How To Optimize Your Authorization Rates and Collect More Revenue

What are authorization rates, and why are they important?

Reasons Your Authorization Rates Might Be Low

1. Network Declines

2. Cross-border Payments

3. Data Laws (PSD2)

  • something the cardholder has (like a phone)
  • something the cardholder knows (like a password)
  • something unique to the cardholder (like a fingerprint)

4. Inferior Fraud Screening & Prevention

5. State of Technology

6. Network Availability

Best Practices for Improving Your Card Authorization Rates

Optimize Payment Flows

Manage Fraud Rates

Improved Authentication Mechanisms

  • Tokenization — sensitive data is turned into a random string of characters called a token sent instead of the client’s details.
  • Multi-factor authentication — the user verifies their identity in multiple ways. Usually, a password and a push notification.
  • Comparisons — compares consumer information to their bank’s information of the consumer.
  • Validation keys — phone calls, texts, or emails provide the patron with a code that must be presented to confirm their identity.

Frictionless Flows

Collect Billing Information

Use Revenue Recovery Tools

  • Account Updater scans credit card information and searches for expired cards. When an expired card is found, it will update it to the new expiration date.
  • Intelligent Routing directs payments through the best routes for authorization.
  • Automatic Retry automatically retries failed transactions.

Accept Different Payment Methods

Use a Reseller Model

Conclusion

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2Checkout (now Verifone) is the leading all-in-one monetization platform for global businesses built to help clients drive sales growth across channels.

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2Checkout (now Verifone)

2Checkout (now Verifone)

2Checkout (now Verifone) is the leading all-in-one monetization platform for global businesses built to help clients drive sales growth across channels.

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