Global payment technology provider, Payfuture, has launched a unique AI-based “Customer Conversion Recovery Tool”. This groundbreaking innovation dramatically reduces the number of online customers, who would previously have checked out – they are unlikely to come back. Recognizing that many of these sales are lost at the payment approval stage, Payfuture’s system aims to overcome initial payment difficulties, converting lost sales into business. In practice, the new system saves up to 20% of checkouts; thus amortizing at a very early stage.
When transactions are declined, Payfuture’s Customer Conversion Recovery Tool will offer the customer an alternate local payment method. This dramatically increases approval rates while improving customer retention statistics. Uniquely, the process is driven by Payfuture’s advanced AI technology. This anticipates when an online customer is about to abandon a transaction or needs help with a payment, allowing automated chatbots or the customer call center to quickly re-engage before the sale is over. lost. As a truly global solution, the Payfuture toolset will localize language, currency and use the most widely used local payment platform as standard, for an optimal user payment experience by country.
The converter tool will work with most major payment platforms and has also been fully integrated with Payfuture’s widely acclaimed payment login platform. No other integrated solution offers such a powerful overall proposition to merchants around the world.
Manpreet Haer, Co-Founder of Payfuture, says, “Sadly billions of dollars are lost every day as customers abandon their e-Commerce payment pages. We found, however, that by using ‘AI’ to assess customers alongside a powerful recovery tool, we could convert up to 20% of failed transactions at the checkout stage – converting them to approvals. This was such a large source of potential additional income that initial interest from merchants was extremely high. So we expect demand to be really strong. “