Payment Challenges Faced By The Travel industry

14 Apr 2022

Martins: Hello everybody. Good evening. Good day, wherever from you're joining us today. Let's wait for Ran. Okay.

Ran Cohen: Hello, can you hear me.

Martins: Yes, Ran. Good day.

Martins: It's been quite an interesting day. Full of requests, clients, a lot of submissions, a lot of problem solving. Well, kind of a normal standard day in Bridger deck.

Ran Cohen: Yeah. Do we have a poll running?

Martins:  Yeah. as well. On that topic, dear participants please, if you have the time to have a look at the polls, give us some answers that as well is beautiful to see. So we can have a little interaction between ourselves. And as well don't be shy to ask any questions during the webinar.

Ran Cohen: Definitely, I see no questions yet. The chat is still clear.

Martins:  Ran, will you be adding the video?

Ran Cohen: No, I don't want to get in trouble here again. So this time it's your pretty face. I think it's better for our attendees anyway. Let's see who is with us today. So we have Natanael, Mona, Rena, Kate and Marco and Rich.

Martins:  So I guess let's kick this events off. And I would like to welcome each and every one of you to our new session. Our today's topic will be the payment processing challenges in the travel industry. This is a general session to align the payment challenges of the travel industry and the structural inheritance challenges what come along with this industry. I have to say from the start as this is such a big topic. We will be breaking it down in sessions. So this is just the first session of a line of webinars that we will be able to attend. So with no further to do, my name is Martins Skromans. I'm a Business Development Manager here at Bridgerpay and charging to concentrate on travel and airlines. As well with me today is my dear friend and by coincidence as well my CEO. The longest lasting guest of the webinars with Bridgerpay Ran Cohen. He's joining us today from Israel. So actually he's not only a payment expert of the industry, but as well an active participant of the travel industry.

Martins:  So let's get into it. So payment challenges in travel industry is in general a big topic. And it's a big industry, especially in the last two years when we saw a big changes of our normal lives with the COVID. And we see a very big change on online payment trends and requirements. So when all the world and ecommerce and all online payments were changing, adapting new technologies and trying to offer better UX experience, journeys, payment options, unfortunately, travel industry has let's say not such a big position. They're almost grounded to a halt. So improvements were not really the top priority for them at that time. You can say they were struggling for their lives. But now Thank God, we see a reimbursement of the travel with the easing of the COVID restrictions. And the travel is coming back, coming back in a very big big way. So let's then start by outlining who are the participants, so the travel industry, and what is their engagement? So we'll see on the slide, first slide around. So maybe you can tell a little bit more about us how we see and how identify the participants of the travel industry?

Ran Cohen :  Well, you started saying about the COVID. And what it did to the travel industry, and it definitely made a lot of changes and brought them into a very unsecure place where ticket that usually will fulfilled suddenly or not, payment providers suddenly began to feel the refunds coming back and it's like a ball rolling to the entire industry, and it affects all the players. I think the first thing is to understanding the travel industry is the players that are in there. And we obviously have the airlines that are starting the whole mechanism and the whole travel industry is based on the fact that we can fly from one place to another. And obviously we have the booking engines, the online engines, and the (Inaudible) etc, that are creating many many orders from their website and people are finding those websites sometimes much more easier than then to go to an airline and buy their ticket where sometimes in an airline it can be a bit less user friendly, then or big engine, online engine that is out there.

Ran Cohen: We have the whole local agents that obviously are in each country and are closing the holidays and the packages that they're selling. The accommodation and the hotels that people are staying in. The entire facilities and services they're using, car rentals. Will all those players and are creating orders are receiving payments. Those orders are being handled by different booking engines and fulfillment management systems. But if you look at the players and you focus on the players and what these players is going through in the last years, you see a complete change towards the client centric approach and a user experience focused approach. Each and every one of those players doesn't want to lose a transaction to the other, the airline to the agent, the agent to the local, to the accommodation. Everyone wants to sell everything. And in the end the car rentals will also want to sell you the plan ticket. So they all want to take a part of the cake and you want to make sure that you keep as much in your company, and I think that's well, those company and that's what we see. I think maybe you can tell us from travels companies we speak with.

