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CONCRYT: New Whitepaper Highlights Payment Gateway Best Practices
A new whitepaper from breakthrough fintech project CONCRYT has been published to guide merchants in selecting a payments gateway, and highlight best practices that reduce chargebacks and declines.
‘Payments Gateways: Combatting False Declines and Improving Authorisations’ also explains how choosing the right payment gateway directly impacts the customer experience, operational efficiency, and overall business success.
Payment gateways are an integral part of the digital commerce landscape, and as financial transactions are increasingly borderless and consumers demand seamless, secure payment experiences, payment gateways have become more than just transaction processors – they are now complex and multifaceted platforms that underpin global commerce.
Commenting on the launch of the whitepaper, Ryta Zasiekina, Founder of CONCRYT, said: “The aim of the whitepaper is to provide a comprehensive overview of payment gateways, highlighting their critical role in modern business operations, the technological advancements shaping the future of payments, and the key considerations for businesses choosing a gateway provider. It is my hope that it empowers businesses with the insights they need to make informed decisions about their payment infrastructure, and help ensure they remain agile and competitive in this fast-paced digital economy.”
According to a recent study, 11% of transactions processed by the average eCommerce firm failed in the past year, yet few merchants have a clear understanding of the underlying causes. More than 80% cite difficulty in pinpointing the causes of failed payments as a major challenge, with nearly 64% ranking it as their top challenge.
Payments fail for a variety of reasons, ranging from incorrect card information to suspicion of fraud. While these declines can be helpful in filtering out fraudulent transactions, they can also have several significant impacts on a merchant’s business, both in the short and long term.
Aside from the immediate loss of revenue, card declines can lead to a poor experience, especially if the issue is frequent. Customers may feel embarrassed in-person or lose trust in an online system, resulting in them abandoning the merchant for a competitor. By addressing card declines, merchants can reduce revenue loss, enhance customer satisfaction, and maintain a competitive edge in the market.
Ryta added: “Of course, in an ideal world, all merchants would enjoy a perfect approval ratio. Unfortunately, the dream of zero declines is an almost impossible one, especially if you process a substantial number of payments. But by deploying the strategies outlined in our white paper, merchants can improve approval ratio, and be more aware of spikes in network declines that may require action.”
To find out more and view the full whitepaper, use this link.
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