Checkout.com’s customers saw payments performance generating an additional $13.4 million in revenue with a 2.1% acceptance rate uplift for the composite. For commerce and fintech enterprises, working with Checkout.com represented a $12.4 million net present value over three years.Customers experienced full payback within the first six months achieving an additional return of 182% within three years.
LONDON, July 25, 2024 /PRNewswire/ — Checkout.com, a leading global digital payments provider, today announces the results of its commissioned 2024 Total Economic Impact™ (TEI) study conducted by Forrester Consulting. The independent study outlines a three-year, risk-adjusted present value and ROI for a composite organization comprised of interviewees with significant experience working with Checkout.com.
Forrester’s cost-benefit analysis revealed that Checkout.com delivered an 182% return on investment (ROI) to customers over three-years. The study indicated a full return on investment could be achieved within the first six months. Additionally, the net present value (NPV), or the total value of an investment opportunity for Checkout.com customers over three-year engagements, stood at $12.4 million, underscoring, in our opinion, the profitability of long-term collaboration with Checkout.com. Because payments acceptance rates translate directly into revenue, leading businesses are always chasing ever better rates and the study shows that high-performing enterprises achieve even higher performance when they work with Checkout.com.
The study, based on customer interviews and aggregated data, included customer testimonials emphasizing the high-performance payments achieved when working with Checkout.com. All customers interviewed were large enterprise consumer businesses that were already working with other modern digital payments providers and achieving above industry benchmark acceptance rates.
Improving performance with $13.4 Million in additional revenue and $1 Million in avoided scheme and gateway fees
The study showed a 2.1% uplift in acceptance rates by working with Checkout.com. For the composite, the benefits of this uplift resulted in an additional $13.4 million in revenue within the first 3 years of onboarding Checkout.com.
Additionally, payment retries, which correlate with significant drops in conversion, were reduced by 7% thanks to Checkout.com’s ‘Intelligent Acceptance’ feature, which uses machine learning to continuously improve payments performance. As well as improving conversion this reduction in retries additionally yielded $1M in cost savings in avoided scheme and gateway fees.
Checkout.com called out for machine learning fraud protection that does not sacrifice performance
The study finds that Checkout.com helped the composite build effective and tailored risk strategies. Customers said they appreciated the velocity with which Checkout.com’s Fraud Detection Pro flags suspicious activities, detects new fraudulent trends, and updates criteria into its fraud engine using machine learning. Customers were impressed that Checkout.com’s delivery of reduced chargeback rates had no negative impact on their payments performance – bucking a long held belief that there is an inevitable trade-off between performance and protection in payments.
As Black Friday and Cyber Monday fast approach it is notable that the study finds improved reliability during volume surges for the composite. According to the study, Checkout.com can support large surges in volumes, which enabled the composite to handle seasonal spikes in payments (e.g., during Black Friday, the Christmas shopping season, or product launches). The composite improved its customer service by leveraging the uptime of Checkout.com and its customer-first support team which is available around the clock. Interviewees described those two factors as crucial, especially for agile businesses.
According to the study, Checkout.com has a deep understanding of the composite’s payment needs in its service provision. Because of this, the composite can count on a team of experts across multiple areas such as integration, customer success, and solutions engineering.
“As digital technology continues to transform the experience consumers have with brands, the payment process becomes increasingly important to driving conversion and loyalty. We are proud that the independent proof points in the Forrester TEI findings show that customers that work with us thrive in the digital economy, that’s what keeps us obsessed with delivering high performance payments,” Rory O’Neill, CMO, Checkout.com
About Checkout.com
Checkout.com processes payments for thousands of companies that shape the digital economy. Our global digital payments network supports over 145 currencies and delivers high-performance payment solutions across the world, processing billions of transactions annually.
With flexible and scalable technology, we help enterprise merchants boost acceptance rates, reduce processing costs, combat fraud, and turn payments into a major revenue driver. Headquartered in London and with 16 offices worldwide, Checkout.com is trusted by leading brands such as Sony, Shein, Sainsbury’s, Wise, GE Healthcare, and The Financial Times.
Checkout.com. Where the world checks out.
Notes to editors
Checkout.com’s Total Economic Impact™ (TEI) study constitutes the most up to date research on return on investment (ROI) in the payments sector and illustrates the significant impact Checkout.com has in a mature and competitive market. Findings are based on market-leading large enterprise companies in Fintech, E-commerce, Digital Consumer Goods, Food and Beverage and Remittances. These businesses all worked with leading modern PSPs before onboarding Checkout.com and yet still saw payments performance.
In digital payments failed payments and retries correlate heavily with costly conversion drop off. Working with Checkout.com, businesses saw a 7% decrease in payment retries leading to an additional $1 Million benefit for the composite. Customers called out the positive impact of this benefit for their consumers and their own customer satisfaction. Using machine learning, Checkout.com’s products such as Intelligent Acceptance and Fraud Detection Pro are delivering improved payments performance alongside improved fraud protection for global businesses. Businesses emphasized Checkout.com’s ability to deliver a reliable service which can support volume surges throughout the year including during Black Friday, Cyber Monday and the Christmas shopping season. That Checkout.com can deliver improvement in up-time to the sophisticated composite indicates this is less of a ‘table-stakes’ commodity than many assume.
View original content:https://www.prnewswire.co.uk/news-releases/2024-total-economic-impact-study-discovered-a-182-roi-and-13-4-million-additional-revenue-with-checkoutcom-302205784.html
Coin Market4 days ago
Coin Market4 days ago
Technology5 days ago
Coin Market4 days ago
Coin Market5 days ago
Coin Market4 days ago
Coin Market4 days ago