Martins : So actually, yes. Speaking with travel industries, we see that the main goal that they now in this reemerging time of industry, they're concentrating on driving direct traffic. And as well have facilitating the orders directly with themselves through their own webpage. But

Ran Cohen:  A webpage, it's their platform behind that they want to control. Yeah, we'll speak about it later. But yeah they are trying to bring obviously more into their territory.

Martins:  Alright, and users or can say long time specialists in the payment industry, as well as active user of travel industry has already talked before, what would you say are the main issues or challenges, what's then the user face in this kind of model that the merchants are putting forward?

Ran Cohen:  Well look, when you want to go to a client centric approach. When you want to be able to keep up the pace with progress and to become like any e commerce progressed, e commerce website that is doing millions of transactions and providing to his user a perfect payment experience, a checkout with multiple payment options, methods, languages, localizations, of currencies. So you want to take an industry which is pretty much built on legacy technologies, built on technologies which are not dells, so we are talking about players or companies that are using many many third parties to do their processing, the booking, the fulfillment. So if you look at an ecommerce or SAAS company today with sales of millions then you will see a completely different infrastructure, when everything is in house. When you control the entire flow, the data is yours. So and we see also airlines that we speak with. Me and you that wants to go to more independent places where they control the checkout, they control the flow, they control the third parties that they want to use, and don't want to use and with that having the power to become a real omni channel.

Martins:   Alright, what I'm hearing from you that saying that kind of the barrier to be able to line up with the standards of nowadays online payments, there is unwillingly coming out one point where they have this challenge to do that, which are the legacy systems. Could explain why?

Ran Cohen:  Well, that's how it was built. It was built in a way that it grew from there, once you grow on those systems then it's pretty much super hard to replace them. Don't forget, airlines are real global, like real global. They're selling to multiple countries, multiple clients in multiple places. They're working under very strict rules of processing in each country, in currencies that of their own countries. So they had something to be able to adopt to all those restrictions and those companies or technology is definitely allowed them to do so. But when you want to grow and scale and when you want to scale in not only in what you do, but also in other places when you want to create different experience to the end user to remember that trip with you so yeah that means you need to own the process. I think we're speaking about it on our next slide.

Martins:  Indeed it was. So you just brought us into the next slide. So here we want to look a general look and this is a little bit simplified file. Of course it can be a little bit diverse from this schematic. But here we see a general side or general flow of traveled payment flows based on experience with the clients that already have spoken. And how are they using? So what we do see here.

Ran Cohen:  So you see the transaction flow, pretty much in many airlines that we speak with today, where the user go to the website of the airline or the travel agency. The Checkout usually does not belong to the travel agency but it's been embedded by one of the booking engines, pretty much the same checkout, restricted by the booking engine capabilities. And again it's a booking engine, it's not unified payment gateway, that wasn't his intent when it was built. So all the payment providers that he had to connect behind those legacy technologies are being done one by one, they need to be maintained. Well where in the end, the airline, the travel agency wants multiple options, multiple payment providers. You want different relationships between the payment providers in the transaction. You want to control the flow, you want to control the checkout, you want to be able to show different things for different clients in different countries. You want to be able to tokenize it for second transaction. He wants to measure cart abandonment and experiment different things so he can change or get these conversion rates from the checkout. So many things they want to do, but they pretty much bound. Yeah.

Martins:  Yeah because at this kind of a flow, the pendants on the Checkout that is provided to them. And even if requesting changes, we see that majority of times it's a lengthy, costly process to implement. The client, they wanted now. They are seeing it the otherwise we see trends, you can buy socks even in down payments.

