Worldpay from FIS (NYSE: FIS), a global leader in financial services technology, has today unveiled Revenue Boost, a turnkey solution, powered by machine learning, designed to help merchants process more card-not-present transactions while lowering the cost and risk of taking payments.
With merchants struggling to keep up with evolving network changes, multiple payment options and issuer preferences, failed and retried card-not-present transactions are becoming more frequent, increasing costs. To help enhance merchants’ payment authorization, streamline costs, and approve all legitimate payment transactions, Worldpay has launched Revenue Boost, a unified payment optimization solution.
The turnkey solution, which helps maximize conversions, minimize costs and reduce fraud for merchants, combines the power and scale of Worldpay’s payments data with machine learning to maximize performance. Working with Worldpay’s payments experts, the solutions’ multiple features can be mapped to a merchants’ specific needs to help boost revenue on ecommerce sales, while creating new opportunities to accelerate growth.
Analysis of Worldpay Revenue Boost pilot data2, captured between May 2022 and April 2023 and based on a minimum of 500k transactions, saw the following gains for pilot merchants:
One customer saw $6 million of approval lift over a 6-month period.
A customer saw 4% acceptance lift on Black Friday.
$1.2 million in payment cost savings over a 12 month period, for an individual merchant, from usage of network payment tokens.
Gabriel de Montessus, Head of Global Enterprise, Worldpay from FIS said: “It’s time to rethink the narrative on payments - they are a strategic lever that can accelerate growth for ambitious merchants. Worldpay’s solution combines our extensive payment expertise with the scale of our payments data to help optimize how merchants take payments. By lowering costs and lifting approval rates we can unlock the true value of payments for our customers. We’ve already seen success for some of the world’s biggest brands and we look forward to working with more to fuel their commerce globally.”
Worldpay enables merchants of all sizes to take, make and manage payments across channels, geographies, and industries. Over one million merchants globally trust Worldpay solutions to power their in-store, online and mobile transactions, fight fraud, optimize authentication and tap into value-added services that boost commerce. Additionally, Worldpay facilitates payouts to a broad network of suppliers and beneficiaries around the world, with capabilities to send money to approximately 225 markets in nearly 146 countries.
1 Analysis of Worldpay data captured during Revenue Boost pilot between Jul 1, 2022 and April 30, 2023. Based on a minimum of 1.5M optimized transactions. Actual results will vary, and this is not a projection or guarantee or performance.
2 The Worldpay Revenue Boost pilot data, captured between May 2022 and April 2023 and based on a minimum of 500k transactions, is not a projection or guarantee or performance and actual results will vary.