Elavon’s Transaction Risk Analysis boosts e-commerce transaction approvals, revenue, while reducing fraud at Puma, major airlines
07 Setembro 2022 - 8:48AM
Business Wire
Solution reduces friction for consumers and online cart
abandonment for businesses with approval rates above industry
average
Global payments provider Elavon Merchant Services today
announced its Transaction Risk Analysis solution now offers Strong
Customer Authentication (SCA) exemption to low-risk transactions up
to €500, double the typical SCA exemption limit.
Elavon’s current customer fraud rates means it is the only major
acquirer that can enable exemptions for low-risk online
transactions up to €500* across Europe, increasing transaction
approval rates for major retailers such as Puma and some of the
world’s biggest airlines.
Typical SCA exemptions across the payments industry are
€100-250.
On average, Elavon’s merchants using the TRA solution are
experiencing transaction approval rates 3.5% higher than the
industry average of 88%, leading to a superior buying experience
for customers, reduced cart abandonment, and increased revenue for
merchants.
TRA has proven most beneficial to large retailers processing
high volumes of low-value transactions.
Pari Sawant, Global Head of Product at Elavon, says,
“Retails can deliver a seamless customer experience by materially
reducing transaction friction with fewer authentication steps and
maintaining high security standards.”
SCA across the European Economic Area is designed to make
e-commerce more secure. However, this extra layer of protection can
result in long or complicated checkout processes, leading to cart
abandonment and reduced customer satisfaction.
The latency and low acceptance can see almost one in five (19%)
payments lost.1 TRA optimises the payments process by providing a
frictionless payment experience for consumers while preventing
fraud by using real-time risk analysis and scoring. With the
Average Transaction Value in the airlines industry around €170, and
between €30-50 for large retailers, boosting approval rates has
potential to unlock billions in untapped revenue.
Hemlata Narasimhan, President of Elavon Merchant Services,
says, “Security in e-commerce is paramount, and TRA allows
payments to flow seamlessly and safely. Providing the highest
exemption across Europe of all major acquirers, €500, has been a
huge advantage for Elavon customers, like retailers and airlines,
processing high volumes of low-value transactions.”
One Elavon merchant experiencing challenges during the UK
ramp-up of SCA implementation was losing more than a third of sales
transactions on average, and up to 74% during phase three. Once TRA
was enabled, the customer’s approval rates soared to over 92%,
reaching 100% in some cases.
Other merchants to benefit from Elavon’s TRA 500 include Puma
and Magix.
Marcus Riese, Senior Payment Specialist Ecommerce Europe at
PUMA, adds, “Elavon was a strong partner in supporting PUMA
eCom Europe during a time of high uncertainty by providing an
innovative technical approach to cover the downsides of PSD2
regulations. As a result, PUMA has been able to keep its
authorisation rates at high levels - ensuring that transactions are
processed in a PSD2-compliant manner while reducing friction for
payments which were validated to be secure.”
Martin Raschke, Senior controller of German software company,
Magix, says, “As a creator of cutting-edge software, it’s
critical that our customers can shop securely on our website. PSD2
regulations make online payments safer, but the necessary security
checks can frustrate consumers. TRA makes online checkout smoother
and safer without annoying our customers, resulting in approval
rates of around 95%. Well done, Elavon!”
Elavon’s TRA solution was crowned Best Service to Business in
the Card and Payment Awards 2022 and Silver in the Best B2B
Payments Programme category in the UK Emerging Payments Awards
2021.
Find out more about Elavon’s TRA solution here.
*Subject to individual merchant fraud
rates and subject to change, exemption
levels may be lower than €500.
About Elavon (www.elavon.co.uk)
Elavon is a leading global payments company with more than 4,300
employees and operations in 10 countries. A subsidiary of U.S.
Bancorp (NYSE:USB), Elavon provides businesses with the technology
needed to accept payments from customers, whether they are shopping
in stores, at home or on the go.
Its platform is distinctive in that it is common across
countries, making it easier for businesses to get their payment
system up and running quickly and securely.
Elavon Financial Services DAC, trading as Elavon Merchant
Services, is deemed authorised and regulated by the Financial
Conduct Authority. Details of the Temporary Permissions Regime,
which allows EEA-based firms to operate in the UK for a limited
period while seeking full authorisation, are available on the
Financial Conduct Authority’s website.
____________________________
1 Statista, “Shopping cart abandonment
rate worldwide 2020 by industry”, March 2020
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220907005756/en/
Media Contact Andy Walsh andrew.walsh@elavon.com
+447387120130
US Bancorp (NYSE:USB)
Gráfico Histórico do Ativo
De Mar 2024 até Abr 2024
US Bancorp (NYSE:USB)
Gráfico Histórico do Ativo
De Abr 2023 até Abr 2024