Ran Cohen:  Think about in that formation. You have now a demand from Brazil to open a new route or you got packages in an amazing deal to Rio and you want to push it on your website but come on without Boleto without local payment methods that Brazilians know and love. It will be harder to process simple credit card with your acquire that you're using behind. So also it creates other risk elements that you might want to protect yourself with from chargebacks or other things that could happen. And you want to enrich yourself with third parties that knows how to defend it. So all of those reasons for you to control your checkout. And if you're going with the standard travel transaction that we're seeing here, it's going to be super helpful this booking engine to be able to stand up to the pace of the new payment methods that are keep coming in each country every day and becoming super popular so fast and you just need to keep up with the pace of those API's and they don't stop coming. We know it well in Bridger, I think we are connecting 3 to 4 different payment providers and new API's a week. And the list never ends. Well yes, those booking engines are not built to do that. And each one of them is hurting and cost you a lot of money as well.

Martins:  It looks like for me almost a comparison of one step forward. And by the time they implement the new payment provider, there are five new ones. And then again behind. It's kind of a losing battle as the capacity and the freedom or an ease of implementing new payment providers and trying to catch up with the trends as we just in the start kind of designated that we're not on the same line with the rest of the world. We need to catch up so the way of adding, way of customization should be much freer, much easier in order for the travel industry to catch up.

Ran Cohen:  If it takes your six months to add Boleto to Brazil, you just lost the Carnival season so you know. You're gonna have to wait a year to get to this hype again. And it's a shame where all you need is an account in Boleto and someone. So yeah.

Martins: So let's have a look. Because so far we have, I don't want to say to paint quite a grim picture. But of course, it wouldn't be a webinar we offer you solutions, how you can do that? So let's have a look on the next slide, where we propose or we show what happens actually when the travel agent or any participant of the travel industry is applying a checkout that belongs to them. So when they do that, Ran what can be the benefits?

Ran Cohen:  Well, I think also from the airlines and travel agencies we work with and speak with. And what we see, we see that merchant that are owning their own checkout and they are trying to own their own checkout. And some of them are already built some kind of Bridger.......

Martins:  In the bottom levels, someone just started.

Ran Cohen:  And they didn't mean to build a bridger but they want to build something that will just solve them this dependency that they have. 

Martins:  So you would say there's a war awareness in the industry of this problem. And they are trying now to solve that problem.

Ran Cohen:  Yeah, if you look at the big ones, you already see that they are there and they start owning their own checkouts and using or consuming different API's that enhancing their own checkout and in their own checkout experience and capabilities. If they don't, that's the solution that they are looking for. A unified checkout that will be theirs. That will be capabilities that belongs to the most advanced ecommerce or SaaS companies in the world, with capabilities of adding multiple payment methods, accepting multiple cards, retrying technical declines between credit card providers, which is a big pain today.

Martins:  Retrying. Because as we speak with airlines, I get the impression when we talk with them. Retry, they are kind of a little bit like what is that?

Ran Cohen: Today, the airline or the agency or walking with an acquirer. It's a single usually a single acquire, or PSP that they work with. And when the transaction of any client from any country with any credit card around the world is being done. This transaction is being sent to that acquirer which in some cases, in airline sometimes many cases are returning with a decline. This declines are not only declines that are coming due to non sufficient funds in the account. It declines which are results from technical issues happening throughout the transaction flow. Technical issues that can come from 3d sessions that the banks and the credit card net schemes are imposing on the processing accounts. In some countries those 3d sessions are complex in some computers they might open, in some mobile they might not. Those sessions are lost and transaction has been declined.

Ran Cohen: We see it many times in Bridger when we saw it many times that transaction came with the unrelated reason that we thought that another payment provider or require would be able to approve it. So we created the mechanism that is done behind the checkout of Bridger once the user is entering his credit card details because the credit card details is being entered into a unified checkout, not a checkout that belongs to one acquire or the other, that booking engine or the other. But unify checkout, which behind that checkout, the merchant, the airline, the travel agent is connecting 2 or 3 payment providers and acquires. When a transaction is coming in and we receive a decline, which is not because of insufficient funds but for those technical issues, we are in the session seamlessly in milliseconds past this declined to a second require and ask him to approve it. And we see in Bridger amazing results of the amount of declines that we are able to save around 9% 10% of the declines that are coming in from airlines are being saved and rescued and become approved transaction that the airline is collecting from their payment provider. That is a transaction that they will just lose to another booking engine or a travel agent.

