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Mi-Pay on Improving Payment Success Rates

  • Nov 15, 2016
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Mi-Pay on Improving Payment Success Rates

mi-pay-on-improving-payments

One of the key successes of Mi-Pay is its ability to improve payment success rates.

The payments industry traditionally only monitors success rates from the point a consumer’s details are passed to the bank. Mi-Pay understands that life is not that simple and consumers are often frustrated before they even get to the ‘bank part’.

We recognize that there are many additional factors that can impact a successful sale – product presentation, inaccurate ‘blanket’ fraud checking, incorrect consumer details, time outs and browser failures to name a few.
Mi-Pay’s solution is built specifically to manage the whole customer payment experience unlike traditional payment solutions and simplify it for both you and the consumer. Mi-Pay is able to regularly achieve payment success rates of 90% (that is they allow 9 out of 10 people who try and make a payment to do so) from point of consumer contact to completed sale, while the industry’s average is around 80% and often as low as 60%.

This result speaks clearly of the kind of quality service and attention to the small details that Mi-Pay gives its clients. Over 1.1 billion of payments have been processed by Mi-Pay in the digital payment space giving them the knowledge and experience to continuously deliver a superior payment service to its client.
Managing eCommerce payments is a challenge for any company, especially those that do not specialize in payment processing. With endless scheme rules and security standards to adhere to, and the high risk of fraud, many companies simply take the “default” options offered by their payment service provider. This approach generally leads to a high decline rate on payments. Typically 30-40% of all online payment transactions fail when this approach is being used. The reason for the decline is often hidden away from the company, simply labeled as a “general decline”, and it is difficult to know how to improve this.
Mi-Pay specializes in digital payments, and its many years of experience in processing billions of payments gives clients a much higher success rate and better solutions for improving the revenue flow. Typically they can improve the success rate by at least 10-15%, which delivers valuable additional revenue to its clients. One recent client saw an immediate 30% improvement in successful transaction rates when they switched their payments to Mi-Pay and another 30% when using its end-to-end solutions targeted at incremental revenue.

‘Mi-Pay enabling its clients to transform their customers’ payment journey moving them from a paper to digital journey and improving the overall customer experience’

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