How We Achieved Approval Ratio Surge for Dating Business: Read in the Review
Payment approval rate has always been and remains the most popular request for consultation with us, as it is this metric that expresses the overall effectiveness of payment operations. If payment structure is built with quality and subsequently operates smoothly, business does not need to worry about losing customers at the payment stage or negative reviews associated with it.
At the same time, any business can face a drop in approval rates, regardless of the country of operation or the type of product. This is influenced by a whole set of factors; some of them are difficult to predict, such as market fluctuations or random breakdowns of payment systems. However, there are others that most often depend on the business itself but are overlooked in the daily workflow. They may accumulate into a huge tangle that needs to be unraveled.
This is exactly what Monoup experts do during consultations: we help you understand the problem, identify its roots, and get rid of them. A consultation with us is not a half-hour chat about “important matters”; it is a gradual, step-by-step work on your problem in a one-to-one format, collaboration with your internal team, and project analysis. We guide you to the result over weeks or even months, depending on the complexity of the situation and your initial request. Reach out to learn more and solve your payment challenges at once!
What Real Issues are Hidden in Card Payments?
Accepting card payments is one of the most technically complex payment methods available to merchants today. Although the nature of acquiring is clear and not quite a secret, and moreover, there is plenty of information about it on the internet, the mere presence of this data does not help much in practice. Here, both experience and real practical understanding of what all that theory means, which you can read at any time on the Mastercard website, are important.
The peculiarities of card processing stem primarily from the number of participants, which can reach a good dozen. In the basic set, you will definitely have an issuer, acquirer, payer, and most likely, a payment system. Each of them may have additional subcontractors, and the merchant may use an aggregator or technical partner, anti-fraud/AML systems, analytical products, and much more. All these participants simultaneously perform some role in the processing of card transaction, and it is not surprising that a failure can occur at any of the stages. Identifying where and why it happens is the task for consultation.
Working in various countries can also be confusing, but even in the case of one or several operational countries (depending on what they are), difficulties are often unavoidable. For example, for this client, the most important market was the United States, which has different rules for payment cards than the EU market. For example, not everyone knows, but some American banks still do not support 3D-Secure transaction protection technology, which undoubtedly affects both the payment path and approval ratio.
You might think that this is a plus since users often make mistakes when entering 3DS code, and this is what reduces the approval ratio. If you have experience, for example, in Europe. But in practice, not everything is as it seems. Much will depend on your acquirer and how it responds to such cards that do not support 3DS. Additionally, you should consider a whole range of other factors.
Taking into account all these limitations, we started by setting up analytics for the client and justified why it is so important, especially for such a project. Dating is a website with multiple transactions per minute, a high-load system that processes thousands of payments per month, and it is simply unrealistic to manually track everything or remember problematic cases. Analytical tools will help not only evaluate the results after some improvements but also monitor everything in the process and understand the dynamics literally every minute. For this client, we built a number of hypotheses, tested them, redesigned the cashier, and even touched on the traffic and attracting payers to website.
This work took over two and a half months, and during this time, we managed to achieve a stable transaction approval rate of over 85%, averaging even 86%. Additionally, we built quality tracking of user behavior so that the client could independently put forward hypotheses and introduce new features into their product in the future.
How Monoup Can Help Your Business
If you are confused about payment issues, do not know where to start, or, on the contrary, everything seems clear, but the result is not ssatisfactory, this is definitely a reason to talk to us. We have experience working with various products for a wide range of markets, and we understand how a quality payment system works. Investments in this area are not a waste of money but rather a step towards long-term viability of your project.
We can help you to:
- Open a company and launch a project from scratch, turnkey. You provide the platform (website), and we handle everything else. A common problem is when talented developers do not understand the intricacies of establishing a business and connecting payment solutions, which can delay the launch and lead to a number of mistakes that can be avoided from the very beginning. Not suitable company jurisdiction, expensive or, worse, scam payment systems, lack of analytics, and an unplanned payment path negatively affect your launch and can cost you the entire business. All this can be obtained from cooperation with us within reasonable timeframes, tailored individually to your business model.
- Understand the problems with current product, increase payment approval ratio, minimize errors, and improve paying experience. Tested methods will help implement quality industry experience and cover the basics, while more targeted implementations will be aimed specifically at your particular product. Our approach is based on analytics, without guesswork, and you will be able to clearly understand the benefits of each of our suggestions.
- Open an account in a bank or EMI, increase your financial stability through the diversification of money flows. We will go through compliance in the desired institution or offer you several of our partners who can meet your needs.
In the end, working with us will help address a number of issues and will be useful for both beginners and professionals in online business. You will receive quality feedback and completion of tasks turnkey within the agreed timeframe. There are no analogs to our services, as most contractors do not want to take responsibility for the result and prefer to limit themselves to advice and recommendations. We are ready to implement our advice with you and achieve the desired result!