Martins: Exactly. So I have had that experience myself. Very excited to book my new travel vacation. So of course I know, save the money to do that. And I'm very excited like a little boy to go book my tickets and I'm already thinking how I'm going to be in the Mountains and when I just went through the process which is well, it's quite levy, long and tedious to book a ticket, but a lot of information is needed, not only in the end, when it starts to take my money. No, my first reaction is well, thank you, they don't want to take my money. I'm off to somewhere else. And that normally is an aggregator for which airlines will get the ticket. But they have to pay the commission.

Ran Cohen: Yeah that's a transaction that just gets lost. And a new probably not only not only went to another place, but you will have some some bad feedback. And for the next time you want to book that plan, you might remember that. So yeah, the payment experience on a decline, of course from a technical decline is super frustrating. You don't want to get to those positions, you don't want to lose any transaction and any dollar that could be processed in your website. And the same you don't want to lose it for lacking the adaptation of payment method that you want to show. The different users in different countries. The ability to add different alternative payment methods, open banking solution, buy now pay laters, local methods, and to be able to add them fast. To add them in days, this will give you the edge. It's like you're not only finding the method that is popular for them to use. And you can also connect it to campaigns that you do. It allows you to be first to react first to something that is happening in the market. Be the first airline, the first travel agency that allows to pay in this payment method. It's a client attracting feature that you can add. I don't think we have asked the people if they have any questions. You know?

Martins:  The questions are always. Dear participant of the webinar, please feel free to ask the question. I'm more than happy to see them and assist and reply. While they're doing that, I was concentrate, you just had the whole topic on adding new payment methods. So in other verticals where we work, it's almost a must now. It's a must to have credit card. It's must to have alternative payment methods. It's a big big trend to have buy now pay later nowadays in Industry as travel. Well let's be honest, the average transaction is quite sufficient comparatively to ecommerce. The payment options are quite limited. And how we would just say this affects an airline and in the revenue, when they can add and do add additional payment methods like even buy now pay later as we see a big demand from the customers.

Ran Cohen: Okay look, you can look at it from different directions. First of all, we know that there is the legacy problem and the length that it takes to connect a new payment provider or method to an airline to connect it to the booking engine and system and the ticketing and the fulfillment and the refunds and the reconciliation and settlement. So that's a big big thing. Also, I'm not talking about opening a processing account. So that's not just an easy thing for an airline to do, if you're talking about ecommerce or SAAS, they are much less dependent on whether technology, it's much faster for them to get to decisions of opening new payment methods. And that is what allowing them to be always first and to succeed of course in online selling. But when you go to the travel, you definitely see that they are going there and they're pushing there and they want it. You can see in the US that buy now pay laters are coming into the travel industry. And then you see different airlines, as we speak with that are interested in adding multiple payment method. Etihad, the POC that we have done that we've added the six different payment methods I think. So yes, it's definitely there.

Martins:  But here still, I think we see a little bit of a lagging or losing battle. Because as well due to the legacy systems, we have seen half a year of a big trend as well as adding Buy now pay later. But in the last half a year, there are still more talks and processes to add one payment Buy now pay later option. There are regions where there are 7 or 8 of them. So in these kind of time frames. By the time they're going to add the 6 that we have today, in that region, there will be 25.

Ran Cohen:Yeah, because it's going also you can see that airlines we work with and see the easiness of adding payment providers are suddenly the pipeline become much more than what we've

anticipated in the beginning. And that's because it's coming from the actual need of being client centric and adding to the clients more payment providers and methods that he wants to pay with and in the end generate more revenues. Let's go to the next slide and speak about or I think we concentrated everything that the travel players want to gain.

Martins :  Indeed. Let's switch that to the next slide. And this we describe the end goal where Bridgerpay is trying to provide a one robust solution that can actually take all the goals that are set out by the travel industry for 2022. And actually a little bit more as you see that not all travel industries are on the side of (Inaudible) hence that there's a possibility how easy you can achieve. So they are more used to kind of work by the timeframes that they have the experience with alright. One payment method. Well, that's our goal for 2022.

