Payments outfit Checkout.com has launched a new product t to help merchants optimise acceptance rates and grow revenues.
Dubbed Intelligent Acceptance, it is an AI-powered optimization engine, trained on billions of transactional data points from Checkout.com’s global network and insights from the business’ domain expertise after a decade at the forefront of the digital economy.
The new product has so far achieved meaningful results for merchants during beta testing, enabling transactions that created more than $750 million of new revenue, and increasing the acceptance rates by up to 9.5 percentage points for over 30 merchants including the likes of Klarna, Ant Group, NordVPN, Reach and Sunday.
Reach Head of Key Partnerships Melissa Pottenger said that since going live with Intelligent Acceptance, the authorization rate of payments processed on Checkout.com’s rails has increased by nearly 10 per cent.
“In a game where small improvements drive big impact, this performance improvement is colossal for our business and, crucially, for our client’s bottom line,” she said.
Checkout.com Chief Product Officer Meron Colbeci said machine learning enables us to offer this to our merchants for the first time at scale.
“Merchants alone lack sufficient data to effectively train an AI algorithm, whereas we can leverage our expansive global transaction data to provide real-time insights. That’s why we’ve built an adaptive AI-powered payments engine to constantly optimise acceptance rates – unlocking more revenue, saving merchants time and offering greater cost controls”, he said.
