Today at Money 20/20 in Copenhagen, Adyen, the payments technology company, launched RevenueAccelerate, a data-driven suite of automated tools that is designed to significantly increase credit card approval rates globally.
This is another step forward for Adyen in outperforming legacy payments systems, and unlocking new growth opportunities for its merchants.
Globally, approximately 5 percent of online credit card transactions fail due to flaws in the legacy payments system. RevenueAccelerate is designed to turn this 5 percent into actual revenue, with no input required from the merchant.
RevenueAccelerate sits at the core of the Adyen payments platform, which is built from the ground-up, with direct connection to all credit card schemes. This gives Adyen maximum control over the full payment flow. It can collect a much broader range of transaction data than other systems, which fail due to lack of precious information. RevenueAccelerate uses this data to build intelligent rules to adapt the format and the route of each payment request in real-time, ensuring the highest chance of an authorization.
Independent research firm Forrester, launched a report this week, stating that global ecommerce organizations that have piloted RevenueAccelerate, so far generated an average revenue increase of 1.43 percent.
Pieter van der Does, CEO & Founder of Adyen, explained, “Ecommerce businesses need to challenge their payments provider to not only process payments but actually drive growth. We are able to offer RevenueAccelerate because we have something that no other payments solution has - a completely new infrastructure that utilizes all the rich data needed to optimize payments success.”