Ran Cohen: Yeah but look. I don't think it's not just Bridger. I think it's the end goal of all the airlines and travel agents that we speak with. They have the same goals. And they want to reach them in the way that fits their infrastructure without making earthquakes in it. And yeah, because in the end, they have an operation and it's a big operation. And it's an operation with a lot of players inside and a lot of third parties involved and it's not an easy operation to make changes, but their goals and they're working towards the same goals of optimizing the conversion rates of their checkouts and their cells, decreasing abandonment rates, some of them are more advanced in figuring them out than others and measuring them and working on optimizing that one. The increase of approval ratio, where we obviously see that we are still talking about airlines and travel agencies that are doing transactions and having transactions from around the world with the clients with multiple cards in multiple countries. That's the thing that definitely get you lower approval ratios than what you expected. And you want to increase this approval ratio, especially in countries where multiple clients are coming from and you have a lower approval ratio than others. And in the end to optimize the entire processing revenues. Everything that is what you consider as revenues. That's what you want to optimize. And there are so many ways to do it besides obviously, making different campaigns and different marketing or other structured things that you can do but we're talking about the payment optimization. What we see that their goal is and what we want them trying to get them to is to build a really unified omni channel payment software and omni channel payment flow. So we're going to speak about it I think in the next slide, but that's what we want to create one.

Martins:  One question here. What we are talking about with a lot of participants is the traveling industry. We see when we present this solution and say, Guys it's possible. It's actually quite easy. And you don't need to go through that pain that you're used to. There is quite a big inheritance in unbelief. And quite inherited cautions. They want it, but they don't really know how to do it. So how easy it is to implement this kind of solution with Bridger provides.

Ran Cohen: And just before we go there, Rich is saying something too many merchants don't realize the false decline doesn't just impact you once, you may have lost the lifetime value of the customer, which could be a lot of money.

Ran Cohen:  Yeah. I don't think we're trying to explain that so much. I think that we pretty much facing people that understand it. They might be frustrated with the fact that they are not able to impact it or change it so easily in their business. But yes, this is becoming common understanding you are losing the transaction, you are losing the customer and much more than that. So I think this is an important point to emphasize, yeah.

Martins:  All right. So Ran let them show what we have in store for 2022. When it comes to payment, channels, or maybe we can say even a master omni channel for the travel industry.

Ran Cohen:  Yeah, well we thought about all these challenges and today with airlines and agents that we work with, we provide our services to and they consume our checkouts and they use our domain to connect all the different payment providers to set up their retry and logics and payment logics. The third parties they want to connect as well on their workflow. So we are doing that and we are helping them today with unifying the checkout and controlling the transaction flow like we did before. But what we wanted to get to is to a place where we really make the user experience completely unify. It's not enough to get a processing account from a payment provider or acquire to be able to connect it to your website, to connect it to your mobile application, to connect it to your POS on the counters and process from one omni channel account and then see it's not enough because in the end, it's three different transactions by the same Martins, that are now traveling to the mountains. And you're now buying. So it's the same Martins that is traveling and the same Martins is doing the three different transactions in his travel journey. So you booked the flight in $950. And you booked it through the checkout on online.

Martins: Directly with the web page.

Ran Cohen:  Right, we did is created to the airline or to the agencies. We've created the profile for Martins and then Martins is now profiled as Martins that bought a ticket from Paris to New York and in $950, with a tokenized credit card that we have tokenized for you for the airline to use again. So when Martins will come in and log into the mobile application of the airline, you will reach the checkout because you wanted to buy and to add luggage to your flight.

Martins: It's that point when I'm preparing and packing my bag and I see like, this is not gonna fit, I need a new one.

Ran Cohen:  Exactly. And I wouldn't want to ask you to give me your credit card again. I already know you I already know it's you. I already know that you bought a ticket. And I already know that that's your credit card and it's tokenized. And all I need is to ask you would you like to pay the $50 with this tokenized credit card. If your processing account requires the CVV the code, then I would ask you only the CVV. But I would never ask you the credit card again. And it would be just a click. So the second transaction on the mobile of the $50 luggage would be with a simple click without requesting your credit card again. Now you went to the counter.

