How split payments reduce failed payments due to credit limits

Failed payments can significantly disrupt a business’ revenue, with an estimated cost to the global economy of $118.5billion per year, their impact can be severe on both large enterprises and SMEs.  

Credit limits, otherwise known as Code 65, are a common reason for payment failure. If a customer exceeds their credit limit, their transaction will be void.  

This can be incredibly frustrating for some customers, especially when they have part of the funds accessible on another card.  

This is where split payments come in. Split payments can allow customers to split the payment across multiple cards, meaning credit limits are removed as a cause for decline.  

Reducing card declines is essential for a smooth purchase experience, as well as keeping hold of your revenue.  

But what split payment solution allows businesses to do this?  

Multi Card- the online payment solution to overcome credit limits

When it comes to eCommerce payment solutions, Multi Card truly is the Paytech innovation that does it all. With Multi Card, you can offer your customers:  

• More ways to pay and increased flexibility  

• A better user experience  

• Increased control over their finances

• More purchasing power in emergency situations- such as having to catch an urgent flight  

Then, as a business, you will benefit from:

• Overcoming credit limits as a barrier to successful transactions

• White labelling the solution, to increase brand reputation through showcasing adoption of innovative online payment solutions

• Enhancing customer satisfaction and retention for an improved user experience

• Customising the number of cards that customers can split the payment across

• Using this split payment as a decline recovery method, as the option to split the payment can also be available at the point of a decline

• Offering this solution in all the locations you serve, by integrating with your existing gateways and infrastructure

• Increasing average customer lifetime value by making higher-value purchases more accessible  

• Unlocking more incremental revenue from recovering the funds from failed transactions

• Getting an edge over your competition by being an initial adopter of this groundbreaking technology

• Easily being able to go live- requiring just 20 lines of code

Make split payments your next integrated payment solution

Adopting split payments will soon be essential as the eCommerce landscape gets more competitive and it gets harder to create a lasting impression on your customers. We’ve seen the astronomical rise of Buy Now Pay Later and split payments are the next stage in the evolution of flexible eCommerce payment solutions.  

Typically, our merchants see 1 in 10 failed payments recovered from adopting split payments as their decline recovery solution. Not only this, but Multi Card itself has an astounding 92.5% conversion rate.  

Be our next split payments success story.

‍