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Gain approvals with advanced ecommerce decisioning


FlexCharge, a fintech company focused on optimizing ecommerce acceptance rates, created AcceptIQ, a solution designed to improve the mobile, digital and online checkout experience. Leveraging data science and real-time credit decisioning, AcceptIQ converts declined transactions into approvals, according to Ze'ev Shoval, co-founder and chief commercial officer at FlexCharge.

"When a payment is declined, we allow shoppers to complete the purchase and pay at a later date without any added fees," he said, adding that FlexCharge guarantees merchants are paid on all transactions. In addition, FlexCharge helps partners, merchant customers and consumers win, Shoval noted, stating, "if we believe a declined transaction is good, we will step in as Merchant of Record and purchase the invoice to facilitate a frictionless shopping experience."



Complex puzzle to solve


Philip McHugh, payments industry veteran and executive director at FlexCharge, mentioned the company's founders have expertise in data science and deep data analytics and bring a scientific approach to payments. "Many Intelligent people in payments focus on product and tech integration," he said. "But unlike other industries, such as banking, very few are leveraging next-level mathematics and data analytics to drive decisions."


A discussion at ETA's TRANSACT 23 conference on transforming ecommerce with acceptance rate technology, moderated by McHugh with panelists Sandipan Chatterjee, senior director, product management, payments optimization, orchestration & risk at PayPal, and Rajiv Appana, director, product management, GPay at Google, explored ecommerce optimization at scale. With global ecommerce on track to exceed $7 trillion by 2025, participants agreed ecommerce declines are a complex puzzle.


"We're ultra-focused on curing declined transactions,"

McHugh told agents, ISOs and processors in the audience.

"However, unlike services that focus on fraud and chargeback declines, we focus on curing all declines, including the 70 percent with available funds that are rejected on technicalities. "

Real-time decisioning


McHugh also mentioned that the cloud native FlexCharge technology stack builds on market-leading data and credit models that have driven sophisticated decisioning for more than a decade. Noting that over $500 billion in digital commerce sales are lost each year to rejected transactions, McHugh urged the acquiring community to help merchants reign in accelerating ecommerce declines.


"Creating a focused and intelligent platform to help drive up payment acceptance that is both frictionless and at no cost to the consumer, creates a real two-way opportunity for consumers and merchants alike," he said. He also described how the FlexCharge platform and its flagship AcceptIQ solution benefit the entire ecommerce value chain, as follows:


  • Merchant value: Merchants can leverage advanced, real-time technologies to convert declines into approvals, helping to improve sales and customer lifetime value. In addition to taking fraud and credit risk for all FlexCharge transactions, the company provides a single-access view of rescued transactions via a secure merchant portal.


  • Customer value: Shoppers who experience a payment decline can complete their purchase by clicking an OK button, without having to register for the service or share additional information.


  • Partner value: For anyone in payments, whether merchant level salesperson, merchant acquirer, gateway or payment processor, AcceptIQ is table stakes if you're trying to win ecommerce business. FlexCharge partners appreciate the company's advanced, proven and highly scientific approach to ecommerce acceptance optimization.


McHugh summarized the company's four guiding principles as customers get the product they want, using the payment product they choose, leveraging existing credit lines or limits, at no additional cost to them. "AcceptIQ can boost gateway performance, reduce customer churn and give merchant acquirers and MLSs something unique to sell with a fast return on investment and clear value proposition," he said.




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