{"id":3643,"date":"2024-12-12T09:52:42","date_gmt":"2024-12-12T09:52:42","guid":{"rendered":"https:\/\/letskipp.com\/blog\/\/"},"modified":"2024-12-24T10:50:51","modified_gmt":"2024-12-24T10:50:51","slug":"merchants-last-minute-call-increase-your-approval-rate","status":"publish","type":"post","link":"https:\/\/letskipp.com\/blog\/merchants-last-minute-call-increase-your-approval-rate\/","title":{"rendered":"Merchants! Last Minute Call: Increase your Approval Rate"},"content":{"rendered":"

Merchants face a frustrating challenge – declined card transactions that disrupt the purchasing process, leading to lost sales and disappointed customers. The impact? Revenue left on the table and customers who may never return.<\/p>\n

This problem becomes even more glaring when you consider the growing e-commerce opportunity. Online retail experienced record sales<\/a> this holiday season, with $10.8 billion in U.S. e-commerce sales on Black Friday, up 10.2% over last year. Yet, behind these staggering numbers lies a challenge many merchants are struggling to solve: how to capture more of that revenue by minimizing declined transactions.<\/p>\n

Why Declined Transactions Are a Bigger Problem Than You Think<\/h2>\n

According to the Baymard Institut<\/a>e, the average cart abandonment rate is 70%. That means only three out of ten customers who add items to their cart actually complete the checkout process. And these numbers are trending higher each year.<\/p>\n

Online shopping cart abandonment rate worldwide between 2006 to 2024<\/h3>\n

\"\"<\/p>\n

Source: Statista<\/a><\/p>\n

 <\/p>\n

While several factors contribute to this issue, payment declines are one of the most significant and avoidable ones. According to Visa and MasterCard,<\/a> 15% to 30% of recurring credit card payments are declined, and 40% of online decline<\/a>s are due to insufficient funds. That\u2019s a lot of lost sales! But there are longer-term repercussions as well. Frustrated customers often switch to competitors. That\u2019s because they blame the merchants\u2014not the card issuers who made the decision\u2014for the declines. This friction means that all the effort you\u2019ve invested in attracting and retaining customers can go to waste.<\/p>\n

The Good News: Declined Transactions Can Be Prevented<\/h2>\n

Many NSF declines stem from avoidable issues, like unexpected expenses or overlooked account balances. Merchants who address these declines proactively can reclaim lost sales and strengthen their relationships with customers. This is where Kipp\u2019s platform comes in\u2014a real-time solution designed to save sales that would otherwise be lost.<\/p>\n

How Kipp Helps Merchants Approve More Payments<\/h2>\n

Kipp\u2019s platform enables real-time collaboration between card issuers and merchants to authorize more transactions that would otherwise be declined. Here\u2019s how it works: Merchants set a small premium bid they\u2019re willing to pay to offset the issuer\u2019s risk for approving insufficient funds transactions. When a transaction is about to be declined due to insufficient funds, Kipp steps in to save the sale with real-time recommendations for the issuer to approve it .Kipp integrates seamlessly into the existing payment flow, maintaining your current transaction and settlement processes while adding an optimized layer to increase approvals. Customers experience zero delays in their payment process, and the merchant does not need to make any integration effort.<\/p>\n

What Merchants Gain with Kipp<\/h2>\n

Kipp\u2019s platform offers tangible benefits that go beyond saving sales:<\/p>\n

Higher Conversion Rates:<\/strong> Increase transaction success rates by up to 50% by approving more payments
\nCost Efficiency: Pay only for successful transactions that would have been declined
\nIncreased Revenue:<\/strong> Avoid NSF declines and capture more sales through issuer collaboration
\nImproved Customer Experience: Create a frictionless buying journey, which leads to greater satisfaction and loyalty<\/p>\n

Don\u2019t let declined transactions hold you back. Let us show you how Kipp can help your business approve more payments and create a seamless shopping experience for your customers.<\/p>\n","protected":false},"excerpt":{"rendered":"

Merchants face a frustrating challenge – declined card transactions that disrupt the purchasing process, leading to lost sales and disappointed customers. The impact? Revenue left on the table and customers who may never return. This problem becomes even more glaring when you consider the growing e-commerce opportunity. Online retail experienced record sales this holiday season, … Read more<\/a><\/p>\n","protected":false},"author":7,"featured_media":3646,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-3643","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"acf":[],"yoast_head":"\nMerchants! 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