In an increasingly challenging business climate characterized by increased competition and stringent regulations and tight margins, global issuers are looking at ways to satisfy their customers and improve performance. As payments volumes have increased, so have payment authorizations declines.
Many declines happen for no good reason, and this is bad for everyone. The customer is embarrassed, the issuer loses the transaction, and all too often, the merchant loses the sale. But this is just the start of it. Research from Visa shows that following a decline, subsequent spending tends to plummet and the account may even become dormant.
Large portions of declined transactions pose little risk of fraud. Yet if there was better communication between the issuer and the customer, the transaction could easily be rescued. Instead of infuriating the customer, dealing better with the situation could actually reﬂect well on the issuer and enhance the customer relationship.
Visa’s combination of innovative technologies including 3D Secure, Visa Advanced Authorization (VAA), Visa Risk Manager (VRM), Mobile Location Conﬁrmation and our new authorization solutions together provide a compelling and robust answer to these problems. Our new generation of high-tech tools can help you enhance your customer service by improving authorization rates while combatting fraud.