An Overview of the Payment Routing Embedded in SubscriptionFlow

Never lose a sale and customer by making payments work like a Swiss watch – Payment routing.

Like many other routings, payment routing is one of the most integral parts. As given by research, with a smooth payment routing system, 15% of the payment loss can be saved.

Payment routing fits with the analogy of having backup systems in mobiles. As you never lose your data with backups, a transaction is never failed with the enhanced and innovative payment routing system that knows how to truly execute it.

Payment Routing – Which one should you choose for your business?

Before we dive straight into payment routing, here are the ways you can route your payments.

Payment routing is the payment processing feature that entails making an optimal route for making smooth and swift transactions. With that being said, it is the most significant feature for businesses that work with multiple payment providers.

To keep the system agile and reduce payment failures, businesses ought to go for an optimized route that maintains failovers. In such a case, a secondary backup system is always there if the primary route fails.

Read More: What Are the Online Payment Methods for Automated Recurring Payment Processing

Static payment routing versus dynamic payment routing

Well, now you have been familiarized with intelligent payment routing, let’s get acquainted with the types of the aforementioned.

Static payment routing entails the manually configured system that is pre-defined for the customers. If you have not optimized payment routing, then there is a higher chance that the transaction failure won’t be solved earlier than expected. It might get late.

On contrary to this, dynamic payment routing enables to make the changes based on the certain variables to ensure that payment is not failed rather it is transacted successfully.

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With the intelligent payment routing software or engine, you can optimize the payment processing by choosing dynamic payment routing. With increased payment approval rates, it goes without saying that your revenue is going to scale along with the business.

For the payment routing, there are certain requisites that the bank payment routing system configures in order to make payments successful that are embedded as details. The details of the business include:

• The location of your business
• The location where the businesses had made their services or products accessible
• The services or products being provided to the customers/users by the business

Also Read: How to Set Up Automatic Payments for your Business

How will payment routing help your business scale?

If you are deciding to get this into your system for agile payment processes, then your mind must be raising questions; whether it is worth the shot or not? To answer this question, we have listed a few benefits that are guaranteed to you by SubscriptionFlow.

Improved success rates

The topmost and foremost is an increase in success rates. Success rates for transactions imply that there are fewer failures of the payments, hence less hassle. It is due to the fact that multiple payment gateways are configured to the system, and when there is a payment failure, the secondary route is adapted to process the payments easily.

Reduced fee

The second advantage of payment routing in the system is the reduction in the costs due to the lower payment transaction fee. You can select different payment service providers abbreviated as PSPs that have a lower transaction fee. By doing so, you can save up to 30 percent on the transaction fee for each payment transaction.

Business Operationality

Operational continuity of the businesses is directly linked with the optimal payment processes which can be attained using payment routing. Through payment routing, the flow is made up to the mark along with the quick speed that improves the customer experience.

Also Read: How to Add Recurring Billing to Your Business?

How can SubscriptionFlow’s intelligent routing help optimize your payment processes and transactions?

Being a subscription management platform, SubscriptionFlow equips its customers with the optimal strategies and technical system that renders the most useful and purpose-built solutions. For payment routing, SubscriptionFlow optimized the payment performance for incoming and outgoing transactions related to your business. As we provide multiple payment integrations, your business will always be robust for payment routing through our Artificial Intelligence-driven (AI-driven) system. Here are the ways how SubscriptionFlow will do payment routing for you.

Optimized by fee

The payment routing is done considering different variables and one of them is optimizing the route based on fee. The payment is routed to the payment service provider that is optimized according to the fee per transaction and has a lower fee than the other PSPs. This is further optimized on the basis of the conversion rate and currency of the transaction.

Optimization by turnover volumes

The turnover statistics also play a key role as SubscriptionFlow does payment routing based on the collected turnover statistics of the merchant accounts. You can also set up a payment turnover limit for each merchant account and then distribute the amount easily through the routed payment gateway.

Optimization through Account balance

With our intuitive dashboard, you can allocate a payment transaction to the account while having a sufficient balance in the bank account. You can keep the track of payments and fund transactions through our robust analytics and reporting system.

Combination of Strategies

A combination of the various payment routing strategies can help you to optimize the payments based on various strategies. Through our platform, you can modify the strategies or make decisions in accordance with them.

Also Read: Manage Payments as per Customer’s turn out through Recurring Billing

Bottom Line

Payment routing cannot be overlooked for the fact that it has a vital role in scaling your business and providing your customer with the best experience. With SubscriptionFlow, you can route the payments using multiple payment gateways integrated into our system. you can also connect your required payment gateway to our platform which will be all done through our technical support.

With that being said, make your business reach the heights of scalability with robust payment routing.  Schedule a demo with us now!