Payment authorization rate expresses the percentage of payments that work as they should (i.e., that aren’t declined). For example, if 960 of 1,000 payments on your website are approved, then your payment authorization rate is 96%.
While many declines are a normal part of business, there are things you can do to boost authorization rates. Here are some tricks for doing just that.
Optimize for mobile
Forty-two percent of ecommerce sales were made via mobile devices in 2022. That figure is predicted to reach 44% by 2025. These statistics show that people are increasingly shopping from their smartphones and tablets.
If your checkout process isn’t optimized for mobile devices, customers could have a difficult time entering their payment information correctly, making declines greece mobile database unavoidable. Create a smooth mobile checkout to improve authorization rates.
Address Verification System (AVS)
Ask customers to provide their billing addresses to take advantage of AVS, which matches the billing address that the customer provides to the one associated with the given credit card. A mismatch can often lead to declines.
Card Verification Value (CVV)
A card verification value is the three-digit code usually located on the back of a credit card, near the signature bar. CVV is an additional security measure that can help prevent fraudulent transactions. Ask for the CVV during checkout to prevent network declines and improve your payment authorization rate.