Nuvei is an organization that is well positioned in the payments context.
One of Nuvei's top priorities is to ensure high rates of transaction success for its customers, ultimately turning payments into a revenue generation catalyst and enabling businesses to unleash unprecedented growth and performance.
The payment processor's modular, flexible and scalable payments solution allows businesses to accept next-generation payments, offer all payment options and leverage card issuance, banking, risk and fraud management services.
Furthermore, Nuvei is a truly global entity, with connections in over 200 markets and local acquisitions in 50. Across the world, stakeholders are equipped with the tools to optimize new revenue streams and make the most of their existing technology stack. – All in one platform.
That's without mentioning Nuvei's wide range of on-premises and alternative payment methods (APMs), including 150 currencies and nearly 700 payment methods, enabling customers to enjoy optimal conversion rates by paying however they choose and helping merchants maximize their customer experience.
“Our goal is to accelerate our customers’ businesses with future-proof technology,” explained Laura Miller, chief revenue officer and global head of e-commerce at Nuvei.
“We do this by being flexible and agile. We deliver the payments technology and insights our customers and partners need to succeed locally and globally, through one integration.”
Maximize transaction efficiency
One of the big questions facing Nuvei's massive merchant pool is how to improve licensing rates.
Many traders may think they have done everything they can to extract maximum value from every transaction, but beneath the surface, there is a great deal of untapped potential – and that is where Nuvei comes in, with its extensive experience and expertise.
Digging deeper into this topic, Miller says it's important to first take a step back and understand why merchants place a high priority on improving authorization rates.
“Licensing rates can have a really beneficial impact on merchants, their brands and their bottom lines,” she explains.
“Imagine a merchant has put in a lot of effort to get a customer to fill their cart, ready to spend money, and their payment method isn't approved or unavailable. More often than not, these customers abandon their cart and go elsewhere .
“For a merchant who does hundreds of transactions a day, a 1-2% loss can be really meaningful. It's not just about maximizing that existing customer, because if a new customer has that experience, they may not come back and you lose potential lifetime value.” .
Therefore, in a world where transaction efficiency is not only desired, but required, and where merchants have endless payment processing options, authorization success becomes integral.
Nuvei recognizes this and places great emphasis on optimization, intelligently using functionality at every stage of the transaction and enabling customers to achieve the highest approval rate possible.
Historically, customers see improvements of 1-3% simply by moving from their legacy payment provider to Nuvei, but there's more to it than just implementing the technology itself.
Miller points out that consultation also plays a key role in this process.
She continues: “The reality is that there are many things we talk about in the payments ecosystem that can have an impact, including the merchant. How easy is their web page to use? What is the time frame for customers when they go to the payment page?”
“So, we work with them every step of the process to share ideas and best practices from across industries that apply well.
“Not only does this improve their licensing rates, it also improves customer satisfaction. When customer satisfaction improves, it means repeat customers.”
Realize potential payment revenue
Nuvei boasts many impressive success stories, especially when it comes to working with major e-commerce retailers and helping them improve their licensing rates – and ultimately their brands.
The licensing optimization process includes Nuvei using capabilities such as smart retry and network tokenization, with the addition of APMs.
“When you have a customer who has high debit or bank account usage and has recurring invoices, you're able to understand the best and optimal time to retry when you have a decline — based on payroll dates, time of day, where they are located in the world, and how to apply the logic,” Miller adds. Retrying this – can have absolute impacts on your ability to obtain a successful license.
Furthermore, Nuvei continues to consult and work alongside numerous global customers to ensure that they have sufficient knowledge of critical counter defense systems as they launch into new geographies, allowing them to hit a significant proportion of the market.
Visa and Mastercard remain major players in the industry, but in many countries, they are not considered the primary payment methods.
“We've been able to add some APMs and not only increase approval rates, but more importantly, increase successful transactions that occur using the preferred payment methods that our merchant customers want to use.”
Nuvei also has the advantage of being able to scan the landscape across multiple sectors and industries, meaning its experts can use the data to help traders measure performance.
This exercise has been carried out with big name retailers to help them identify where they may not be at the level of their competitors, with Nuvei being able to suggest alternatives to help them grow.
“Whether it's consulting on their website, APMs, retry logic, or any other unique optimization method we can do at every stage of the deal, it's all proven successful,” Miller reveals.
“There are industry standards, but often it is merchant by merchant: who they sell to, where they are located, what cards or payment methods are used, coupled with fraud logic and end-to-end data across the ecosystem.”
Stay ahead of the competition
The fact that Nuvei's services go beyond just processing transactions is what helps the company stay ahead of the competition.
In the end, the summit is the journey of the ideal transaction from the beginning until approval, and there are multiple technical means that enable the company to achieve this and reach greater success.
One is intelligent messaging, powered by pre-transaction optimization tools that have the strategic insight to incorporate advanced rules to enrich and enhance every transaction message.
“Whether it's coordinating card or bank transfer transactions, or managing exemptions or network tokens, what can we do to make sure we have as much data as possible before sending the message so that the decision can be made in a very informed and timely manner,” Miller asks. “
There is also intelligent routing, which is an enabler to improve transaction success rates and reduce fraud risks.
By leveraging innovative and ever-changing analytics, Nuvei ensures the most efficient routing for each transaction, enhancing approval rates and secure operations.
For payments that don't go through, there's intelligent retry: fixing issues that cause declined transactions and low conversion rates.
“We can enhance that with some advanced, easy-to-use features,” Miller says. “Whether it's streamlined verification, denial recovery, or banking chaining, there are a lot of different things we can do.
“But again, this will all depend on who the consumer is, the industry, and the types of transactions that flow through them.”
And last but not least is Monitoring Monitoring, which covers access to real-time data and intelligent reporting, which, when used, enables clients to enhance their revenue opportunities.
“They can perform process comparisons, case management, along the way to help them identify opportunities to increase revenue and reduce lost sales,” Miller continues.
“It all starts with consultation, a commitment to working with our merchants on their journey, and asking how we can help them be best-in-class in their industry.”
Helping clients plan for the future
As Miller has already pointed out, good relationship management and personalized support are “critical”.
After all, for a large number of customers, it is not just the technology itself that leads to a satisfactory solution.
While Nuvei is known for its consultative approach before and during engagement, it doesn't stop there.
“We want to help customers grow their businesses,” Miller emphasizes. “We want to not only understand their unique needs and design services for them today, but also help them plan for the future, ensuring not only timely transaction efficiency, but long-term success.”
Nuvei customers have access to 24/7 on-call human support, covering critical roles and functions such as chargeback managers, APM experts, fraud and risk specialists, legal support, executive care, and subject matter experts.
It's clear that when merchants are looking to expand their business, enter a new market or take a different approach, Nuvei is available to work with them every step of the way.
“As we see changes across the ecosystem, we can partner with merchants to help ensure they are well positioned to move through these changes with little to no impact on their customers’ payments ecosystem,” Miller concludes.
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