Declined payments and abandoned carts are the last thing you as an online business owner want to see when reading your sales reports. Although there might be reasons beyond your control, like incorrect card details entered or insufficient funds on the payer’s bank account, there is something you can do about it.
Oropay’s smart routing technology can make a big difference in how many transactions are successful on your website. For example, if you’re expanding your business into other countries, you should consider different currencies, payment methods, card types, etc. This is especially important if you only rely on one payment provider that may lead to complete suspension of your business in case of technical glitches on its side. Thanks to smart routing, every payment will be directed to the right channel, so your international customers will be able to make payments smoothly.
What is Smart Routing?
Smart routing technology ensures that when your customer is paying for something on your website, the payment goes through seamlessly. The technology directs transactions through the pathway that will be most likely to authorize them. It reviews unsuccessful transactions, and redirects them to an alternative channel, using a method called cascading. This helps significantly decrease cart abandonment rate due to unsuccessful payments, thus increasing conversion rate and revenue.
Smoother Transactions Result in Higher Revenue
As Ruslans Jefimovs, the Head of Acquiring at Oropay, explains: “One notable example of the effectiveness of smart routing comes from the experience of our client who faced difficulties with payment conversion in specific regions. Through their current payment provider only 70% of transactions on their website were successful. However, thanks to integrating the Oropay payment gateway, the conversion rate increased to 85%. This significant
improvement underscores the importance of employing alternative payment solutions tailored to specific regions’ needs.”
Thanks to data insights and our access to multiple providers, Oropay can identify the best service providers for specific regions and route transactions to the one offering optimal fee. Moreover, routing international transactions to local acquirers makes it possible to eliminate cross-border and currency conversion fees.
More Payment Methods Result in More Sales
According to our experience, another reason for low payment conversion rates in certain regions is the lack of suitable payment methods. For instance, in some countries traditional banking cards may not be widely used, making it challenging for customers to complete transactions. In such cases, offering alternative payment methods becomes crucial. By diversifying payment options beyond traditional cards, businesses can cater to a broader audience.
Ruslans Jefimovs gives an example: “A European-based client receiving a significant portion of their income from Brazil noted that only 50% of payments from there were successful. A substantial portion, about 20%, failed due to issues with the issuing banks. In such scenarios, integrating Oropay’s alternative payment methods tailored to the region’s preferences can be highly beneficial. In countries like Brazil, where people rely more on e-wallets and e-voucher payments, Oropay can bridge the gap and improve payment conversion rates significantly.”
Easy gateway integration for quick launch
· Web solutions – use a payment page that is created for in-browser payments on devices like desktop, laptop, tablet, mobile and others.
· App solutions – integrate payment options for your app using Oropay’s mobile software development kit (SDK) and enjoy all the features of payment page and even more.
· Pay By Link – create a secured payment link and receive transactions from your customers using any distribution channel, e.g. emails, SMS, invoices and others.
To sum up, improving payment conversion rates in different regions requires a strategic approach that addresses regional preferences and challenges. Payment solutions like Oropay offer the option to use smart routing, providing a customizable and efficient way to optimize payment processes, improve conversion rates, and unlock new opportunities for businesses in diverse international markets. To get more information on how your business could benefit from our services, book a call with one of our experts.
