Did you know that 62% of customers faced with payment failures during online transactions never return to the website for another attempt? This not only hits a business's immediate revenue but also jeopardises potential future transactions with that customer.
For gambling businesses, maintaining a high conversion rate is even more challenging. Frequently declined payments may call your legitimacy into question, leading to increased scrutiny, difficulties in obtaining payment processing services, or even merchant account termination.
What if there was a simple solution? Take ‘card bindings’ – the magic pill for avoiding declined payments and keeping your conversion rates high. We're here to spill the secrets of how this feature can help your gambling business avoid payment processing challenges that most face.
Card bindings explained
Card bindings, a new feature we’ve developed, caters specifically to the unique needs of high-risk businesses, including gambling. Payment processors often have stricter requirements for high-risk establishments, resulting in a higher frequency of declined card transactions. These frequent declines directly impact the customer experience and lead to reduced conversion rates and revenue.
Using card bindings can significantly reduce the number of declined payments and increase your conversion rates. The concept behind this feature is simple: if a transaction is successful through a specific MID (Merchant ID), the system automatically binds the card to that MID and assigns it the highest priority in the payment routing scheme. This is why the feature is also referred to as a 'Featured merchant account for card'.
You can bind and unbind cards manually.
Now, whenever your customers successfully make a card payment, the system will automatically bind the card to the merchant account used for that transaction. This ensures that any future payments made with this card will be directed to that featured MID. By utilising this feature, you will experience increased payment success rates, ultimately leading to improved revenue for your gambling business.
Frequently asked questions
Will card bindings affect my routing scheme?
No, the feature doesn't override any existing routing rules that have been set up. Instead, it prioritises a specific MID during transaction routing. For instance, if a card binding is created to a MID with the 5th priority in the scheme, that account will be given priority over others and become the first in line for routing.
Complete guide to payment routing👀
Download our free guide to learn the concepts of payment routing and cascading, the reasons and best practices for routing, and how to take the pain out of it.
What if the bounded card transaction fails?
Our data is regularly updated based on the latest payments, ensuring accuracy and reliability. If a featured merchant account transaction fails but is successful through another MID, our system will adjust the priorities accordingly to ensure seamless processing.
How many card bindings can I create?
One MID can be bound to many cards, but each card can only have one featured merchant account.
How your gambling business can thrive with card bindings
Implementing card bindings in your online gambling business can offer several benefits:
- Enhanced customer retention. Excessive declined card payments can harm your business's reputation, eroding trust among existing and potential customers. By enabling card bindings, you reduce the likelihood of an unsuccessful transaction, providing a seamless payment experience to your gamers.
- Increased conversion rates. Your inability to process payments successfully may result in a lost conversion opportunity. Eliminate the friction associated with payment declines and improve your chances of successfully converting leads.
- Revenue boost. Following from the first two points, card bindings reduce the chances of missed payments and maximise your revenue potential. Plus, by reducing the number of failed attempts, you can significantly reduce costs if your provider charges a fee for failed transactions.
In today's online gambling environment, smooth payment processing is vital for businesses to thrive. Why run the risk of declined payments when you can effortlessly enable card bindings and avoid these pitfalls? Take advantage of this feature to provide a seamless customer experience and enhance your business success.