5 Steps You can Take to Improve Payments Performance
Blog post from Basis Theory
Improving payment performance is presented as essential to revenue growth because businesses must maximize successful transactions while minimizing processing costs without limiting customers’ preferred payment choices. As merchants scale, relying on one full-service payment service provider can restrict payment options, increase cross-border costs, and prevent access to lower rates for methods such as debit cards and digital wallets, making a network of specialized PSPs more advantageous despite added complexity. Third-party tokenization can help merchants retain control of customer payment data while changing or balancing processors, and PSP selection should account for supported payment methods, high-risk product categories, and local processing capabilities in global markets. Automated payment routing can direct transactions to the most suitable provider based on location, payment type, fees, soft declines, and volume-discount targets, while careful routing of low-cost debit and wallet payments—and potentially higher-cost cards such as American Express—can further improve margins.
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