WALTHAM, Mass., March 18, 2014 /PRNewswire/ -- BlueSnap, a global payment gateway, today announced that the company is using big data to improve payment conversions by 5 to 10% for thousands of online and mobile merchants. BlueSnap now analyzes hundreds of data combinations, including shopper location, currency, merchant location, transaction dollar amount and card type to optimally route transactions, maximize conversion rates and thereby increase revenues for merchants.
BlueSnap's intelligent payment routing solution automatically switches transactions between acquiring banks to maximize payment success. The solution defaults to alternate banks in the event of a transaction failure, automatically retries failed recurring charges several times and even notifies shoppers to update billing details when needed. These tactics yield a 5 to 10% increase in payment conversions, rescuing sales that would otherwise be aborted at the last minute because of different acquirer policies or processing snags.
"Big Data has become so complex, especially with global payments and we have simplified it with our business intelligence tool," said Ralph Dangelmaier, CEO of BlueSnap. "With the power of intelligent payment routing, we are increasing sales for merchants and putting more revenue in their pockets so they can focus on building their business."
According to Spreedly's Gateway Index of 10 global gateways, the average transaction fails just over 17% of the time. This can happen for several reasons, including an out-of-date payment source, complications with a bank network or even a poor network connection somewhere between the point of purchase and the merchant. BlueSnap evaluates the merchant's unique business model and adjusts the payment processing to optimize their online sales.
Hiring an entire team of professionals to process payments, usually without intelligent payment routing, is unreasonably expensive and inefficient for growing merchants. By partnering with BlueSnap, which will ensure that payments are optimized, merchants no longer shoulder the burden of hiring costly, in-house professionals. Intelligent payment routing is available to all BlueSnap customers at no additional cost.
Unlike other payment gateways that require merchants to apply for their own account and live with a single acquiring bank, BlueSnap customers are automatically provided with multiple acquiring options. These built-in options, combined with intelligent payment routing, complement BlueSnap's optimized check out pages and a robust network that lets merchants accept payments in180 countries and serve up localized pages in 29 languages, with 60 currencies and 110 payment types.
BlueSnap is a smarter international payment gateway powering the checkout process for eCommerce merchants worldwide, and fueling growth for online businesses serving digital, physical and mobile markets. BlueSnap has reinvented and optimized the checkout experience by combining intelligent payment routing, frictionless one-click checkout, global payment processing, award-winning smart subscriptions, multiple integration options and dynamic ecommerce tools. Serving over 5,000 merchants and supporting shoppers in 180 countries by localization in 29 languages, 60 currencies and 110 payment types, BlueSnap is fulfilling its promise to convert more shoppers to buyers worldwide. Learn more at www.bluesnap.com.