Best Subscription/Recurring Billing Solution
FlexPay is the winner of the 2018 Customer Choice Award for Best Subscription / Recurring Billing Solution.
Built with advanced machine learning algorithms and driven by AI, FlexPay is an enhanced payment gateway designed to recover declined credit card transactions. The company serves online retailers, insurance companies, and continuity business, and notes it can help merchants of any size who face a credit card decline issue.
FlexPay says its platform recovers between 30% and 50% of a merchant’s declined transactions. The company only charges based on the recovered revenue or lift. Not only does this mean a substantial increase in recurring revenues for continuity merchants, FlexPay notes, but it also means an acquired customer can stay engaged with a merchant’s brand for months to come.
While card present transactions decline 2%-4% across global credit card networks, card not present transactions decline as high as 50%. This represents $118 billion of transactions flagged under suspicion of fraud compared to $9 billion of actual fraud. Flexpay uses machine learning models, statistical modeling, and categorization data points to intelligently make decisions on retry timing, routing, and transaction transformation in order to optimize approval rates. One of the ways the platform does this is by preferring strategies that rely on the fewest retry attempts. Flexpay knows that repeated retry attempts can lead to an even lower approval rate. Low approval rates signal fraud detection systems that the merchant has higher-risk clients. In effect, declines beget even more declines.