The growing trend of using Artificial Intelligence (AI) in payment processing is shaping the landscape of digital payment and driving its value globally. It is a game-changer for online merchants.
The most advanced payment processing is now completely data-driven and powered by dynamic intelligence to offer merchants a smarter way of operating their business. It creates a thriving payments ecosystem by observing the unique buyer’s behavior, market dynamics, and popular trends.
Global AI in the fintech industry is expected to reach $22.6 billion by 2025, witnessing massive growth from $6.67 billion in 2019.
For merchants, AI in payment processing means the ability to assess the genuineness of individual payments through fraud detection tools and value every transaction. AI-powered payment processors provide a better consumer buying experience, satisfied customers, fewer abandoned shopping carts, and revenue stability in the long run.
How Vendo Uses AI to Help Merchants Increase Revenue
As a leading payment processing gateway, Vendo efficiently harnesses the power of AI by powering and remodeling our payments gateway platform to build a system that assists in revenue optimization.
Unlike basic systems that just help merchants to process online transactions and collect money, Vendo offers AI-enhanced tools that provide better forecasting, insights, and powerful fraud detection tools that help in increasing revenue. Combined with our expert technical and customer support, the AI-enhanced Vendo payment gateway directly impacts revenue generation.
Advanced Fraud Detection Model
One of the most haunting experiences that affects both customers and merchants is increasing fraud rates. Our AI-powered Fraud Identification System assesses the authentication of every piece of information that goes through our payments gateway platform.
Millions of transactions are studied to help identify fraud even before it happens.
The AI framework uses real-time data from the user’s network, past behaviors, and transactional history to establish a secure pattern.
When any unusual activity happens outside of that secure pattern, fraudulent transactions can be identified before they enter the system.
By ensuring that individual transactions are legitimate and verifiable, merchants can avoid fines from credit card companies such as Visa and MasterCard. This is a significant development in the checkout process. In the past, risk filters typically blocked entire segments, such as high-risk countries and insecure networks.
Now, we can be more selective, accepting only those transactions that are not suspicious. The powerful AI algorithm instantly studies the data and filters out suspicious transactions quickly. Ultimately, it improves sales turnover and increases overall revenue.
Higher Conversion with Price Optimization
AI-driven smart price optimization and assessment helps merchants retain valuable customers. With price analysis, merchants can better understand the prevailing market rates and give the best pricing experience for each unique visitor.
Vendo’s AI-powered system efficiently stores, processes, and analyzes every data that comes into the radar. Merchants keep competitive prices that will maximize the probability that the consumer will finish the purchase. By aiming for higher conversion, sales and revenue are maximized.
Better Forecasting with AI-powered Data Tools
Making strategic business decisions becomes easier when merchants can forecast the future. Vendo Data Tools help to forecast potential future sales and traffic. They spread light on the current market dynamics and allow us to better adapt a plan of action for the future.
For example, AI-powered data tools help to:
- Scale our gateway to handle more traffic/sales.
- Provide a customized or specific set of offers to improve conversion.
- Adjust to the buyer’s needs and respond better with an effective plan.
- Analyze brand attitude to get valuable insights.
These innovative tools help merchants to optimize revenue and move their business forward.
Identifying KPI with Data Monitoring & Reporting
Past performance provides motivation and direction. Monitoring & reporting helps increase revenue, as it is a vital part of the data-driven culture. It provides a complete framework to assess KPIs (Key Performance Indicators) that quantify performance. Here is how data monitoring and reporting can help.
- Use comprehensive data to identify the gaps in business performance and make necessary changes for future developments.
- Take lessons from the past such as, which discounts performed better, which countries are at risk, and plan future actions accordingly. The data will also help to evaluate discount strategies, perform A/B testing for better conversion, and use diverse and potential risk strategies for different countries.
- Narrow your focus and perform more efficiently. KPIs can help merchants concentrate decisionmaking and respond faster with better tactics.
Optimize Revenue with AI-Powered Vendo
Artificial Intelligence is defining the destiny of online businesses. AI-based payment processing is moving e-commerce, high-risk industries, and content platforms to higher standards and better performance.
Vendo leverages the potential transformation that AI can bring to payment processing. It helps merchants to detect payment issues faster, optimize pricing, data monitoring & reporting, and better approval rates. Our AI payment landscape focuses on reliable payment orchestration that aims to minimize fraud and maximize revenue.
Get the power of AI to move your online business forward. Vendo offers comprehensive payment processing services to high risk industries, including content platforms, cam operators, and e-commerce sites. Our innovative, AI-powered tools offer merchants simple, secure, and seamless payment solutions, along with expert customer support from integration to end-user concerns. Our expert team works 24/7 to shape your vision into reality.
Connect with us to learn more about how Vendo can help transform your business.