Ran Cohen: I don't need your credit card. And that's first of all to let you know okay Martins, we know you, you're flying with us. You bought with us the flight, and we're allowing you to continue to buy with us more and more. It's the same as....

Martins :  Wouldn't you say that this create a brand, let's say sort of attachment.

Ran Cohen:  Of course, you're creating this community that is coming into your website, your application into different ecosystems that you are in, if it's on the counter, and they're able to buy a service that you're providing them, when they don't have to go through the buying process again. Let's take the credit card out of the pocket again and open the bag and take it out. We want them to know that they are a part of the process and they can easily pay just in a click of a button, if it's from the application of the airline or if it's on the counter when they are in and when they reach the counter for example and that's the end of your flow here. You reach the counter and now you want to let's say upgrade your ticket. Right so......

Martins: What would be the normal process now? as you travel a lot.

Ran Cohen:  Of course I'm always asking. Do you have upgrades to sales or to business and they're telling me? Yes. Can I please go to the other counter. Now listen, I just waited 20 minutes in that line right. Now I go to the other counter and I'm trying to buy right? Of course, I need to give my credit card and this and that. And then she's telling me, right, but I don't have a window, I have only an I and business. Now for I and business, it's an hour and a half. Two hours. Come on. I'm not that spoil. I can go back. Now I need to go back, wait 20 minutes and play again. And book again. Right? Now it's disasters,

Martins:  It's actually a funny thing, like a premium product sale, the process....

Ran Cohen:  Is not so premium. 

Martins: It's nothing to do with even premium, you can buy a (Inaudible) in a more premium way.

Ran Cohen : Yeah but here what we want to say to the airlines here is to be able to identify their users, their passengers, and they're doing it on the counter. And once they identify them, they can immediately screen them with a QR code for any service that they buy on the counter. All the person needs to do is pick up his phone, which is already 99% in his right hand or left hand or right pocket or left pocket.

Martins:  With all the COVID restrictions.

Ran Cohen:  And simply scan pay on a button and finish the process seamlessly, completely. And this is where we're taking airlines today. A full omni channel process A to Z, where users are only once taking off their credit card. And the rest is being done in much more user friendly methods.

Martins : So what you just described is an amazing thing. But the first thing, standing as a (Inaudible) or advocate. Where do all of these transactions from so different places go and how do airlines manage them?

Ran Cohen : Yeah, so first of all, you have those omni channel processing providers. And they will provide you the processing account that will allow you to see all of them in one place. But again, you will work with a single one. If you don't want to lose transaction, you will definitely need to connect the second and third and create fallbacks and have and have maximum amount of transaction or the optimum amount of transaction process and not lose a single one. And for that you would need a gate, some kind of a unified gate that will allow you to do that.

Martins: So what you're saying, even using these free drastically different ways of payment, they will be still unified and coming into one system, Bridger system where the airlines will have ease of over you understanding where each and every transaction came and which part of my journey and provided an overview in one place. Wow. It's amazing.

Ran Cohen : Yeah, the idea is to create the flexibility to take the client centric approach to a different level, not to be bound by the rules and obligations and complexities that they work with today. And to create a real different payment flow for them. I think it will also create a real difference in themselves and the buzz that it will create around the one that will adopt the flow first. But I think in a few years, we will see many many many walking index flows. I want to ask the people here in the audience, if you have any questions regarding what we're trying to achieve here and we'll be happy to answer it.

Martins : While our audience is hopefully presenting the questions, but from all of these channels, and all of the transactions coming in, I will still as a merchant enjoy the previous benefits that we told. The retry feature, the possibility to add for each and every country, customized payment options. So it's not just staying on the web. But these kinds of options will be as well across all of these free channels.

Ran Cohen: Yeah of course. If you pay with GooglePay on the first transaction, obviously, you pay on mobile and with the QRs. And with any other payment method, that will allow us to create this seamless approach, not all local methods will allow it. It will take time for them to get to the technical level that will transfer in those interfaces. But yes, we can definitely reach higher.

