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Understanding Transaction Success Rate And Why It Matters?

In the digital payments world, business owners and customers are looking for a smooth transaction experience. In layman’s terms, transaction success rates reflect how you get paid and how smooth the experience is for customers. A low transaction success rate can really hurt your business growth.

In fact, studies have shown that low transaction success rates can cause businesses to lose their earned revenue causing their business a significant value that they have earned.

What Is Transaction Success Rate?

The transaction success rate is the percentage of attempted payments that are successfully completed and how many payments reach your business for every 100 payments that customers make.

Today customers want a smooth payment experience, so it becomes important to find reliable and professional Merchant Services for Small Business owners.

What Affects Transaction Success Rate?

The transaction success rate is measured by the number of payments that succeed. This question can be easily answered by understanding what causes payment failures. There can be a number of reasons behind payment failures but what really affects transaction success rate is the payment provider or the bank’s digital infrastructure that is supporting the transaction. 

The payments ecosystem is considered one of the main reasons behind failed payments. All failed payments are due to transactions error between the payments provider and various intermediaries in the ecosystem, such as card networks; payment enables, and banks.

Why Is Transaction Success Rate Important?

Considering the growth of digital payments, many customers have made credit/debit cards or digital wallets their default mode for purchasing goods and services. These consumers expected a smooth shopping experience and failed transactions become a hurdle in customer acquisition. 

Remember, every failed transaction causes revenue loss. Further, constant payment failures mean losing the significant value you could have given your business.

What Can Businesses Do?

The good news is that you, as a business owner, can take measures that improve the transaction success rate and results in high revenues, greater customer experience, and more value added to the business.

  • To make checkout as smooth as possible, make sure to connect with Jack Scott Merchant Services, Inc. for the Best Merchant Services in Johnson CityThe smoother the checkout process, the lower the chance of the consumer canceling the payment.

  • Another way to improve transaction success rate is by adding various payment options for a smooth checkout experience. Customers get accustomed to payment through their preferred methods, and this can vary from credit cards to digital wallets like Apple Pay. Today the growth of Buy Now, Pay Later means that customers love to have the option of paying in EMIs.  

  • Moreover, get your business integrated with multiple payment gateways. This dynamic routing will help maximize transaction success rate and will contribute towards your business growth. For multiple payment gateways, connect with Jack Scott Merchant Services, Inc.

Final Words:

If you are looking for ways to give your customers a superior checkout experience, then make sure to connect with us at Jack Scott Merchant Services, Inc. We make sure to provide you with the best merchant services that will increase your sales and revenue. We also offer services to High-Risk Merchants.

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