rules to pinpoint the best processor. 

False transaction declines totaled $331 billion in 2018, Spreedly said, citing an Aite Group report. Transaction declines often lead to cart abandonment and a missed conversion opportunity. 

For example, when stored cards expire and can’t be used for transactions, that can negatively affect subscriptions and other purchases. Network tokenization, which is supported by Spreedly, can assist in increasing success. 

“Spreedly supports network tokenization by provisioning evergreen network tokens from the major card networks that are compatible with any payment service provider,” the company said. “As a token service provider, Spreedly connects directly to major card network tokenization services, providing a network token to be stored in Spreedly’s vault.” 

The card networks roll out updates to Spreedly in real time, ensuring payment information is always current. Stored alongside PAN, the stored network token can be used by supported gateways and acquiring banks. 

In an interview with PYMNTS, Wideman said that competing in the digital world requires payments orchestration and smart routing —even more so as merchants turn to online channels amid the pandemic.

The November PYMNTS 2020 Payments Orchestration Playbook, done in collaboration with Spreedly, indicates that online grocery shopping and other delivery of goods is here to stay, even beyond the pandemic. The challenge for merchants is providing seamless payment options for customers.