Streamlining Payment Processes to Boost Revenue and Reduce Costs
A recent report titled “Strategies to Reduce the Total Cost of Payments” by Adyen highlights the importance of effective payment technology implementation in increasing revenue and reducing costs. The report analyzed data from 100 global companies, providing valuable insights into the world of payments.
Evaluating Payment Service Providers Beyond Price
When selecting a payment service provider, businesses should look beyond the initial costs. Hidden fees and long-term inefficiencies can significantly impact the total cost of payments. Adyen’s report emphasizes the need for a comprehensive evaluation of payment service providers to ensure cost efficiency and revenue growth.
Unlocking Savings on Interchange and Regime Fees
Interchange and regime fees account for a substantial 85% of businesses’ payment costs. By leveraging local acquisition and machine learning, companies can optimize payments and save up to 59% on these fees. Adyen’s smart payment routing solution, which combines local and cross-border transactions, can help businesses achieve these savings.
Revenue Growth through Innovative Solutions
The strategic use of innovative payment solutions can significantly boost revenue. For example, updating account numbers in real-time and using network tokens can increase authorization rates and save businesses millions of dollars. Adyen’s report highlights the potential for businesses to earn additional revenue through these solutions.
Reducing In-Person Transaction Declines
Businesses can also reduce losses from declined in-person transactions by implementing solutions like Adyen’s Store and Forward. This solution enables faster in-person payments, reduces wait times, and improves the overall checkout experience.
Streamlining Market Expansion with Reduced FTE Costs
Adyen’s centralized back office can help businesses streamline their fleet management and launch new terminals quickly, reducing full-time equivalent costs by up to 75%. Processing payments across locations and channels with a single provider can also reduce complexity and free up resources.