Drive higher success rates to optimize authorization rates and the overall customer experience. Spreedly's Smart Routing solution eliminates the burden of managing complex logic unique to your business. This allows you to refocus developmental resources back to your core business while lowering costs and providing an improved overall experience for your customers.
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Rough transcript of Spreedly Solutions Stack: Route Payments Intelligently:
Let's talk about our next solution, about routing transactions, the ideal payment service provider or gateway. But before we do, let's take a step back and talk a bit about payment orchestration and what it is.
So what is payment orchestration? Well, it's the idea that every customer journey, every buying experience is unique to your business. And as a result, you need to have a payment experience that's tuned to match and best support that customer journey. Now, in order to do so, you can't rely on a one-size-fits-all approach to payments. No, you need to have a payment experience that's tailored to your own unique needs and your own customer experience needs. And that requires connecting into the right mix of payment services and gateways around the world in order to drive that optimal strategy. After all, your business is different. You have different products and services. You have different brand approaches. And you're operating in different markets. So your payment experience needs to be tailored to you. And that's why almost three-quarters of companies today demand a diverse approach to their payment services and demand payment orchestration, the idea of orchestrating those various services in order to optimize the payment experience.
Declined transactions mean lost revenue for yourself and your business, but this also means a negative experience for your customers. After all, no one wants to have a declined credit card transaction. But driving higher success rates, trying to get those authorizations up is difficult to manage by yourself. So how can you optimize success rates like the world's most demanding businesses do, the world's largest organizations that have dozens of employees focused exclusively on payments? How can you get to their level of expertise in order to maximize authorization rates, boost your revenue, and have a great customer experience?
Well, Spreedly lets you intelligently route transactions to boost authorization rates with our deep expertise as well as the data that we collect across billions of transactions. In fact, over 40 billion thus far in the last 12 months in 2022. That data is the fuel really for Spreedly's suite of smart routing tools that allow you to optimize success rates, lower costs, and provide a better experience for your customers.
So how does that fit within the broader context of payment orchestration? Well, orchestration is about maximizing revenue. And by being able to route intelligently those transactions to the optimal payment service provider, you're able to maximize the revenue on each customer transaction and avoid false declines. And that also means a better customer experience.
Rappi is Latin America's largest delivery firm. And from the very beginning, they knew that they wanted to expand quickly, from Columbia and Mexico across the rest of Latin America. And they needed the flexibility to add PSPs and gateways as required. But they also wanted to maximize their authorization rates. And that included the ability to test new services to see if new gateways and new PSPs were able to provide higher rates of authorization rates. And they wanted to be able to experiment across those various services.
So to do so, they used Spreedly to be able to connect into multiple payment services. That allowed them to not only quickly expand across Latin America and get into those new markets quickly, but it also allowed them to direct transactions to the optimal payment service provider. And that increases success rates. Plus, as new providers emerge, they're able to bring them on and direct a small portion of their traffic towards these new providers to test them out. And that experimentation allows them to bring in new service providers as needed and allow them to direct their transactions towards potentially new and great alternatives that keep those transactions humming and their customers happy.
Your payment strategy is unique to your business, so how you optimize transactions ought to be customized to your particular business needs as well. But managing the complex logic that's necessary to route transactions can be a challenge that drains your development resources. With Spreedly, you can control how authorization requests are reviewed and routed for approval. So you can direct payments by issuing company or transaction currency, car type and brand, and more. You can route for authorization approval based on specific criteria and prevent potentially problematic transactions from being submitted. You can even retry transactions on an alternative gateway, and that results in smarter routing and ultimately optimized transactions, which leads to more revenue.
Optimized payment routing depends on rich data. You have to have that data in order to be able to assess which gateways and payment service providers that you want to bring on board. So how do you access and interpret a global cross-industry, cross-provider data set to make intelligent routing decisions? Well, you can leverage Spreedly's insights into tens of millions of transactions per month across a variety of countries and industries in order to route transactions and select the right payment service for your mix. And that helps you maximize those authorization rates, maximize that revenue, have a great payment experience, and ultimately, a great customer experience.