Online merchants know that beyond every successful transaction there are countless abandoned carts, declined payments, and other would-be sales that add up to significant lost revenue over time.
According to some estimates, payment decline rates can run as high as 17% in many online sectors, with the median decline rate for consumer goods coming in at nearly 11%. While there are many reasons for a payment to be declined, recovering even a portion of this and other “hidden” revenue (such as money wasted on unnecessarily high fees) can be a big difference-maker, particularly when it comes to cross-border transactions.
When a payment is processed, it goes through a multi-layered process to get it approved. If certain checks fail, a ‘Declined’ Response is sent from the Acquirer, and the merchant then declines the transaction.
PayU’s patented routing solution helps you to get more out of your online business, by successfully converting more payment transactions through data-driven rules and innovative routing, powered by advanced analytics that allow merchants to run reports and optimize payments from one central dashboard.