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Declined transactions are more than frustrating, they can have a severe effect on your business, losing sales and customer trust, ultimately affecting your bottom line. So, if you’re struggling with your approval rate, have you considered that the payment gateway you’re using isn’t right for your business's needs?
This is where an acquirer-agnostic payment gateway comes in. It could be the game-changer you need to reduce those declines and keep your cash flow smooth.
What's in this article?
Let’s clarify that an acquirer and payment gateway are two very different things, so an acquirer-agnostic gateway may seem like a strange concept. With an acquirer, also known as a merchant acquirer or acquiring bank, being the bank account that accepts the merchant's deposits, and a gateway being the facilitator of the transaction, what does an acquirer-agnostic gateway mean and how will it reduce declines? Let’s find out…
Okay, first things first – what does "acquirer-agnostic" even mean? Simply put, it's all about flexibility. An acquirer-agnostic payment gateway doesn't tie you down to a specific acquiring bank. It connects you with all the major players in the financial world, allowing you to connect with the one that suits your business best. There’s no stopping at one either, you can be connected to as many as you need. For example, here at Total Processing, we have access to more than 300 acquiring banks locally and internationally so we can offer you the best chance for high approvals.
Now that we've covered the meaning of acquirer-agnostic, let's talk about why it matters for your business:
No one likes a declined transaction. An acquirer-agnostic gateway ensures that you're not at the mercy of a single acquiring bank. If one bank doesn't accept the transaction for whatever reason or there’s a technical issue, the transaction can automatically be retried with another one by intelligently routing the transaction based on multiple factors, including country, currency and payment method. It's like having a Plan B that actually works.
Do you dream of expanding your business globally? An acquirer-agnostic gateway is your passport to international success. It supports multiple currencies and payment methods, giving your customers a seamless, localised experience, no matter where they are. Sourcing a local acquirer doesn’t just improve your acceptance rate, but it can also lower your processing costs.
The business world moves fast, and so should your payment solutions. An acquirer-agnostic gateway is much more scalable so it won’t restrict your business growth. Whether you want to expand internationally or the amount of daily transactions is increasing, this type of payment gateway will grow with you.
An acquirer-agnostic payment gateway is especially beneficial for high-risk businesses. Since these types of businesses are more prone to transaction declines, automatic retries with other acquirers can make all the difference in whether they succeed or not.
Are you considering making the switch and levelling up your payment game? Getting an acquirer-agnostic gateway is easier than you might think. The most important things to consider before making the switch are compatibility, integration and support.
Compatibility is key to a smooth transition, and an easy integration process with the full support of your provider will ensure the process is hassle-free with no interruptions to your processing.
At Total Processing, the best place to start is to contact our payment specialists. They’ll guide you through the whole process and answer any of your questions to ensure we’re the right fit for you.
Our onboarding and integration teams will tackle the rest and get you set up in no time.
So there you have it – the secret sauce to reducing declines and elevating your payment experience. With an acquirer-agnostic gateway, you're not just processing payments; you're future-proofing your business.
If you’re ready to say goodbye to declines and boost your authorisation rates, learn more about how to integrate our payment gateway or get in touch to speak with a specialist.
