Vantiv, now Worldpay, Inc. (NYSE: WP), today unveiled AuthMax™, a new authorization solution that is designed to increase credit and debit card approval rates for eCommerce merchants based in the U.S. by analyzing transaction data and applying behavior-driven rules.
By working to boost approval rates for card-not-present (CNP) purchases, AuthMax can help lift revenue for merchants.
“As merchants ramp up protections against CNP fraud, strong security measures can also lead to false declines by card issuers, impacting approvals, negatively affecting customer experience, and cutting into potential revenue,” said Spiros Theodossiou, SVP Product Management, Global Enterprise eCommerce at Worldpay. “This, in part, accounts for the approval rate gap between CP and CNP transactions. By deploying AuthMax, U.S. merchants can help rectify this market inefficiency and capture that extra revenue they’ve been typically relinquishing.”
AuthMax analyzes numerous authorization-related factors, and proactively optimizes transactional data while preserving the customer experience and enabling incremental approvals instantly.
“We deployed AuthMax with no additional coding and were able to recognize additional topline revenue,” said Chuck Vogt, an early AuthMax user and director of applications development and PMO at Great HealthWorks, a Ft. Lauderdale, Fla. provider of science-based health and wellness products. “We look forward to the lift in revenue and approvals that AuthMax will contribute in the future.”
AuthMax is a turnkey solution for eCommerce businesses based in the U.S. aiding in securing higher approvals to capture more revenue. AuthMax also adheres to all network compliance rules for CNP merchants and transactions in the U.S.
AuthMax is a key element within Worldpay’s overall eCommerce Conversions Optimization Suite, and is part of a broader, data science-driven initiative undertaken by the company to help businesses boost approvals across the entire payments lifecycle—including acceptance, initial authorization attempt, recovered sale, deposit, and post-deposit intelligence. You can find out more about AuthMax here.