Checkout.com, the global payments solution provider, launches Intelligent Acceptance, its latest product to help merchants optimise acceptance rates and grow revenues.
Intelligent Acceptance is “an AI-powered optimization engine, trained on billions of transactional data points from Checkout.com‘s global network and insights from the business’ domain expertise after a decade at the forefront of the digital economy.”
The new product has so far “achieved meaningful results for merchants during beta testing, enabling transactions that created c.$750 million of new revenue, and increasing the acceptance rates by up to 9.5 percentage points for over 30 merchants including the likes of Klarna, Ant Group, NordVPN, Reach and Sunday.”
Melissa Pottenger, Head of Key Partnerships at Reach, said:
“Since going live with Intelligent Acceptance, the authorization rate of payments processed on Checkout.com’s rails has increased by nearly 10%. In a game where small improvements drive big impact, this performance improvement is colossal for our business and, crucially, for our client’s bottom line.”
Meron Colbeci, Chief Product Officer at Checkout.com, said:
“We fundamentally believe in abstracting complexity for businesses and empowering them to optimize their payments with ease. Machine learning enables us to offer this to our merchants for the first time at scale. Merchants alone lack sufficient data to effectively train an AI algorithm, whereas we can leverage our expansive global transaction data to provide real-time insights. That’s why we’ve built an adaptive AI-powered payments engine to constantly optimise acceptance rates – unlocking more revenue, saving merchants time and offering greater cost controls.”
Intelligent Acceptance optimizes “across the complete payment flow, including pre-processing aspects like messaging & routing and post-processing with adaptive retries.”
Merchants also reportedly “have complete control over which stage of the transaction journey is improved and the criteria that Intelligent Acceptance optimizes for, including; maximising acceptance rates, lowering transaction costs, or both.”
Through continuous live adjustments, learning from performance data across Checkout.com’s global network and direct relationships “with issuers, schemes and regulators, Intelligent Acceptance continually unlocks new optimizations to deliver incremental performance improvements.”
Tomer Turbovich, Senior Engineering Manager & Money Movements account group lead at Klarna, an online payments provider, said:
“Klarna benefits from the improved authorization rates thanks to the adjustments made in the background, which would otherwise result in lost volume. On top of that, Intelligence Acceptance helps to minimise extra payment costs applied by schemes due to the same transaction being processed in a manner which does not fit in issuer preference. Improved acceptance rate resulting in better customer experience, and reduced payment fees are main benefits of the tool.”