Adyen launches RevenueAccelerate: Maximizing card transactions #money2020europe
Amsterdam/San Francisco: Today at Money 20/20 in Copenhagen, Adyen, the payments technology company, launched RevenueAccelerate, a data-driven suite of automated tools that is designed to significantly increase credit card approval rates globally. This is another step forward for Adyen in outperforming legacy payments systems, and unlocking new growth opportunities for its merchants.
Globally, approximately 5 percent of online credit card transactions fail due to flaws in the legacy payments system. RevenueAccelerate is designed to turn this 5 percent into actual revenue, with no input required from the merchant.
RevenueAccelerate sits at the core of the Adyen payments platform, which is built from the ground-up, with direct connection to all credit card schemes. This gives Adyen maximum control over the full payment flow. It can collect a much broader range of transaction data than other systems, which fail due to lack of precious information. RevenueAccelerate uses this data to build intelligent rules to adapt the format and the route of each payment request in real-time, ensuring the highest chance of an authorization.
Independent research firm Forrester, launched a report this week, stating that global ecommerce organizations that have piloted RevenueAccelerate, so far generated an average revenue increase of 1.43 percent.
Pieter van der Does, CEO & Founder of Adyen, explained, “Ecommerce businesses need to challenge their payments provider to not only process payments but actually drive growth. We are able to offer RevenueAccelerate because we have something that no other payments solution has – a completely new infrastructure that utilizes all the rich data needed to optimize payments success.”
Founded in 2006, Adyen initially enabled merchants to plug into a single global platform that could accept multiple currencies and payment methods all over the world. In 2012 it extended its capabilities to include fully-integrated in-store payment processing. RevenueAccelerate – which is available to all Adyen customers from today – is another big step towards enabling merchants to unlock millions of dollars in unexpected revenue. For more information, please visit www.adyen.com/revenueaccelerate
Adyen is a technology company that provides businesses with a single solution to accept payments anywhere in the world. The only provider of a modern end-to-end infrastructure connecting merchants directly to Visa, MasterCard, and 250 other payment methods globally, Adyen delivers frictionless payments across online, mobile, and in-store.
Headquartered in Amsterdam and San Francisco, with offices across North America, South America, Europe, Asia and Australia, Adyen serves more than 4,500 businesses, including 7 of the 10 largest U.S. Internet companies. Customers include Facebook, Uber, Airbnb, Netflix, Spotify, Dropbox, Evernote, Booking.com, Yelp, Vodafone, Superdry, Mango, Crocs, O’Neill, SoundCloud, KLM and JustFab.
In 2015 Adyen increased its processing volume by over 100 percent to $50 billion resulting in an annual turnover of $350 million.
RevenueAccelerate, a data-driven suite of automated tools that is designed to fundamentally increase credit card approval rates globally. These include:
- 1. Smart Issuer Logic
RevenueAccelerate automatically re-formats the payment request according to the issuing banks’ specific preferences.
- 2. Intelligent payment routing
RevenueAccelerate dynamically applies an optimal mix of both local and cross-border acquiring to deliver the best results.
- 3. Dynamic Card Validation
For subscription merchants, Dynamic Card Validation will help onboard new customers by automatically formatting the authorization request as $0 or $1 authorization, depending on the issuer preference.
- Account Updater
RevenueAccelerate keeps customer card information up-to-date, even in the case of expired or lost and stolen cards.
- 5. Auto retries
RevenueAccelerate uses Adyen’s data to selectively retry the declined transactions that are likely to be successful with a follow-up attempt.
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