A global payment technology provider has launched an AI-driven customer conversion recovery tool with the aim to significantly reduce the number of online customers, who would be unlikely to use services again.
The new system, by Payfuture, sets out to overcome initial payment difficulties, converting lost sales into business.
Manpreet Haer, Co-founder of Payfuture said: “Tragically, billions of dollars are lost each day as clients abandon their e-Commerce check-out pages.
“We worked out though, that by using ‘AI’ to assess clients alongside a powerful recovery tool, we could convert up to 20% of failed transactions at the payment stage – by converting them into approvals.
“This was such a huge source of potential extra revenue that initial interest from Merchants has been extremely high – so we expect demand to be very strong indeed.”
The new solution is able to recognise that many sales can be lost at the payment approval stage using top AI features.
The ‘Conversion Tool’ can be used alongside most payment platforms.
It has also been fully integrated with Payfuture’s own Payment Connection platform.
