In October 2022, Stripe held an in-person event called “Stripe Local México.” Through this event, Stripe customers gained additional knowledge on tools that have helped millions of companies around the globe to grow their e-commerce, digital business, and marketplace.
The 8.5-hour event occurred at the Proyecto Público Prim in CDMX. As a Stripe partner, Wizeline was invited to participate in the event as a speaker in one of their side conferences to talk about “Strategies to Increase the Conversion Rate with the Stripe Partner Ecosystem.”
Creating A Payment Optimization Strategy
As our Payment and E-Commerce practice Director, I presented to an audience of approximately 30 people focusing on the “Creation of a Payment Optimization Strategy.”
The presentation began with an explanation of all the actors involved in online payments in Mexico in order for everyone to understand the complexity of the Mexican payments ecosystem. The bulk of the presentation outlined three key aspects to review when defining a Payments Optimization strategy: Checkout Completion, Fraud Protection, and Network Acceptance.
In the checkout completion section, I explained in detail the considerations, suggestions, best practices, and common mistakes companies should keep in mind while creating or changing their payment flow.
For Fraud protection, I shared the three main aspects to keep in mind when creating a checkout flow to avoid headaches later. In English, these translate to collecting as much payment information as possible, effective communication with the client, and refunding suspicious/fraudulent payments.
For the Network Acceptance topic, I explained how to handle the most common reasons for network payment rejections, including insufficient funds, inaccurate or outdated card information, and suspected fraud.
The session concluded with a summary of tips to keep in mind while working to increase the authorization rate of a company. A few of these tips were to optimize your payment flows, accept digital wallets, and offer different payment methods.
If you would like to improve the conversion of your checkout flow, perform a payment integration, need help with your fraud rates, or would like a meeting to review our presentation, then contact our Wizeline experts at email@example.com. We will be happy to work with your teams to define a strategy to improve your checkout while using Stripe products.