So, how does this work?
There are simple actions that can be taken can convert legitimate transactions that have been declined into approvals:
1. Use the best data available: Understanding the specific requirements of the acquiring bank is critical for smooth transactions. Leverage data and experience collected from your payment service provider.
2. Auto-Retry failed transactions: Auto-retry re-sends a transaction a second time in case it has been declined due to faulty connections or other technical issues. This can achieve a 3.5 percent save rate on average.
3. Analyse payment data to understand performance and customer behaviour - The daily reporting on the operational performance and potential problems, the analysis of long term trends, and the robust tracking by device, payment method, region and channel provides a better understanding of customer behaviour and potential friction points within the payment system.
The most noteworthy takeaway, is that by adopting these new strategies, retailers can actually increase conversions without growing marketing or customer-acquisition spend. This means that for the same 100 people clicking the "buy" button, you can actually get one or two more sales through the funnel-in many ways, it can be looked at as free revenue.
With so much on the line, it's time to think long and hard about the second checkout conversion and what it can mean for your business' bottom line.
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