Smart transaction routing (Multi-banking)
It’s challenging to keep up with the most recent emerging advancements, technologies, and regulatory changes in the online payments industry since they are evolving so quickly. Payment routing is one such quickly developing sector that businesses cannot afford not to adopt.
The course or route a transaction follows just after a client makes a purchase is known as money routing. Payment needs to pass through the complete payments ecosystem, which is made up of the payment service provider (PSP), acquiring bank, card network, and issuing bank, when a company accepts a mode of payment, such as a debit card. The vast majority of the time, a transaction moves from authorization to authentication to transaction clearing and settlement by going back and forth across the payments ecosystem.
Technologically advanced payments routing
There is no standardised method for transaction routing. Instead, it can vary greatly amongst sectors, business strategies, and sizes of businesses. Routing frequently changes as a firm grows and as the competition in the transactions services industry accelerates. To provide their customers with the greatest deal, major and mid-tier banks are in competition with both card industry behemoths and fintechs that are all re-shaping the payments industry with A2A payments, buy now, pay later schemes and continued acceleration of online vs offline payments.
The degree of transaction routing complexity depends on a number of variables, including the size of the company, its growth objectives, and its emphasis on payments for the customer experience. By owning its own infrastructure and developing its own software solutions EPS LT allows companies of all sizes to reduce costs and offer additional advantages to their customers.
By routing each payment through EPS LT, businesses may connect to more acquirers, protect themselves from acquirer outages and gain a competitive edge. By partnering with all major banks and financial institutions in the Baltic region EPS LT can assist you in putting together a group of acquirers (banks) that are tailored to your specific company needs, allowing you to route transactions from different issuers to certain acquirers effortlessly and seamlessly. Our software allows businesses to handle their transaction flow utilizing a variety of pre-configured rules, optimizing authorisation rate, uptime, transaction handling speed and transaction handling costs.
Boost your uptime
EPS LT has multiple backup processing systems installed, ensuring a 99.999% uptime. Even if major acquirer technical issues and maintenance delays occur, it enables merchants’ continuous payment handling. All transactional flow is immediately redirected to backup acquirers (banks or financial institutions) in the event of a primary acquirer’s outage. In order to reduce transaction rejection, it also enables the substitution of out-of-service payment processing infrastructure with backup ones.
By utilizing Innovative Payment Routing, you will significantly reduce the amount of denied transactions. Businesses can minimize payment failures, lower transaction costs, and provide seamless shopping journeys to all of their consumers by utilizing EPS LT’s latest Multibanking software.