Nuvei: Accelerating businesses with future-proof technology

Nuvei: Accelerating businesses with future-proof technology

Thanks to Nuvei, companies are being equipped with the means to optimise new revenue streams and get the most out of their existing technology stack

Nuvei is an organisation well-positioned in the context of payments. 

Top of Nuvei's priorities is ensuring high rates of transaction success for its customers, ultimately transforming payments into a catalyst for revenue generation and empowering companies to unlock unprecedented growth and performance. 

The payment processor's full stack modular, flexible and scalable payments solution allows businesses to accept next-gen payments, offer all payout options and benefit from card issuing, banking, risk and fraud management services.  

What’s more, Nuvei is a truly global entity, with connections in more than 200 markets and local acquiring in 50. Across the world, beneficiaries are being equipped with the necessary tools to optimise new revenue streams and get the most out of their existing technology stack – all in one platform.

That’s without mentioning Nuvei’s extensive portfolio of local and alternative payment methods (APMs), including 150 currencies and almost 700 payment methods, empowering customers to enjoy optimum conversion rates by paying however they choose and helping merchants to maximise customer experience.

“Our purpose is to accelerate our customers’ businesses with future-proof technology,” outlines Laura Miller, Chief Revenue Officer and Global Head of eCommerce at Nuvei. 

“We do this by being flexible and agile. We provide the payments technology and insights our customers and partners need to succeed locally and globally, with one integration.”

Maximising transaction efficiency

One of the big questions facing Nuvei’s huge pool of merchants is how to improve authorisation rates. 

Plenty of traders may think they’ve done all they can to extract maximum value out of each transaction but, beneath the surface, there exists a huge amount of untapped potential – which is where Nuvei, with its vast experience and expertise, comes in.

Delving further into this topic, Miller says it is important to first step back and understand why improving authorisation rates is so highly prioritised by merchants. 

“Authorisation rates can have a really meaningful impact on merchants, their brand and their bottom line,” she explains. 

“Imagine a merchant has worked hard to get a customer to fill up their shopping cart, to be ready to spend money, and their payment method isn't approved or isn’t available. More often than not, those customers abandon their cart and they go somewhere else. 

“For a merchant with hundreds of transactions a day, even losing 1-2% can be really meaningful. And it’s not just about maximising that existing customer because, if a new customer had that experience, they might not come back and you’ve lost the potential lifetime value.”

So, in a world where transaction efficiency is not just desired, but required, and where merchants have countless payment processing choices, authorisation success becomes integral. 

Nuvei understands this and is laser-focused on optimisation, intelligently utilising functionality at every stage of the transaction and empowering customers to achieve the highest-possible approval rate. 

Historically, clients see improvements ranging from 1-3% simply by moving from a legacy payment provider to Nuvei, but there is more to this than just the technology application itself. 

Miller points out that consultation also plays a major role in this process.

She continues: “The reality is, there are many things we talk about in the payments ecosystem that can have an impact, including the merchant. How easy is their webpage to use? What is the timeframe for customers when they go to the payment page? 

“So, we work with them on every single step of the process to share insights and best practices from across all industries that apply well. 

“This doesn’t just improve their authorisation rates, but also their customer satisfaction. And when customer satisfaction is improved, it means repeat customers.”

Fulfilling payment revenue potential

Nuvei boasts many impressive success stories, particularly when it comes to working with large retailers in the e-commerce space and helping them to improve their authorisation rates – and ultimately their brands. 

The process of authorisation optimisation involves Nuvei employing capabilities like intelligent retry and network tokenisation, while adding APMs. 

Miller adds: “When you have a customer that may have heavy debit or bank account usage and they've got recurring billing, being able to understand the best and optimal time to retry when you've had a decline – based on payroll dates, time of day, where they are in the world and how you’re applying that retry logic – can have absolute impacts on your ability to have a successful authorisation.”

Moreover, Nuvei continues to consult and work alongside multiple global clients to ensure they have sufficient knowledge of critical APMs when they are launching in new geographies, allowing them to hit a substantial percentage of the market. 

Visa and Mastercard remain the most prominent industry players, but in many countries, they are not the primary payment methods. 

“We've been able to add certain APMs and not only increase approval rates, but more importantly, increase the  successful transactions that are happening with preferred payments methods that our merchant’s customers want to use.”

Nuvei also has the advantage of being able to survey the scene across numerous verticals and industries, meaning its experts can utilise data to help benchmark merchants. 

This exercise has been carried out with big-name retailers to help them identify where they may not be at the level of their competitors, with Nuvei able to suggest alternatives to help them grow. 

“Whether it’s consulting on their website, APMs, retry logic or another unique optimisation method we can do at every stage of the transaction, all of that has shown success,” divulges Miller.

“There are industry standards, but more often than not it's merchant by merchant: who they’re selling to, where they’re located, what cards or payment methods are being used, married up with fraud logic and holistic data across the ecosystem.”

Staying ahead of the competition

The fact Nuvei’s services go way beyond mere transaction processing is what helps the business stay ahead of the competition. 

Ultimately, the pinnacle is the perfect transaction journey from the outset to approval, and there are various technical means enabling the company to achieve this and reach  greater success. 

One is intelligent messaging, aided by pre-transaction optimisation tools that have the strategic foresight to integrate advanced rules to enrich and augment each transaction message.

Miller asks: “Whether it’s card or bank transfer transaction formatting, exemptions management or network tokens, what can we do to ensure we have as much data as possible before the message is sent so the decision can be extremely informed and timely?”

There’s also smart routing, an enabler of improved transaction success rates and minimised fraud risk.

Leveraging ever-changing, innovative analytics, Nuvei guarantees the most efficient routing is in place for every transaction, enhancing approval rates and securing operations. 

For the payments that don’t get through there’s intelligent retry: solving the issues causing transaction declines and low conversion rates. 

“We can enhance this with some advanced and user-friendly features,” says Miller. “Whether it's simplified verification, decline recovery, bank cascading, there are lots of different things we can do.

“But again, these are all going to depend on who the consumer is, the industry and the types of transactions that are flowing through.”

Last but not least is monitoring control, covering real-time data access and smart reporting which, when utilised, enable clients to enhance their revenue opportunities. 

“They can have processing comparisons, case management, all the way through to helping them identify opportunities to increase revenue and reduce lost sales,” Miller goes on.

“It all starts with consulting, being committed to working with our merchants on their journey, and asking how we can help them to be best-in-class in their industry.”

Helping clients plan for the future

As Miller has already indicated, good relationship management and the provision of tailored support is “paramount”. 

After all, to a great many clients, it’s not just the technology itself that results in a satisfactory solution.

While Nuvei is known for its consultative approach both before and during an engagement, it doesn’t stop there. 

“We want to help clients grow their business,” Miller emphasises. “We not only want to understand their unique needs and tailor services for them today, but also help them in their planning for tomorrow, ensuring it’s not a moment-in-time transactional efficiency, but long-term success.”

Nuvei’s customers have access to on-demand, 24/7 human support, covering critical roles and functions like chargeback managers, APM experts, fraud and risk specialists, legal support, executive sponsorship and vertical-specific experts. 

It’s evident that, whenever merchants are looking to expand their business, go into a new market or take a different approach, Nuvei is available to work with them every step of the way. 

Miller concludes: “As we see changes across the ecosystem, we can partner with merchants to help make sure they are well-positioned to move through those changes with minimal to no impact on the payments ecosystem for their customers.”

Make sure you check out the latest edition of FinTech Magazine and also sign up to our global conference series - FinTech LIVE 2024


FinTech Magazine is a BizClik brand ​​​​​​​