How to make location data a user protection tool and increase customer retention
When your customers are on vacation or dining out in a new city, how often do they experience declining cards?
What is the impact of a declined payment on your revenue?
In 2020, failed payments cost banks, FinTech companies, and companies nearly $120 billion (Accuity Study, 2021). Moreover, 60% of organizations reported losing customers as a result of failed payments.
At Mall IQ, we strive to provide clever solutions to both banks and fintechs we work with and, their users.
Mall IQ offers an algorithm that checks for location consistency on 3 levels, that are, country, state, and local. In this way, we are providing an additional level of security for card usage and app login.
It not only reduces the number of declined payments but also gives users a compelling reason to share their location securely with you.
As a result, if your user’s location is enabled, their purchase will be validated automatically regardless of whether they are traveling internationally or dining at a new restaurant.
No more heartbroken users!
With Mall IQ, there are countless ways to empower your business with our smart solutions, and we are more than happy to talk more about it!