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PayNearMe The company said the new PayXM capabilities are de-
signed to close that gap by automatically re-engaging
PayXM payers, recommending alternative payment paths and
https://www.paynearme.com securely enabling third parties to assist with payments
when needed.
Payer Re-Engagement automatically reconnects with con-
sumers who abandon the payment process. It does so
through personalized outreach intended to bring them
back into the payment flow. PayNearMe said that when
the feature is enabled, half of abandoned payers return to
the flow, and 7 percent complete a payment, exceeding the
4 percent average typically seen in ecommerce recovery
efforts.
Dynamic Payment Options helps guide consumers to-
ward alternative payment methods when an initial pay-
ment attempt fails. The company said the capability uses
real-time data to recommend the next best payment path
Recover more while keeping transactions inside the self-service environ-
ment. Businesses using the feature recover an additional 9
percent of payments, according to PayNearMe.
payments through Invite a Payer enables consumers who cannot complete
self-service a payment independently to securely request assistance
from a trusted third party, such as a friend or family mem-
ber. PayNearMe said the capability gives businesses visi-
bility into who ultimately completes the transaction while
ayNearMe introduced new capabilities within helping reduce operational costs tied to payment recovery.
its PayXM platform designed to help businesses
keep customers inside self-service payment The company noted that the new features build on
P channels while reducing costly payment excep- PayXM's broader focus on Payment Experience Manage-
tions and support interactions. ment and self-service adoption.
The enhancements—Payer Re-Engagement, Dynamic Pay- PayNearMe said one finance company increased self-ser-
ment Options and Invite a Payer—are intended to help vice usage from 37 percent to nearly 75 percent, while an-
businesses accelerate payments, improve completion rates other client now sees more than 55 percent of transactions
and lower the total cost of acceptance by guiding consum- completed through self-service channels. For more infor-
ers through stalled or failed payment attempts without mation, please visit https://www.paynearme.com.
requiring live agent intervention.
According to PayNearMe, many organizations continue to
rely heavily on customer service representatives to resolve
incomplete or abandoned payments even as consumers in-
creasingly prefer self-service experiences.
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