Payment processing can make or break a customer’s experience, directly impacting satisfaction and sales. As businesses expand into diverse, fragmented markets and begin processing transactions with multiple payment providers, the need for efficient payment routing becomes crucial to ensure smooth, successful transactions while minimizing costs.
Advanced routing technology plays a vital role in payments processing, selecting the best pathway for each transaction based on a business’s desired outcome. Yuno offers two advanced routing products: Dynamic Routing and Smart Routing, each designed to streamline operations, boost transaction success rates, and drive cost efficiency.
What is Dynamic Routing?
Yuno’s Dynamic Routing product automates payment routing between different providers based on a defined set of rules. For instance, a business can define a payment routing path based on different factors, such as::
- Customer location
- Region associated with the payment method (such as where a credit card was issued)
- Merchant's geographic region
- Available payment methods at the time of purchase
- Customer’s payment preferences
- Bank identification number (BIN) specifics
- Costs and fees associated with different routes
- Real-time availability of financial institutions and Payment Service Providers (PSPs)
With your business strategy in mind, Yuno’s Dynamic Routing directs each transaction through your designed route, improving approval rates, lowering costs, and delivering a smoother payment experience for your customers.
With Yuno’s Dynamic Routing product, businesses can benefit from:
- Higher payment approvals: By allowing the merchant to design payment routes taking into account several factors, Dynamic Routing reduces the likelihood of failed transactions.
- Global reach: Through integrations with over 300 payment methods, Yuno enables businesses to route payments based on a variety of payment preferences and institutions worldwide, giving them access to new markets and geographies.
- Cost efficiency: Businesses are empowered to select the most cost-effective route for each transaction, leading to lower transaction fees and higher profitability.
What is Smart Routing at Yuno?
Smart Routing takes routing to the next level by incorporating intelligent algorithms. Leveraging historical data and adapting to conditions in real time, Smart Routing continuously refines its decision-making process, predicting the best possible route for each transaction.
Key features of Smart Routing
- Intelligent optimization: Smart Routing learns from the performance of various payment providers across Yuno’s database, predicting which one will have the highest approval rates for future transactions.
- Total flexibility: Merchants have full control over how much of their payment traffic is routed through Smart Routing and how much is managed manually.
- Improved conversion rates: By using historical transaction data, Smart Routing significantly increases the chances of successful payments, driving up overall payment conversion rates.
- Reduced manual work: Smart Routing automates the otherwise manual process of analyzing provider performance, freeing up valuable time and resources.
- Operational efficiency: Smart Routing can be customized to prioritize either performance optimization or cost reduction, depending on your business’s specific goals.
Dynamic Routing vs. Smart Routing: Key Differences
While both Dynamic Routing and Smart Routing offer automation and optimization, there are some key differences that set them apart:
Optimize your payments with Dynamic Routing and Smart Routing
Every business has its own set of goals and needs when it comes to optimizing their payments' strategy. That’s why Yuno offers both Dynamic Routing and Smart Routing products to provide you with flexibility and control to design your ideal payment flow. Both solutions enable A/B testing, so you can compare and refine routing strategies for maximum efficiency. However, each option offers distinct advantages.
Our standard Dynamic Routing solution allows you to direct transactions based on a defined set of criteria in order to achieve higher success rates and reduced costs. For a more advanced approach, Smart Routing leverages historical data to make data-driven routing decisions, optimizing each transaction path.
Ready to revolutionize your payment processing? Discover how Yuno’s routing solutions can optimize your payment flow today.
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