Spreedly, an open payments platform, and FlexFactor, a payment recovery platform, have forged a partnership to assist merchants recover lost sales caused by false declines.
The collaboration seeks to address this issue by enabling merchants to convert declined transactions into successful ones, potentially enhancing shopping cart conversions and supporting business growth.
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It leverages open payments feature, Spreedly Connect, allowing merchants to access multiple gateways and choose the “best performing” one in real time.
When transactions are declined, FlexFactor’s engine evaluates the transaction and may purchase the invoice, enabling the merchants to finalise the sale.
Merchants can recover up to 30% of declined transactions and may see a 10-20% boost in conversion rates through purchase recovery, Spreedly claims.
FlexFactor, which offers its services on a contingency basis, will charge only a “small” percentage of the revenue recovered from declined transactions.
With no additional software-as-a-service (SaaS) or setup fees, the solution offers a low-risk for eCommerce and subscription sectors merchants.
FlexFactor CCO and co-founder Ze’ev Shoval stated: “Our goal is to combat false declines at scale without adding complexity, ensuring seamless purchases. Partnering with Spreedly enhances our solution, allowing merchants to recover revenue from declined transactions, boost conversions, and improve the customer experience. This partnership is a win-win for everyone.”
Spreedly Partnership VP Rose Francois said: “Partnering with FlexFactor allows us to offer merchants a comprehensive solution to tackle payment declines. By integrating their real-time payment recovery service with Spreedly Optimize, we enable merchants to recover lost revenue and transform declines into opportunities for growth.”
Earlier in the month, Spreedly partnered with EBANX, a payments provider, to extend alternative payment methods to international companies in Latin America.
