{"id":362,"date":"2024-04-24T14:09:57","date_gmt":"2024-04-24T14:09:57","guid":{"rendered":"https:\/\/oropay.com\/?p=362"},"modified":"2024-04-24T14:23:27","modified_gmt":"2024-04-24T14:23:27","slug":"maximizing-online-payment-conversion-leveraging-smart-routing-and-alternative-payment-methods","status":"publish","type":"post","link":"https:\/\/oropay.com\/maximizing-online-payment-conversion-leveraging-smart-routing-and-alternative-payment-methods\/","title":{"rendered":"Maximizing Online Payment Conversion: Leveraging Smart Routing and Alternative Payment Methods"},"content":{"rendered":"\n
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\u2019s bank account, there is something you can do about it.<\/p>\n\n\n\n
Oropay\u2019s 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.<\/p>\n\n\n\n
What is Smart Routing?<\/strong><\/p>\n\n\n\n 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.<\/p>\n\n\n\n Smoother Transactions Result in Higher Revenue<\/strong><\/p>\n\n\n\n As Ruslans Jefimovs, the Head of Acquiring at Oropay, explains: \u201cOne 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<\/p>\n\n\n\n improvement underscores the importance of employing alternative payment solutions tailored to specific regions’ needs.\u201d<\/p>\n\n\n\n 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.<\/p>\n\n\n\n