Checkout Abandonment, Authorization Rates & Other Payment Scares

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BlueSnap Snapshot: Checkout Abandonment, Authorization Rates & Other Payment Scares

Written by: Norma Gaffin

As Halloween nears, who cares about the ghosts and goblins haunting the streets? Anyone accepting payments online knows much more horrific terrors could be lurking around the bend: they eat into sales and profits, prevent business forecasting and cripple entire development departments! 

The monsters we speak of have to do with payments.  

This week, we asked business leaders what scares them most about their company’s payment processing. Checkout abandonment is the biggest scare, followed by authorization rates and late payments.  

Here are the full results: 

At BlueSnap, we take the scariness out of payments to help businesses increase sales and reduce costs. Our All-in-One Payment Platform has features to help you combat each of these hair-raising challenges:

  • Checkout abandonment: In a previous BlueSnap Snapshot, we discovered that 56% of companies do not offer global shoppers their preferred payment types. This can lead to checkout abandonment. BlueSnap helps combat checkout abandonment with 100+ shopper currencies and 100+ payment types and eWallets so you can create a localized checkout experience for your shoppers.
  • Authorization rates: If you’re like 40% of the companies we talk to, you don’t even know what your authorization rates are. The last thing you want to do is bring a customer through the entire purchase process, have them submit payment and then get declined – they don’t get the product or service they want and you lose that and future sales. The All-in-One Payment Platform is designed to help businesses increase their authorization rates with a single connection to a network of local banks and then applies proprietary Intelligent Payment Routing with retries and failover to increase your likelihood of authorization.
  • Late payments: If late payments aren’t keeping you up at night, perhaps they should! According to our Progressing Payments Report, 80% of companies fear a lack of cash flow due to late payments. BlueSnap’s Accounts Receivable Automation software helps businesses get paid faster. It allows you to automate each step of the billing, accounting and payment process through a single application that syncs with your existing ERP and CRM software for seamless reconciliation and reporting.
  • Technical debt: Technical debt is a growing problem for companies. Development teams spend about 25% of their time on technical debt rather than focusing on innovative, value-add projects. The All-in-One Payment Platform gives you everything you need to accept payments globally in a single integration. With one integration, one contract and one account you can support multiple sales channels and access a network of global banks. You get more sales with higher conversions without the need for your technical resources to maintain and update multiple systems.

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