An email has been sent to your address with instructions for changing your password.
There is no user registered with this email.
Sign Up
To create a free account, please fill out the form below.
Thank you for signing up!
A confirmation email has been sent to your email address. Please check your email and follow the instructions in the message to complete the registration process. If you do not receive the email, please check your spam folder or contact us for assistance.
Welcome to our platform!
Oops!
Something went wrong while trying to create your new account. Please try again and if the problem persist, Email Us to receive support.
Elavon’s Transaction Risk Analysis boosts e-commerce transaction approvals, revenue, while reducing fraud at Puma, major airlines
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Neutral)
Tags
Rhea-AI Summary
Elavon Merchant Services has announced an enhancement to its Transaction Risk Analysis (TRA) solution, allowing Strong Customer Authentication (SCA) exemptions for low-risk transactions up to €500, which is above the industry standard of €100-250. This change is projected to increase transaction approval rates by 3.5% over the industry average of 88%. Major retailers like Puma have reported significant improvements in approval rates, with some soaring to 100%. The TRA solution aims to reduce cart abandonment while maintaining security in e-commerce.
Positive
Transaction approval rates increased by 3.5% above the industry average.
Low-risk transaction exemption limit raised to €500, double the typical limit.
Leading to reduced cart abandonment and increased revenue for merchants.
Negative
None.
Solution reduces friction for consumers and online cart abandonment for businesses with approval rates above industry average
LONDON--(BUSINESS WIRE)--
Global payments provider Elavon Merchant Services today announced its Transaction Risk Analysis solution now offers Strong Customer Authentication (SCA) exemption to low-risk transactions up to €500, double the typical SCA exemption limit.
Elavon’s current customer fraud rates means it is the only major acquirer that can enable exemptions for low-risk online transactions up to €500* across Europe, increasing transaction approval rates for major retailers such as Puma and some of the world’s biggest airlines.
Typical SCA exemptions across the payments industry are €100-250.
On average, Elavon’s merchants using the TRA solution are experiencing transaction approval rates 3.5% higher than the industry average of 88%, leading to a superior buying experience for customers, reduced cart abandonment, and increased revenue for merchants.
TRA has proven most beneficial to large retailers processing high volumes of low-value transactions.
Pari Sawant, Global Head of Product at Elavon, says, “Retails can deliver a seamless customer experience by materially reducing transaction friction with fewer authentication steps and maintaining high security standards.”
SCA across the European Economic Area is designed to make e-commerce more secure. However, this extra layer of protection can result in long or complicated checkout processes, leading to cart abandonment and reduced customer satisfaction.
The latency and low acceptance can see almost one in five (19%) payments lost.1 TRA optimises the payments process by providing a frictionless payment experience for consumers while preventing fraud by using real-time risk analysis and scoring. With the Average Transaction Value in the airlines industry around €170, and between €30-50 for large retailers, boosting approval rates has potential to unlock billions in untapped revenue.
Hemlata Narasimhan, President of Elavon Merchant Services, says, “Security in e-commerce is paramount, and TRA allows payments to flow seamlessly and safely. Providing the highest exemption across Europe of all major acquirers, €500, has been a huge advantage for Elavon customers, like retailers and airlines, processing high volumes of low-value transactions.”
One Elavon merchant experiencing challenges during the UK ramp-up of SCA implementation was losing more than a third of sales transactions on average, and up to 74% during phase three. Once TRA was enabled, the customer’s approval rates soared to over 92%, reaching 100% in some cases.
Other merchants to benefit from Elavon’s TRA 500 include Puma and Magix.
Marcus Riese, Senior Payment Specialist Ecommerce Europe at PUMA, adds, “Elavon was a strong partner in supporting PUMA eCom Europe during a time of high uncertainty by providing an innovative technical approach to cover the downsides of PSD2 regulations. As a result, PUMA has been able to keep its authorisation rates at high levels - ensuring that transactions are processed in a PSD2-compliant manner while reducing friction for payments which were validated to be secure.”
Martin Raschke, Senior controller of German software company, Magix, says, “As a creator of cutting-edge software, it’s critical that our customers can shop securely on our website. PSD2 regulations make online payments safer, but the necessary security checks can frustrate consumers. TRA makes online checkout smoother and safer without annoying our customers, resulting in approval rates of around 95%. Well done, Elavon!”
Elavon is a leading global payments company with more than 4,300 employees and operations in 10 countries. A subsidiary of U.S. Bancorp (NYSE:USB), Elavon provides businesses with the technology needed to accept payments from customers, whether they are shopping in stores, at home or on the go.
Its platform is distinctive in that it is common across countries, making it easier for businesses to get their payment system up and running quickly and securely.
Elavon Financial Services DAC, trading as Elavon Merchant Services, is deemed authorised and regulated by the Financial Conduct Authority. Details of the Temporary Permissions Regime, which allows EEA-based firms to operate in the UK for a limited period while seeking full authorisation, are available on the Financial Conduct Authority’s website.
____________________________
1 Statista, “Shopping cart abandonment rate worldwide 2020 by industry”, March 2020
