In recent months, the global swing towards digitalisation has shot through the roof, further accelerating the move towards a cashless society, and increasing online commerce around the world. This has required merchants to demonstrate agility in order to respond effectively to consumers’ needs.

However, opening up to new markets can be a tricky process. Many merchants are unaware of how to optimise their processes to increase conversion rates and up their chances of surviving the current economic crisis.

But the fact is, there are several ways merchants can adapt to the ‘new normal’ while increasing their approvals and turnover.

We’ve been keeping an eye on our merchants to identify potential improvements that will support their digital evolution. Here are just two examples of how small, well-informed adjustments can make a big difference to your bottom line.

The power of payment currencies

When analysing the processing of one of our leading eWallet merchants, we saw that it was only offering euros (EUR) as a transaction currency in India. According to our analysis and benchmarks, this was holding back its approval rates as the issuers were declining transactions. Additionally, shoppers were more likely to abandon their payments, causing the merchant to lose the relationship with the customer.

We shared our analysis with the merchant and suggested that by offering the local payment currency of Indian Rupees (INR), it would experience an increase in both approval rates and conversions – cardholders would be less likely to abandon the payment.


The merchant began offering Indian Rupee as a transaction payment currency in India and, as a result, experienced a 22% increase in approval rates in all traffic from this country.


This affected up to $1m in its monthly sales volume.


Making the most of cross-border payments

To increase approval rates across the globe, merchants should consider partnering with an acquirer that has the data and expertise to analyse and advise according to industry benchmarks. It’s also important to make sure the acquirer can support any transaction payment currency that issuers offer and consumers prefer. By doing so, not only will you be able to take payments in new areas, crossing borders with your business, but you’ll be able to localise to those areas, to ensure customers feel secure and familiar with the payments process, no matter where they are. This is also where the role of FX plays an important part in offering and accepting cross-border payments.

Credorax is a licensed Merchant Acquiring Bank, providing cross-border Smart Acquiring services to global merchants and payment service providers. Remaining true to our hi-tech roots and focus, we are creating the next generation of technology-driven banking solutions for the eCommerce arena.

Our vision is to continue to provide a unified, global, domestic payment currency experience for merchants and partners.


Want to increase your approval rates by making the payments process familiar to customers all around the world? Get in touch with us to find out how we can help you.

contact us