Nuvei Enhances Payment Performance with AI and Expert Human Support
Boosting approval rates in North America with PINless Debit and Least Cost Routing features, Nuvei makes moves in the financial sector.
Nuvei, a leading payment technology provider, has rolled out a suite of authorization optimization tools aimed at improving payment performance for businesses in North America. The new suite combines AI-powered tools with expert human support, offering merchants a comprehensive solution to enhance their payment processes.
Key Features of Nuvei's Authorization Optimization Suite
- Smart Routing Engine: This engine offers merchants the flexibility to prioritize either maximum approvals or cost efficiency based on their business objectives. By analyzing transaction data, it routes transactions through the most effective pathways, thereby increasing approvals and reducing costs.
- PINless Debit: This feature enables eligible transactions to bypass traditional card rails, utilizing lower-cost local debit networks instead. This can result in increased approval rates and reduced processing costs.
- Least Cost Routing (LCR): LCR allows transactions to be routed through the most cost-effective channels available, typically bypassing more expensive card networks for debit transactions. This reduces merchant costs while maintaining or improving authorization rates.
Benefits for Merchants
- Improved Authorization Rates: By leveraging local debit networks, merchants can see an increase in authorization rates by up to 3.5 percentage points for applicable transactions.
- Cost Efficiency: Merchants can reduce processing costs by routing transactions through less expensive networks, enhancing profitability.
- Flexibility and Control: The smart routing engine gives merchants the ability to prioritize their business objectives, whether focusing on maximizing approvals or minimizing costs.
Additional Features
- Account Updater: Nuvei's Smart Retry engine includes an Account Updater that automatically refreshes expired or replaced card credentials.
- AI-Powered Approval Analysis: Nuvei's Control Layer provides merchants with AI-Powered Approval Analysis that automatically identifies unrealized approval opportunities by issuer, region, or transaction type.
- Smart Retry Capabilities: Nuvei's Smart Retry capabilities automatically recover revenue in real time when a transaction fails, with no disruption to the customer experience.
- Risk & Reporting Dashboards: Nuvei's Control Layer includes Risk & Reporting Dashboards that visualize fraud, scheme behavior, and exceptions.
Strategic Expansion in North America
Nuvei's strategy to expand its footprint in North America includes delivering locally optimized performance through intelligent routing and authorization tools. The company has already implemented PINless debit and Least Cost Routing, which can improve authorization rates by up to 3.5% for merchants in North America.
The Future of Payment Processing
With debit transactions now making up over 53% of online card volumes in North America, Nuvei's intelligent authorization stack ensures that once a transaction reaches the right place, it has the highest possible chance of being approved. This reduces friction, resolves soft declines, and adapts in real time to issuer requirements.
Phil Fayer, Chair and CEO of Nuvei, stated that these enhancements give merchants access to debit networks that can deliver both higher approval rates and lower processing costs. This strategic move aims to help merchants navigate the complex payments landscape with greater efficiency and profitability.
- Interesting News from ffnews.com: Nuvei's strategic move to expand in North America through intelligent routing and authorization tools could revolutionize finance and technology sectors, especially for businesses in North America that prioritize both maximum approvals and cost efficiency.
- As a result of Nuvei's new suite of authorization optimization tools, merchants can now effectively manage their business objectives in the realms of finance and technology, via features like Smart Routing Engine, PINless Debit, Least Cost Routing, Account Updater, AI-Powered Approval Analysis, Smart Retry Capabilities, Risk & Reporting Dashboards, and more, ensuring improved authorization rates, cost efficiency, and flexibility in payment processing.
