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February 24, 2022

Transaction Success Rate – What is it and why its the need of the hour ?

With digital payments being at the helm, the success rate is one of the predominant factors to be considered in the era of digital payments. So, what exactly does the term success rate denote? Transaction Success rate shows how smooth the payment experience for your customers is. It is the percentage of successful attempted payments by the total number of attempted payments.

The success rate is a paramount parameter in determining the efficacy of customer experience. It is highly incumbent to make sure that every transaction is optimized in a way that does not affect user exp.   The success rate, it is arguable, is critical in bridging the gap between and revenue. It has become necessary for businesses to shift gears to start well and sustain the highest success rate possible. According to a recent poll conducted by Statista, India accounted for 44 billion digital payments in the financial year 2021. The transaction success rate should be kept high as an intrinsic aspect of consumer involvement in the long run.

Importance of Transaction Success Rate

The tech-savvy world’s glory days have also drawn a lot of attention to the field of digital payments. By looking at the volume and value of digital payments from 2018-19 to 2021-22, we can understand the importance of a high transaction success rate. According to Digidhan, digital payment transactions totalled 3,134.32 crores in 2018-19, but by 2021-22, they will have nearly tripled to 6,330.54 crores. With much advocacy towards digital payments, the consumer interaction in online payments has made it indispensable for a business to provide a smooth and hassle-free payment experience. Any failure or drawback will cause an immense breakdown in the number of customers. Businesses should know the requirements of consumers and should make the payment experience evenly poised without dumping too much information.

How can businesses improve their success rate?

Businesses should make a radical decision and never consider the success rate as hyperbolic as it integrates the link between customers and business. The following steps will usher and help businesses to revamp their success rate.

• Don’t go overboard with details:

A positive customer experience boosts morale. When you load your site with instructions, people will find it to be a bit of a challenge, and they will most likely leave.

• Cautiously handling unsuccessful transactions:

Prudence is what drives firms to get things up and running. The ability to handle situations determines a company’s strength. If a transaction fails due to a card failure, the payment gateway should prompt customers to try again with another card. In the event of a technical failure, the payment gateway should attempt to complete the transaction with a different acquirer as soon as possible.

• Smart routing:

Payment gateways frequently collaborate with several additional payment acquirers or processors. Every acquirer or processor provides superior service. For example, they can assist by providing a variety of payment options, such as card types and so on. In the event of a rejected payment, the acquirer will automatically forward the transaction to another acquirer. If the acquirer goes down for some reason, another acquirer will take over to process the transaction.

So, Why CAMSPay?

The advent of digital payments has completely reformed the way we serve our clients. We at CAMSPay, do not necessarily showcase the quality of our services merely by words. Our numbers prove why we are the best in the business in providing best-in-class service to our clients. Our powerful API simplifies payments, tackles any type of conundrums arising out of failed payments, provides scalable services, makes way for a robust and secure platform, and augments efficiency. Additionally, our panoptic and full-stack platform for the BFSI sector accepts payment securely across multiple channels.

Interested? Visit our CAMSPay website to get more information.

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