The specialist provider payment solutionsCheckout.com has just announced the redesign of the operations system Freshly Cosmetics, with its unified platform. With the change, the Spanish firm has achieved raise up to 98.5% its payment acceptance rate (sales), compared to the 89% it achieved with its previous provider.
If there is a day on the calendar that is especially important for Freshly Cosmetics, a company specializing in natural, healthy and sustainable cosmetics, and for any retailer, it is black friday. Given its importance and impact on companies’ last quarter sales, it is usually not the best time to modify a company’s payment system.
However, thanks to its disruptive and innovative spirit, it decided to bet on changing its entire payment processing system and entrusting it to the Checkout.com platform. The process culminated a previous audit work in which optimization opportunities were identified that could help Freshly Cosmetics to increase your transactions during the biggest sales season of the year.
“Achieving such a large increase in sales in such a short space of time is extraordinary and a testament to the value of Checkout.com’s technology and professionals.”, comments Miquel Antolín Civil, co-founder and CEO of Freshly Cosmetics. “No other sales, marketing or operational initiative can have such a significant and immediate impact on our bottom line.”.
Objective: Optimize the authorization rate
Recording a significant increase in sales in the run-up to Black Friday, the Freshly Cosmetics team decided that optimizing the clearance rate was the highest priority as peak season was a critical time for their business and they wanted to achieve optimal performance of payments to close the largest number of sales and expand the number of customers.
The strategy designed by Checkout.com has achieved optimize the payment retry process of Freshly Cosmetics and adjust the transactions that passed through the 3DS protocol. With this, the cosmetics firm has been able to take advantage of the security benefits of strong customer authentication and create a frictionless payment experience for customers. Freshly Fans. In addition, the agreement with Checkout.com has provided the start up with a reduction in the number of fraudulent payments and, at the same time, has provided it with all the information necessary to claim them in the event of non-payment.
“With Checkout.com, our acceptance rate immediately increased to 90-92%, while the other provider’s was lower. It was obvious that we needed to move more volume to Checkout.com. Then we saw our authorization rate go up even more, so we moved all of our volume to Checkout.com just before Black Friday.«, highlights Antolin.
Jonathan G. Rambal, General Manager of Checkout.com for Southern Europe, adds: “From Checkout.com we have worked designing an adhoc strategy for Freshly Cosmetics, achieving, thanks to our team, knowledge and our differential technology, that its acceptance rate reaches almost 100%. We are happy to work with such innovative and courageous clients like Freshly Cosmetics, who have not hesitated to follow our recommendations and are now reaping the benefits”.
Support for international expansion
The agreement between both companies has come just in time to take advantage of a recent injection of funds at Freshly Cosmetics. Among its objectives is international expansion, since currently a large part of its 45 million euros of annual sales come from Spain. However, its growth plans are not limited to the European Union. They currently have a store in London and are present in Asia.
With Checkout.com’s international network, you will have the agility and flexibility to start operating in new markets, since with a single click you can adapt your payment gateway to the language, currency or payment preferences of each country, create experiences segmented payment methods or apply different authentication and security protocols in different markets.
“Doing business in multiple countries is complex, but with a partner like Checkout.com accompanying us, we will be able to continuously optimize our payments.e”, says Antolin. “Thus, we will be able to enter new markets much faster and it will leave us free to focus on everything we know how to do best, our business.”.