As eCommerce continues to grow, so does the online payment ecosystem. Never before have there been so many payment options, industry players, and regulations. Regulatory complexity has added friction to the payment process, impacting customer experiences and causing significant revenue loss among merchants. Research shows that up to 30% of potential merchant revenue is lost due to payment friction.
For many businesses, the primary point of friction is authentication. There are many reasons an eCommerce merchant will implement authentication measures. Often, authentication is required to comply with government regulations (such as PSD2); other times, they’re put in place to shift fraud liability to the issuer. 3D Secure (3DS) is one of the most widely used authenticators—and while 3DS has many benefits, it can also add unnecessary friction to the process that results in authorization failure and cart abandonment, and a negative impact on businesses’ bottom line.
Given this complex world of payments and authentication, we are excited to announce our newest product offering, Forter Smart Payments. Smart Payments provides real-time payment decisions while optimizing conversion rates and reducing lost revenue by up to 80%.
How It Works
Forter Smart Payments offers the most comprehensive solution on the market to help you streamline your transactions and optimize your digital commerce payment flow while still maintaining regulatory compliance. Depending on your unique business needs, Smart Payments enables you to:
- Maximize your PSD2 exemptions while maintaining regulatory compliance.
- Optimize 3DS recommendations with our Smart 3DS feature, increasing authorization rate and conversion.
- Route to the optimal processor to increase the likelihood of transaction success.
- Recover legitimate transactions that have been wrongly declined during the payments process.
How We’re Different
Forter takes a holistic view of the payments ecosystem. Rather than make decisions based on an isolated transaction, we see all transactions from start to finish. Across merchants, PSPs, and issuers, we have a massive dataset from which to derive context.
Smart Payments is the first solution to give merchants the power to optimize their payment checkout flow from beginning to end. We provide a PSP-agnostic solution that improves checkout conversion, routes transactions for the highest probability of approval, and recovers declined transactions.
Rather than applying a blanket authentication process across all transactions, Smart 3DS evaluates every transaction in real-time, only implementing 3DS only when truly necessary. Our dashboard reports provide deep insights into your performance to help you better understand your payment flow and where you can optimize.
For PSD2, Forter Smart Payments offers a leading solution for eCommerce merchants who want to maximize PSD2 exemptions, and reduce 3DS abandonment—all while maintaining regulatory compliance.
Get Started with Smart Payments today
Don’t leave money on the table. Explore how Smart Payments can help you optimize your payment process to increase approval rates, reduce friction and drive more conversions. Please visit our website solution page or read the full solution brief for more information. To learn more about our Smart Payments PSD2 offering, visit our PSD2 solution page.