FlexCharge leverages its deep expertise in data science, artificial intelligence, risk management, and embedded payments to solve an intractable problem: transaction declines. Declined transactions are disruptive for consumers and carry a significant and often underestimated cost for merchants, processors, acquirers, and the entire payments ecosystem. While the actual percentage of declines can vary widely by geography, type of product, and transaction amount, we've seen values as low as 4% and as high as 30 or even 40%, with the average being in the 10-15% range.
Having worked with ecommerce merchants and consumers for over 20 years, I’m thrilled to be part of such a talented team creating innovative, highly tangible, and relevant solutions for the market. My goal is to help accelerate the company’s rapid growth by unlocking new revenue opportunities for merchants, processors, gateways, acquirers, and even card schemes.
Declines occur for hundreds of different reasons but lead to a poor user experience and are often underestimated by merchants that do not realise the full extent of the revenue leakage. FlexCharge's solution can be seamlessly embedded in the transaction flow, so that declines are captured in real time and routed to the company's AI-powered AcceptIQ platform, which renders an instant decision as to whether the decline can be turned into an approval, to the consumer's benefit and with the funds guaranteed by FlexCharge to the merchant. AcceptIQ is the fruit of decades of research and field experience in the analysis of consumer credit and underwriting data to maximise approvals while minimising losses.
The coming 12 months will be incredibly exciting for FlexCharge. Having received an unprecedented market response, the next step is to fully deploy our current merchant, processor, and gateway pipeline – and let the company's predictive models and decisioning analysis work their magic in terms of turning declines into merchant revenue and opportunities for customer-relationship building.
Daniel Kornitzer is a fintech industry leader and advisor. He was formerly Chief Business Development Officer for Paysafe, responsible for enterprise sales globally. He was also a stakeholder in Paysafe’s M&A, as Paysafe’s EVP/Chief Product Officer. Earlier, he was CEO of SiteSell.com.
In his more than 20 years in technology management, Daniel has pioneered groundbreaking initiatives. He’s an advisory board member of Merchant Payments Ecosystem, ETA Canadian Working Group, and Open Finance Network Canada. Daniel holds a B.Eng. from Montreal’s Ecole Polytechnique, an M.Eng. from McGill University, and a diploma in network engineering from the University of Toronto. You can contact him at daniel.kornitzer@flex-charge.com.
FlexCharge is an AI-driven platform that partners with merchants and payment providers to instantly review and recover failed customer transactions at no risk to the merchant and at no cost to the consumer. The platform offers the widest coverage and least friction possible to a merchant. If FlexCharge believes a customer will pay, it takes the risk and pays the merchant, thus guaranteeing the transaction. The customer is subsequently charged at no additional cost. The company is based in the US with the product and R&D in Israel.
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