Martins:  A very very interesting topic. That each well, not almost each but a majority of payment providers are used to providing data in a different way. How does Bridgerpay overcome this issue?

Ran Cohen :  Aggregating data and unifying it from all the methods and payment providers is the very basics of what we are solving and what we are doing. But I think it's not only that. I think the capabilities that you want to have inside your data is ones that will allow you to have to easily slice and dice your data across providers, countries, across methods, across routes that you open or packages that you're selling, to identify trends, to be able to reach a faster or better decision making process and that's a must when you're working with global clients. I see we don't have questions here. Guys, if you have questions, we'll be happy to answer and if not, I think we're running out of time as well.

Martins: But the last question I want to ask you. So with all these opportunities of AB testing and improving your payment routes, this is a great way, even one of these free channels to increase the approval rates constantly be on top experiment, which I think is one of the biggest losses in this previous setup that we see with these legacy systems. As they don't control the checkouts. They don't experiment. That one payment provider works at some level and is fine. Can through Bridgerpay we constantly monitor, check and compare, in real time this data that's coming in from each and every channel?

Ran Cohen: Yeah, look in the current structure, they work super hard, obviously. What they do is usually compare it one to the other. So they opened in one region one payment provider and then they open in another region and another payment provider but is it an AB test? AB test is when you just change one thing. To change the full region comes with different complexities. So I don't think that's real AB testing. And I think an AB testing definitely needs to be one that you compare apples to apples and you have either a fallback or either the option to take up and down enable and disable the providers in the same region. And when you do that again, you are at risk. We spoke about it in other events.

Ran Cohen: This AB testing without risk can be done only on checkouts or gates that are allowing you or full gates that are allowing you to do it. If you have a gate and you have built these capabilities already, then yes this will allow you to create the basic AB testing of a region when you want to go and scale it up and reach and get to the point of the country and the credit card type then you would need to use more advanced software. 

Ran Cohen: Rich is asking us a question and I think we'll finish here. Do you find any specific regions have more false decline or acquire issues? Well, of course, I think false decline, acquire issues or technical declines mostly, or most common in countries, which are not the main countries around the world. So we're not talking about if it's US, or if it's inside Europe. So you have acquirers that can provide you a high approval ratio, we will speak about those later. And if you want to start specifically on the highest false decline regions, then you can definitely say that Southeast Asia is one of them. With a lot of false decline because banks around the world are not used to getting money out of them or those countries same as Africa. So African countries are suffering from the same problem. India. You can say the same in Latin America in some countries. So yeah in those places, we see high ratios, also Arabic countries.

Martins: So you saying emerging countries?

Ran Cohen: Yeah, you can definitely say emerging countries. That's where the highest declines. And those are the places when you're retrying. And you have fallbacks, you see a very big insignificant change, when you start falling back into a local payment method or provider, but when you're talking about the big regions, like the US and the Europe, where a lot of the transactions are coming from right. And you have very strong acquirers there. But let's say you save 1%.

Martins:  But with a volume in this. Exactly.

Ran Cohen: Exactly. So it becomes a lot of money so (Voice mix up)

Martins: That they invest millions in adding a small antenna or different shape of antenna in an airplane that they can say maybe 0.1% on gas in the year or petrol and then this can bring you a couple of percent of improvement to revenue without almost no investment.

Ran Cohen: So you have those regions, that small impact is actually a huge one, create a big one, and you have the emerging markets that are suffering from a high false decline rate. And your ability to save them is there and it exists. And obviously, once you do, I'm sure more volumes would also be able to come from there as well. So yeah. So guys, if you don't have any more questions.

Martins: I think yes, let's wrap up this webinar. And we are really happy and grateful for each and every one of us who joined and spent this hour with us. Hopefully, we managed to present alternative options and solutions for the challenges of the travel payment industry. And in the next webinar, we going to start isolating each and every challenge and digging more deeper into it with more technical solutions for each of them

Ran Cohen: Okay, thank you Martins.

Martins: Thank you Ran. Thank you everybody. Talk to you soon. Bye

Ran Cohen: Bye bye.

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