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Spreedly and FlexFactor Partnership Overview

In an exciting development for eCommerce merchants, Spreedly—known for its open payments platform—and FlexFactor, a leader in payment recovery solutions, have announced a strategic partnership aimed at addressing the pressing issue of payment declines. With estimates indicating that merchants lose over $500 billion annually due to false declines, this collaboration is poised to transform failed transactions into valuable revenue streams, ultimately enhancing shopping cart conversion rates and promoting growth in the global merchant community.

Key Benefits for Merchants

The partnership offers several advantages to merchants, including:

1. Recover Up to 30% of Declined Transactions: By utilizing this integrated solution, merchants could significantly bolster their revenue by capturing sales that would otherwise have been lost through declined transactions.
2. Improve Conversion Rates and Customer Lifetime Value: The platform not only helps in recovering lost sales but also aims to increase conversion rates and customer lifetime value by 10-20%, encouraging long-term customer relationships.
3. Zero Risks and No Upfront Costs: FlexFactor operates on a model where it takes a small percentage of the recovered revenue, which means merchants do not incur additional costs related to SaaS or setup fees, making it an attractive option for businesses focused on efficiency and profitability.

Seamless Integration

The collaboration allows for an effortless setup where FlexFactor can embed directly within the Spreedly ecosystem. This integration ensures that merchants can continue their existing payment flows without disruption, maintaining a frictionless purchasing experience for customers. The Spreedly Connect feature enables access to multiple payment gateways, ensuring transactions are routed to the best-performing provider in real time; this, in turn, reduces the chance of declines.

When a payment decline does occur, FlexFactor's real-time decision-making engine evaluates each transaction, facilitating the purchase by acquiring the invoice. This guarantees that sales can be completed immediately, positively impacting revenue generation and customer satisfaction.

Expert Insights

According to Ze'ev Shoval, Chief Commercial Officer and co-founder of FlexFactor, "Our primary aim is to tackle the challenge of false declines in a scalable manner while ensuring smooth purchasing experiences. By joining forces with Spreedly, we enhance our capabilities, enabling merchants to recover revenue effectively from declined transactions and foster improvements in conversion rates and overall customer experience. This partnership is a significant benefit for everyone involved."

From Spreedly’s perspective, Rose Francois, VP of Partnership, adds, "Collaborating with FlexFactor allows us to provide merchants with a robust solution to address payment declines. By integrating their real-time payment recovery service with our Spreedly Optimize tool, we empower merchants to reclaim lost revenue and turn declines into significant opportunities for growth."

About the Companies

Spreedly is celebrated for its open payments platform, which facilitates access to a global consumer base by handling more than $50 billion of gross merchandise volume annually. It operates in over 100 countries, firmly establishing itself as a pivotal player in overcoming the complexities of cashless commerce through a secure, inclusive, and diverse payment ecosystem. To learn more, visit Spreedly's website or follow them on LinkedIn.

FlexFactor, on the other hand, stands out as a pioneering payment recovery platform, strategically focused on turning declined transactions into real-time revenue. Utilizing advanced AI technology and predictive models, FlexFactor allows merchants to capture previously lost sales without inflicting additional costs or friction on consumers. This platform manages all decline codes, ultimately ensuring recovery of up to 20% in annual revenue. For further details, check out FlexFactor's website.

In conclusion, the partnership between Spreedly and FlexFactor is a formidable response to the common pain point of payment declines faced by many merchants. As they work together to optimize payment transactions, recover lost sales, and deliver an improved customer experience, they are set to redefine the standards of efficiency and profitability in the eCommerce landscape.