Praxis Tech has further strengthened its product offering with the addition of a powerful new feature to its Decline Recovery suite. The ‘Retry with APM’ functionality aims to boost merchant approval rates by recovering transactions that would otherwise be lost due to initial declines.
When a transaction is declined, whether initiated by card or an alternative payment method (APM), the Retry with APM feature automatically triggers a smart pop-up offering geo-relevant alternative payment options. This allows customers to seamlessly complete their purchase without refreshing the checkout page, significantly improving the chances of transaction success.
Key benefits of Retry with APM include:
- Higher approval rates through instant offering of alternative payment options
- Geo-relevant payment suggestions tailored to the customer's location
- Seamless integration with existing checkout processes
- Customizable display options for merchants to control which APMs are offered
- Comprehensive coverage for both card and APM declines
- Enhanced customer experience with a user-friendly pop-up interface
The feature works alongside other existing Decline Recovery solutions, ensuring a robust strategy for maximizing transaction completions. Merchants can easily configure the feature to display specific APMs and choose whether to reveal the reasons for the original decline, providing flexibility in implementation.
The Retry with APM feature joins an already extensive lineup of Decline Recovery solutions offered by Praxis Tech. These features are designed to address common issues that lead to payment failures, ensuring merchants can capture as many successful transactions as possible.
Comprehensive Decline Recovery Suite
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Smart Routing with 3DS Cascading
This intelligently optimizes payment pathways based on merchant-defined rules, dynamically redirecting transactions to alternative processors when needed. The integrated 3DS Cascading feature, utilizing a 3DS merchant plug-in (MPI) function, allows for seamless authentication across multiple Payment Service Providers (PSPs). This means customers only need to verify their identity once, even if the transaction is re-routed, significantly reducing friction in the payment process while maintaining robust security. The result is a streamlined, efficient payment flow that maximizes approval rates and enhances the overall customer experience.
Retry on Insufficient Funds
When a transaction fails due to insufficient funds, this feature immediately offers the customer alternative, lower payment amounts. It presents an adaptive window with these options, keeping the transaction alive and ensuring a seamless experience for the end-user. Merchants can customize the retry interface by configuring retry amount percentages to match their specific business model.
Retry with Open Banking
In the event of card transaction failures, this feature immediately offers alternative trusted payment methods using Open and Online Banking. It presents a new window prompting the customer to retry with Open Banking, providing a reliable fallback option. This keeps customers engaged in the transaction process, potentially recovering what would otherwise be a declined payment.
Abandoned Transaction Events
This feature alerts merchants to interrupted transactions, allowing them to re-engage customers who abandoned the checkout process. Once session data is shared with merchants, including payment amount information, user details, and the exact point of abandonment, merchants can use this to generate multi-channel re-engagement communications and prepare time-limited Payment Links that can be distributed via email, SMS, or in-app push notifications. The feature also provides detailed analytics on abandonment patterns and recovery rates, enabling merchants to optimize their checkout process and recovery strategies continually.
Background Dynamic Currency Conversion (BDCC)
BDCC allows customers to view and pay in their local currency while the system handles conversions in the background. This feature increases approval rates for multi-currency transactions by expanding currency support options beyond those already offered by gateways, allowing merchants to enhance their international payment acceptance to better cater to a global consumer base.
Higher Approval Rates with Praxis Tech
By combining these powerful features, Praxis Tech's Decline Recovery suite offers a comprehensive solution for merchants looking to maximize their approval rates and recover potentially lost sales and deposits.
Merchants interested in enhancing the payment experiences they deliver to their global customers should get in touch to learn more about optimizing their payment operations.
To schedule a demo or learn more about how Praxis Tech can help optimize your payment operations, please contact us.
