TABLE OF CONTENTS
- What is the payment success rate?
- What affects a payment success rate?
- How can we improve the payment success rate?
What is the payment success rate?
Your transaction success rate is the ratio of the total number of successful (approved) transactions to the total number of attempted transactions over a time period. For instance, if you ran 100 transactions, and 93 of them were successful, your success rate would be 93%.
What affects a payment success rate?
The answer to this question is a tricky one, and it lies in a few entities. First of all, a success rate depends on your marketing and targeted audience. Your customer segments should be motivated or at least interested in your product. Otherwise, you will experience fewer transactions and a higher rate of people trying to subscribe to a trial with an expired card. Or for the first payment, for instance, your potential clients may use a valid card to recive a free triel, but then block it for internet payments, so recurrent charge will not succeed.
A motivated, interested targeted audience is essential for a high success rate.
If your targeted location is different from your bank-acquire location, it can significantly affect the success rate of card payments.
How can we improve the payment success rate?
So, let's assume your marketing team did a good job, targeted an audience interested in your product, yet your payment success rate does not look good. We do have a few quirks and features to offer:
Local processing - Solid can offer local processing almost anywhere in the World.
Your primary location is the USA? - let us connect Amex and Discover card brands for you. PayPal may suit you well too, as it is widely spread among young US customers. Let us consider that your bank-acquire lies within the EU. It will profit your business greatly if we get one within the US, as your payment success rate may dramatically improve.
Alternative Payments methods available to your customers - Google Pay and Apple Pay or PayPal availability at your checkout page will benefit confidence in your product.
If you have business interests in Asua Pacific - we can connect Alipay and WeChat for you. Solid can always do more.