Primer, the unified infrastructure for global payments and commerce, has announced the launch of UpliftAI, a first of its kind AI payments tool designed to empower online merchants to predict, optimise and deliver the highest possible authorisation rate across all global processors to drive revenue growth.
With soaring transaction volumes and an ever-growing list of processors, payment teams are faced with large volumes of data and countless hours spent tracking, analysing, and optimising payments. UpliftAI does this work for them, harnessing billions of payment data points and automatically selecting payment processors with the highest authorisation rate, allowing businesses to redirect their energy towards new growth opportunities and crafting even better customer experiences.
As the first unified payments infrastructure, Primer has access to billions of data points across a multitude of payment methods, services and processors. Building an AI and machine learning model, Primer is equipping merchants, with a multi-processor approach, to achieve maximum uplift in performance the moment they switch on UpliftAI. Across industries such as retail and travel, Primer is already seeing an uplift of up to 5% in authorisation rates.
Gabriel Le Roux, Co-Founder of Primer, said: “UpliftAI is a no-brainer for any global business transacting online. It is a move towards the next generation of smarter payments, leading businesses to a huge potential uplift in authorisation rates. With authorisation uplift of up to 5%, these margins can have a huge impact on the bottom line for our customers with a flip of a switch.”
According to a study by LexisNexis Risk Solutions, failed payments are estimated to have cost the global economy USD $118.5 billion in fees, labor and lost business in 2020. UpliftAI dives deep into a merchant's selected payment providers, identifying the best processor across markets to ensure the highest possible payment success, regardless of the market and currency they’re operating in.
Le Roux continues: “UpliftAI is the evolution of optimisation tools to guarantee payment success. When it comes to the application of AI in payments, this is just the beginning. We see a future where AI can support businesses to make decisions across the whole customer journey, optimising fraud protection, communications, shipping, customer loyalty and more.“