Worldpay from FIS has unveiled a turnkey solution designed to help merchants improve their payment authorization, streamline costs and approve all legitimate payment transactions.
The new Revenue Boost is powered by machine learning (ML) and designed to help merchants process card-not-present transactions in a way that maximizes conversions, minimizes costs and reduces fraud, the provider of financial services technology said in a Tuesday (July 25) press release.
“Worldpay’s solution combines our extensive payment expertise with the scale of our payments data to help optimize how merchants take payments,” Gabriel de Montessus, head of global enterprise at Worldpay from FIS, said in the release. “By lowering costs and lifting approval rates we can unlock the true value of payments for our customers. We’ve already seen success for some of the world’s biggest brands and we look forward to working with more to fuel their commerce globally.”
Analysis of Worldpay Revenue Boost pilot data, captured between May 2022 and April 2023 and based on a minimum of 500,000 transactions, has found that one customer saw an approval lift of $6 million in a six-month period, another saw a 4% acceptance lift on Black Friday and a third merchant secured $1.2 million in payment costs savings over 12 months, according to the press release.
By deploying Revenue Boost and working with Worldpay’s experts, merchants can tailor the solution to their specific needs in order to help boost revenue on eCommerce sales and create new opportunities to accelerate growth, the release said.
“It’s time to rethink the narrative on payments — they are a strategic lever that can accelerate growth for ambitious merchants,” de Montessus said in the release.
The great digital shift and the continued movement to card-not-present transactions has introduced challenges with authorization rates for merchants across all industries, Bank of America Senior Vice President and Payment Network Executive Sara Walsh told PYMNTS’ Karen Webster in an interview posted in April.
Card-not-present declines are three times higher than declines with card present transactions, Walsh said at the time.
“As an industry — across issuers, retailers, acquirers — we all have a mutual interest in making sure legitimate card transactions are approved,” Walsh said.
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