Worldpay has launched a new authorisation solution, dubbed AuthMax, to enable online merchants to boost their credit and debit card approval rates.
The solution, which is available for US-based sellers, works by analysing transaction data and applying behaviour-driven rules.
AuthMax assess several authorisation-related factors, and optimises transactional data while preserving the customer experience and enabling incremental approvals instantly.
The platform has been designed to help businesses boost approvals across the entire payments lifecycle such as acceptance, initial authorisation attempt, recovered sale, deposit, and post-deposit intelligence.
AuthMax can also help increase revenue for merchants by boosting approval rates for card-not-present (CNP) purchases while complying with all network rules for CNP merchants and transactions in the US.
Worldpay Global Enterprise eCommerce senior vice president of product management Spiros Theodossiou said: “As merchants ramp up protections against CNP fraud, strong security measures can also lead to false declines by card issuers, impacting approvals, negatively affecting customer experience, and cutting into potential revenue.
“This, in part, accounts for the approval rate gap between CP and CNP transactions. By deploying AuthMax, US merchants can help rectify this market inefficiency and capture that extra revenue they’ve been typically relinquishing.”