Blog post

Rescue Declined Transactions: Boost Revenue and Increase Loyalty

Rescue Declined Transactions: Boost Revenue and Increase Loyalty
08 Dec 2021

Transactions declined for technical reasons, as well as false declines, are an issue that plagues all online businesses. They inevitably lead to cart abandonment, revenue loss, and they allow competitors to win your customers. Fortunately, there is an easy fix.

In 2020 the eCommerce industry has generated $4.29 trillion (all details here). It is estimated that all businesses lose around 3% of their annual revenue to false declines, which translates to $128.7 million, and this is without considering declines for technical reasons. It’s a lot of money. And some of it is yours. Fair? We don’t think so. This is why BridgerPay developed a technology that automatically recovers over 30% of revenue lost to declined transactions.

Bridger Retry™: Kickback, relax, and recover revenue

Bridger Retry™ is a proprietary technology that automatically converts transactions that would otherwise become lost revenue (and probably lost customers 😖) in three simple steps:

  1. The system automatically picks up the declined transaction and finds out whether is legitimate or not
  2. Our AI submits false and technical declines to the best possible alternative PSP from the ones you have set up
  3. The process is repeated until the transaction is converted or declined for a legitimate reason

This way you can rescue more than 30% of transactions declined for technical reasons without doing anything.

Other ways to boost your conversion rate

Bridger Retry™ is an amazing technology, but there are other ways to optimize your payment stack, so you can minimize unwanted declines in the first place.

Offer local payment methods

BridgerPay empowers you to connect to any payment method you need through one API integration, and in just a few clicks. Local payment methods are the best way to process transactions globally, as they allow you to conduct business internationally without having multiple foreign entities of your company.

Since fraud is one of the main reasons for declined transactions, minimizing chargebacks means increasing your acceptance rates. In this article we explain how offering local payments methods is the best way to prevent chargebacks and fraud.

Use a PCI DDS Level 1 compliant checkout

PCI DSS compliance is great, but also complicated and expensive. BridgerPay removes your need for PCI scoping because we developed a PCI DSS Level 1 compliant checkout for you. Embed our checkout on your website and customize it with your brand’s look and feel to give your customer the smoothest and safest experience on the planet.

Tokenize payment information

BridgerSafe takes your clients’ payment information and stores it securely. Your customers will be able to come back to your shop and complete purchases with one click, and at the same time, their data will never travel through your servers, enhancing security.

Offer Buy-Now-Pay-Later solutions

Lower value transactions are less subject to decline. Buy-Now-Pay-Later (BNPL) solutions are an effective way to lower the value of a transaction by splitting it into multiple installments. BridgerPay gives you the power to connect to all major BNPL providers worldwide

PayWith: A new way to pay

Just like BNPL solutions, PayWith is another way to allow for smaller transactions and higher acceptance rates. PayWith is a coming soon feature that allows your customers to split their purchase between a few different payments methods, so they don’t charge everything on one card.

Finally, Bridger Retry™ is a great technology that allows you to rescue declined transactions automatically. Find out more about Bridger Retry™ and how payment orchestration can empower you to grow your business, get in touch today 👇

Book a call now!

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BridgerPay is the world’s first payment operations platform, built to automate ALL payment flows, empowering ANY business.

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BridgerPay is not a PSP (payment service provider), or an acquiring service, and we do not provide any processing merchant accounts. Bridger is a SaaS (software-as-a-service) company that allows businesses to utilise one API to consume all payments from any method or provider that is connected within BridgerPay’s ecosystem.