Intelligent Acceptance is an AI-powered optimisation engine that was developed by reportedly training it on Checkout.com’s global network and its domain expertise insights. As per the official statement, by leveraging this new offering, merchants can ensure that the authorisation rate of payments processed on Checkout.com increases.
The launch comes at a time when businesses are actively pursuing avenues to generate new revenue and implement cost-effective measures to mitigate the impact of rising operating expenses.
As cited in the official release, a new research conducted by Checkout.com and Oxford Economics found that, in 2022 alone, USD 50.7 billion was lost due to false declines, as customers who had sufficient funds in their accounts had their purchases rejected. The same study showed that 25% of customers abandoned their purchase due to the friction they experienced.
In this context, through its continuous testing, Checkout.com’s Intelligent Acceptance comes as a response to this issue, as it can reportedly be leveraged to reduce the number of incorrectly declined transactions.
When further explaining the reason behind the development of this new product, Checkout.com’s representatives pointed out that Intelligent Acceptance comes to tackle a challenge faced by merchants. Due to their data limitations, merchants are unable to train an optimisation engine using their resources. By using Intelligent Acceptance, the global payments solution provider argues that, apart from optimising acceptance rates, merchants will be able to enjoy additional benefits such as higher revenues, saving time, and cost controls.
From an acceptance perspective, the new product utilises network tokens (provided that the merchant supports them). What is more, Intelligent Acceptance is said to automatically format, amend or add SCA and ISO data, according to the preferences of both the scheme and the issuer, thus ensuring the needed compatibility
Cost-wise, the new AI-driven offering can be equally used to reportedly dive down costs by routing the transactions to networks that offer the lowest fees.
When it comes to compliance, the Intelligent Acceptance can identify if a transaction needs 3DS authentication. If this has not been automatically triggered, the optimisation engine adds 3DS authentication to the payment request. Consequently, this ensures that transactions are compliant with the current requirements.
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