In today’s digital era, businesses of all sizes rely heavily on digital payments to process transactions and generate revenue. However, transaction failures remain a major challenge for businesses. These failures can occur for a variety of reasons, such as network outages, technical glitches, outdated systems and fraud. When a transaction fails, it can lead to lost revenue, customer churn, and damage to a business’s reputation. In order to thrive in this competitive landscape, businesses need to be proactive in addressing this and have multiple payment gateways to safeguard payment failures. And Furlenco was looking to do just that.
About Furlenco
Furlenco is a tech driven online furniture Company that provides access to furniture and appliances via Renting, Subscription or outright purchase. They are enabling Indians with better homes with their myriad home offerings.
The Challenge
The team at Furlenco faced a key challenge towards improving the health of the bottom of their user journey funnel – the payments module, which was measured by the company’s Payments Success Rate (SR). With this goal, they embarked on a strategic initiative to improve the success rate over a six-month timeline. However, they faced substantial challenges which were worked upon::
- Lack of no-code solution: Their traditional payment routing setup needed simplification and additional coding expertise. The Company didn’t prefer additional resource investment in managing a payments router and wanted a no-code tool that needed minimal engineering effort
- No backup routing channels: Furlenco routed payments using a single routing channel that needed manual intervention which impacted user conversions. These methods can at times be inefficient and lead to higher routing fees
- Lack of transparency in payment routing: The Product team at Furlenco experienced a lack of transparency into how their payments were being routed. This made it difficult for them to identify and address routing issues and make better decisions
The Solution
To solve these challenges, Furlenco used Razorpay Optimizer– India’s first AI-powered Payments Infinity Router. This empowered their business to effortlessly tap into a vast network of 100+ payment providers, through a single-click seamless integration. With Optimizer, Furlenco was able to easily configure payment routing rules without the need for extensive engineering effort and save tons of hours in doing so.
Routing on Optimizer is unbelievably simple. Furlenco made the best usage of dynamic routing to route transactions to the best PG as per their set rules. Robust AI/ML technology empowered their product teams to rely fully on Optimizer and fail-safe transactions. By using advanced algorithms and real-time payment data, Optimizer was able to make intelligent routing decisions and route their payments to the preferred Payment Gateway. They made the best use of Optimizer’s Smart Router, which automatically pushes transactions to a payment gateway that ensures better payment success in instances where they didn’t want to define payment logic.
The Impact
Improving the success rate of payments was critical for Furlenco. When presented with the strength of a product like Optimizer, they understood what it could mean to them. Within weeks of their onboarding, their payment success rate improved by 5%. Their payment success relied on the intelligence of Razorpay payments expertise and a robust data model that crunches over 600 mn+ data points to make each routing decision.
Optimizer helped reduce transaction failures and create a seamless payment experience for their customers. This improvement is a testament to Optimizer’s capabilities and commitment to innovating for customer satisfaction.
About Razorpay Optimizer
Razorpay Optimizer is the force behind a secure payments future. If your business works with multiple payment gateways, and is looking to maximize payments success rates, mitigate dowtimes, and reduce costs, Optimizer becomes an indispensable choice for you. Our payments intelligence gathered over the last few years birthed our robust AIML models that gives you a cutting-edge benefit over any other payments router in town.
