Card transactions are one of the most convenient, easiest and ubiquitous ways to pay. When transactions happen there are many checks that accompany them to make sure that everyone is who they say they are.
However, inevitably transactions get declined – often merchants have no idea of the real reason why and this can be frustrating because of lost sales and poor customer experiences. There are some fairly basic reasons why transactions get declined:
Scratch under the surface and other reasons for declines get a bit more complicated… simple card information and questions like ‘is the card good?’ or ‘are the funds available?’ are too blunt to make informed decisions. Instead, issuers are increasingly relying on a variety of data sources and fraud decision engines to make approve or decline calls. Let’s have a look at a couple of examples:
Ensuring that merchants take the opportunity to check that data being sent to issuers is as accurate as it can be and implementing enhancements like 3D Secure are important first steps in increasing approval rates.
Project Transaction Insights is supported by our Benefactor The Chargeback Company
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