How to accelerate revenue with payment optimization

One of the best ways to accelerate business growth is through adopting a strategic approach to payment processing. For e-commerce merchants, this is where payment optimization comes into play.

“Payment authorization rates range from the 60s to mid-90s, depending on the company and industry,” says Steve Vincent, Senior Vice President with Nuvei, a leading payments technology provider. “Even at the high end of that range, there’s a lot of money left on the table for merchants to optimize their payments.”

Adobe has partnered with Nuvei to provide customers with access to their payments technology through their existing integration with Adobe Commerce. Through Nuvei’s single API integration , merchants using Adobe Commerce can seamlessly incorporate Nuvei’s suite of payment solutions.

With the Nuvei extension built for Adobe Commerce merchants, you can:

1. Leverage network tokenization. Nearly a quarter of consumers surveyed in 2022 reported that data entry errors accounted for their most recent payment decline. One way to reduce human errors—and optimize your payments—is to leverage prior shopper information by effectively using network tokens. “You recognize when shoppers return to your site, and you can upload their previous payment information automatically because you’ve already processed a successful transaction,” Vincent says. The Nuvei extension built for Adobe Commerce  enables merchants to use secure network tokens, reducing the possibility that transactions are denied because a shopper typed in the wrong address, zip code, or other relevant information. “It’s one of the easiest ways to process transactions securely and effectively,” Vincent says.
2. Frictionless payments for maximum conversion. “A big part of payment optimization is ensuring that people can get through the payment process seamlessly,” Vincent says. As you evaluate your payment process, consider how many steps the shopper goes through to buy something they already have in their cart. “If they have to answer multiple questions or switch screens, there’s a high chance they’ll fall out of the process,” Vincent adds. The Nuvei extension built for Adobe Commerce helps create a payment experience that seamlessly integrates with the rest of your website. You can also take advantage of specific conversion features to help boost your revenue even more. One such feature is Nuvei’s Partial Approval, which enables merchants to automatically offer customers a reduced payment amount should their original payment method be declined due to insufficient funds. This enables businesses to capture the maximum amount of funds available. Considering that insufficient funds became the most common reason that consumers’ payments were declined, according to a PYMNTS report based on US consumers, it’s clear to see how such tools can have true revenue accelerating potential for eCommerce businesses.
3. Expand your payment options. A lack of preferred payment methods is a crucial reason e-commerce shoppers abandon their carts. Offering regionally popular payment options is especially important if you’re entering new markets or new-to-you regions. For instance, shoppers in one country may use a digital wallet that is unavailable or uncommon in other regions you serve. Understanding consumers’ preferred payment methods and ensuring they’re available on your e-commerce site increases completed transactions. The same goes for offering alternative payment methods such as Buy Now, Pay Later. With the Nuvei integration, Adobe Commerce merchants gain access to more than 600 payment methods, including 150 local currencies and cryptocurrencies. “The scope of our payment options means that you’re not limited in where you can do business or expand your market,” Vincent says.
4. Reduce true fraud. You can’t talk about payment optimization without delving into fraud prevention. However, finding the balance between implementing fraud controls and falsely declining legitimate customers is a challenge for many merchants. With evolving regulatory requirements and scammers’ advanced use of technology, it can feel like a losing battle. The Nuvei extension built for Adobe Commerce helps merchants improve their fraud detection and reduce fraud losses. “We’ve fully integrated fraud and risk management into our payments solution,” Vincent says. Merchants that have integrated Nuvei can easily flag risky orders, set new rules, and automatically respond to fraud trends as they happen.
5. Work in true partnership with your payment providers. Processing payments for an eCommerce business selling across multiple markets is a complex undertaking. Effectively optimizing your payment flow is tough to achieve when you’re also helming the operations of the actual business. Specialized payment providers manage payment flows, acquire key banking relationships, stay ahead of fraud trends, ensure regulatory compliance, and much more. But the key to effectively optimizing your payment flow lies in working in true partnership with your payment provider. It’s about being proactive and preventing issues before they arise, in as much as it is about being reactive and analyzing payments data for smart decisioning. “By trusting a forward-thinking payments leader, you can avoid any curveballs and be ready for opportunities before they come up,” Vincent states. Adobe Commerce merchants can access Nuvei’s industry-leading payment solutions and level up their capabilities with real human support available throughout the customer’s entire lifecycle. 

Optimizing payments is a smart way to increase revenue and ensure you’re making the most of existing customers. “When you optimize payments, you’re increasing your ability to say yes to as many good payments as possible and no to as many bad payments as possible,” Vincent says. “That’s a winning combination.”

Learn more about how the Nuvei extension built for Adobe Commerce can help optimize your payment processes. Link Here