A German International Merchant wants to reduce payment related costs
Reduce costs & improve payment
A German International Merchant is using the payment facilities of a German acquirer for several years. The costs for accepting online payments are increasing, both in percentage as in absolute number. Refunds due to returning goods are exploding. The volume of online business is growing fast and now larger than the Instore business where transaction costs are much lower.
The Merchant is looking for a new acquirer in order to reduce these costs and also to improve the payment functionality to improve conversion.
“We reduced our payment costs with over 30% while increasing our conversion rate"
The Merchant came in contact with Magnius who explained a smart alternative and the merchant changed her requirement into the need for an Intelligent Routing Platform. A platform that makes it possible to connect to multiple acquirers or PSPs for different payment methods and fees.
Our Intelligent Routing functionality is offering exactly what the Merchant was looking for. Connecting her online web-shop with our API and the implementation of our state-of-the-art payment page was done within a very short period of time. Now the merchant is able to have a PCI compliant payment page with the possibility to immediately tokenize transactions and redirect them to the acquirer which offers the best fit. With the signing of contracts with two more acquirers the merchant now is more in control of the payment process. The Merchant has negotiated new contracts with multiple acquirers and PSPs for their payment products. With the switch of a button she can select a different connector at any time without any technical barriers.
The Merchant has reduced her costs significantly by receiving better rates per supplier. Also conversion has improved; declines are now managed in a smarter way. If a transaction is declined at a PSP, the transaction is also offered to alternative PSPs or acquirers since we standard offer fallback management.
The Merchant has provided valuable insights to the Magnius team which we used to continously improve our platform.
New payment products (Apple Pay, Amazon Pay and Google Pay) have been offered by a new PSP improving the conversion rate. Another PSP is offering QR payments, allowing to sell more into the Asian markets.