A healthy approval rate is crucial to any business dealing in online transactions. This is why we have a dedicated team – ePayments business analytics team – to ensure approval rates are monitored and optimized. We even use AI tools to monitor and identify changes in approval rates, so we can be extremely precise and react quickly if necessary. 

Our clients find this service useful because sometimes issuing banks make decisions that lead to decreases in approval rates for merchants. Often, these changes come without warning, and in fact, issuing banks are unlikely to share much information at all about the changes they’ve made.

This is what we noticed for Kiwi.com, a flight search engine and online travel agency. Kiwi.com employs 2,500 employees in 15 offices across the world, with a turnover of €1.1bn. With Credorax, Kiwi.com accepts and processes payments from all over the world, which is crucial for a company that is global by definition. The business offers almost 50 currencies on its website through Credorax, and we help Kiwi monitor approval rate performance in all territories. 

As part of the proactive data analysis we do for all our clients, our ePayments business analytics team found out that Kiwi.com was experiencing a 30% decrease in approval rates with a UK issuer. Essentially, this meant that Kiwi was seeing a lot of UK customers get rejected while trying to pay for their travel plans, having a negative impact on the customer experience as well as their sales.

But we didn’t just identify the drop in approval rates. One of the biggest value-added services we offer is communication with issuing banks on our client’s behalf – we negotiate with the issuer to make changes that restore approval rates to an acceptable level.

Odelya Cohen, our Head of Business Analytics, explains what we did for Kiwi.com in more detail

We proactively contacted the UK issuer to learn that transactions were being declined because of newly adjusted fraud rules. Together with the issuer, we investigated the situation and as a result, the issuer agreed to refine those rules to help combat the problem. Kiwi.com subsequently saw an increase in monthly transaction volume of more than 50,000 and a 16% increase in approval rates.”

Odelya continues: “In a similar situation, we found that Kiwi.com was also facing a 25% decrease in approval rates with a specific Australian bank. We corresponded closely with the issuer, presenting information about Kiwi.com and its processing behavior, leading to a change in the issuer risk rules settings. As a result of our involvement, approval rates for the issuer increased by 30%, returning to previous levels, affecting a monthly volume of $2.7m”.

This is the Credorax difference. Not only are we constantly on the lookout for declines in approval rates, we’ll actively work with issuers to bring them back to normal – our Issuer Liaison Team is even known in-house as the “Issuer whisperers”.

But don’t just take our word for it. You can watch Kiwi’s testimonial about the work we’ve done with them here:

Interested in learning more about optimizing your payments? Contact grow@credorax.com to learn more.