Press Release launch of CX Pay e-wallet “SEN”
July 30, 2022
Every business seeks to bolster its revenue streams. Whether it’s through price adjustments, refining packaging, or optimizing production lines, there’s a continual quest to maximize returns. However, these efforts sometimes inadvertently impact the customer experience, such as offering smaller packages for the same price or reducing service quality, which can have long-term repercussions.
Yet, there’s a simpler route to unlocking revenue, and it lies in payments. While increasing sales to meet revenue targets can be arduous and place strain on resources, making minor adjustments to payment systems can yield significant results with minimal effort.
Enhancing authorization rates garners unanimous approval. Granted, it may require some adjustments, but we’re talking about tweaks that can yield substantial gains.
Payments represent a veritable goldmine, brimming with untapped potential awaiting discovery. Smart solutions can optimize payment processes, elevating approval rates, curbing false declines, and enhancing the overall customer journey, fostering loyalty and repeat business.
Consider tokenization, for instance. By replacing customer data with unique digital identifiers, tokenization ensures secure storage while simplifying the payment process. Embracing this technology alone can increase approval rates by 3% and slash fraud by an average of 28%—all without adding friction for customers.
Then there’s payments orchestration, a fusion of payment processes leveraging AI and big data to reduce false declines and bolster authorization rates. Given that false declines incur a staggering $443 billion annually, surpassing credit card fraud, adopting orchestration represents a substantial revenue opportunity.
The time for action is ripe. These adjustments—tokenization, orchestration, and enhanced authorization—are integral components of the payments landscape. By leveraging each option effectively, businesses can unlock significant rewards.
CX Pay is here to help you take action to increase your revenue by making accepting payments quick, safe & easy!
