Worldpay Announces New Ecommerce Payments Solution In Mexico That Helps Increase Approval RateAuthPlus ensures merchants achieve a higher payment approval rate while improving customer loyalty and revenue
October 23, 2018
MEXICO CITY, Oct. 23, 2018 : Worldpay Inc., a global leader in payments, today announced the launch of AuthPlus for the Mexican market. The new solution provides more intelligence for purchasing processes, representing higher card approval rates and reduced costs for merchants.
The introduction coincides with the forecasted growth of eCommerce in Mexico. According to the company´s annual Global Payments Report, eCommerce in Mexico is expected to increase by an annual average of 17 percent, growing from US $ 21 billion to US $ 39.4 billion by 2021.
AuthPlus enables merchants to optimize their electronic payment processing with a flexible, data-driven approach and smart transaction routing. AuthPlus is the answer to process inefficiency, by improving approval rates and finding the most inexpensive path for each transaction. The management and distribution of processes is central to the solution since it allows clients to seek the best rate options with the lowest cost. The average eCommerce approval rates are often below 90 percent and can represent millions of dollars in lost income, depending on total sales.
An intelligent payment process is crucial for merchants, since the data generated in the transactions provides insight on consumer behaviors, which can be used to correct and improve the processes. All of this directly affects the retailer's revenue. In parallel, consumers are increasingly demanding a fast and secure experience when shopping online.
According to Juan D'Antiochia, Worldpay general manager for Latin America, "The electronic sector accounts for a little less than 10 percent of all retail sales. eCommerce in Mexico has ample room for growth and presents attractive opportunities for retailers and other merchants, especially for mCommerce”.
According to the report "Latin America ecommerce. 2018: Digital Buyer Trends for Argentina, Brazil and Mexico," prepared by eMarketer®, total retail sales will continue to record healthy growth throughout the forecast period in which they expect to exceed the 500-billion-dollar mark for the first time, in 2022. "
D’Antiochia also emphasizes that the Mexican market is very dynamic, with advantages for retailers and consumers.
"We are very pleased and confident about this launch,” he said. “Our focus is on constantly improving the technologies and generating new experiences for our clients.
"Card approval rates are one of the most important elements in payment processing because it impacts the merchant´s revenue and consumer satisfaction. Strong security measures can lead to false no-purchase alerts by card issuers, affecting approvals and consequently damaging the consumer experience,” D’Antiochia added. “In part, this causes an approval rate gap between face-to-face and online transactions. With this solution, clients will be able to correct inefficiencies and recover revenue that would otherwise be lost to them.
Worldpay, Inc. (NYSE: WP; LSE: WPY) is a leading payments technology company with unique capability to power global integrated omni-commerce. With industry-leading scale and an unmatched integrated technology platform, Worldpay offers clients a comprehensive suite of products and services globally, delivered through a single provider.
Worldpay processes over 40 billion transactions annually through more than 300 payment types across 146 countries and 126 currencies. The company’s growth strategy includes expanding into high-growth markets, verticals and customer segments, including global eCommerce, Integrated Payments and B2B.
Worldpay, Inc. was formed in 2018 through the combination of the No. 1 merchant acquirers in the U.S. and the U.K. Worldpay, Inc. trades on the New York Stock Exchange as “WP” and the London Stock Exchange as “WPY.” Visit us at https://www.worldpay.com/global/.