PSP success story: how Corefy helps to boost conversion
Learn how our White label payment provider solution facilitated the whole operational cycle for a payment company and helped them grow.
It is no secret technical infrastructure providers can equip your payment business with everything needed to start and grow. But regardless of how sophisticated the provided solutions are, if you lack an understanding of how to apply them, all your efforts to succeed may still fall flat. Having years of experience in payments, we at Corefy aim to assist all our clients on every step of their journey with us. We provide them not only with tools but with clear guidance on how to get the most out of them.
Learn how one of our PSP clients benefited from this approach and discovered our platform at its best.
About the PSP: how we started
Before becoming our client, one of the CIS region payment market players used an international payment gateway solution. The client hasn't had any direct integrations with payment providers. They relied on the chosen solution entirely in this regard until they had to look for a different partner for internal reasons. In 2018, once a PSP learned about Corefy and compared our offering with others on the market, they decided to start working with us. Over several months, a PSP gradually transferred its payment and payout traffic to Corefy, providing our API to their merchants.
Now, this PSP uses almost every tool we offer and has already achieved enviable results.
Challenges and solutions
Challenge: Strenuous development efforts required
The company runs a payment business having its own websites and offering payment services to other merchants. Such a business requires a robust and highly customisable technical infrastructure to process high loads of traffic. Developing it themselves would take no less than 2 years of active product development, requiring sufficient payment expertise and imposing unbearable costs. That's why, since the inception of its work, the company wisely decided to rely on payment solutions already on the market.
When discovering about Corefy's offering, the PSP got swayed by our white label package and features:
- White label checkouts — we offer secure payment pages hosted on PCI-certified servers with high-grade SSL encryption. Understanding that the client is a notable player in the CIS payment market, having numerous merchants across different industries, we provided them with sophisticated customisation opportunities. Our payment pages can be redesigned to match the merchant's brand style, have additional options or fewer fields depending on the merchant's business needs, and some payment page elements can be hidden, removed, rewritten, etc. Additionally, our developers build unique payment pages tailored to merchants' needs upon request.
- White label merchant portal — with Corefy, the PSP can offer its merchants a user-friendly merchant back office under its brand, allowing them to manage and monitor their transactions. In turn, the client received an accounting tool to keep records of third parties' payments, payouts, and balances, with flexible and configurable fee management.
- White label API reference — merchants need a single integration to start instead of connecting numerous APIs. We applied the client's brand to the full RESTful API documentation to further facilitate the merchants' integration process.
This way, Corefy became a reliable technical partner for the PSP, providing, maintaining, and developing the payment infrastructure and building new integrations with payment providers and acquirers (there are currently 200+ ready). It allowed our client to do business without contributing time and resources to technical aspects.
Challenge: Complex payment management and disparate data sources
Earlier, payment management, data handling, and transaction reconciliation were quite resource-draining and required days of attention and manual work from the company's specialists. This problem is prevalent for companies working with multiple payment providers. Believing that businesses have other issues where valuable human resources are indispensable, we equipped our platform with tools that automate and facilitate these tedious jobs.
First of all, Corefy provides clients with a payment dashboard, a single access point to all their payment activity and data across all their payment partners. Instead of being logged into all the payment providers' dashboards at once and monitoring each one individually, a client can use just one dashboard, allowing them to manage everything in one place. Namely, the client can monitor balances, transactions and their statuses, manually initiate payments and payouts, set up and configure fees, connect or disconnect payment options, enable or disable some processing features, and much more. To ensure security and accountability, we allow assigning roles to your team members, limiting access rights to what's crucial for a particular team member's work.
Secondly, the PSP now easily handles data collection and analysis using Corefy's analytics and reporting capabilities. The platform gathers the data from all the disparate sources, brings it to a standard format, and enables reports generation and export for further analysis. Our specialists helped the PSP set up dashboards to monitor the transactions across all the providers in one window. The dedicated account manager assigned to the PSP by Corefy also keeps track of this dashboard to ensure seamless transaction flow and gain insights for optimisation.
The client also uses files exported from Corefy by uploading them to their BI systems.
Challenge: Optimise transaction costs and processing
On the first day of our collaboration, the client had a conversion rate of 56,2%. We both agreed there's a space for growth and started moving towards it by taking the following steps:
- Crafted a routing strategy and built complex routing schemes based on the combination of our industry expertise and the client's previous experience. This way, the platform started to forward each transaction to the payment provider or acquirer with the highest approval rate for this particular type of transactions. In cases where providers showed similar approval rates, we routed payments to the lowest-cost one. Now, the routing parameters that this PSP uses vary from card issuer/type/brand, auth mode (CVV/3DS), payee geolocation, and transaction amount to more complex metrics, such as the number of successful 3DS transactions per particular customer's card, card turnover in a selected currency, etc.
- Enabled cascading, automatically rerouting a transaction to the next best provider in the routing scheme when something goes wrong with the first one (for instance, a glitch or downtime occurs). It alleviates the risk of lost sales due to issues on the providers' side.
- Added the "Retry" button to the checkout and improved UX. Previously, in case of an error, a customer saw a vague error message and had to re-enter the payment details, and the system created a new payment invoice for every try. A customer now sees a clear and actionable message saying what exactly went wrong (insufficient funds, wrong CVV, etc.). It allows them to fix the issue without going through all the fields again, and click "Retry" to finalise the payment. For cases when an error occurred on the acquirer's side, we seamlessly reroute the transaction without even displaying an error message, creating a more streamlined user experience and lowering decline rates. Additionally, we added the "Remember me" checkbox, allowing a customer to store their payment details after a successful transaction for further use. This button also added up to overall approval rates.
All these actions resulted in an enviable conversion rate growth. Over a year, it grew to 85,1%. The abandoned carts rate (expired transactions) dramatically decreased thanks to retries and cascading. Generally, the transaction processing quality notably improved. We continue working with this client, helping them reach their business goals. Namely, we rely on our years of hands-on experience to assist them in routing schemes configuring, payment providers search, payment data analysis, and maintaining the continuity of operations.
Over a year of collaboration, our joint efforts resulted in an almost 30% conversion rate increase. It's worth mentioning that the client's payment traffic grew threefold during this period.
The PSP makes the most out of Corefy's payment infrastructure, using almost every product and feature we offer. Moreover, the partnership ended up being mutually beneficial, as some of the integrations and features our platform can now boast were first designed to serve this client's needs.
This PSP is proof that businesses can bring their payment game to a new level with our instruments and their proper setup.
Get in touch with us to see which solutions we can offer tailored to your company's needs, or book a demo to see how it all works.