Digital payments will continue to outpace cash globally. Because of this, businesses are encountering a less visible but costly challenge: keeping transactions flowing smoothly across a maze of payment providers, currencies, and customer preferences. In 2023, global digital payment transaction value surpassed $9 trillion, according to Statista. However, behind this rapid growth, fintech startup solutions are addressing the inefficiency of costly failed payments, helping businesses streamline financial operations.
These failures aren’t just technical hiccups; they result in lost revenue, customer churn, and operational complexity, especially for companies expanding across borders. The demand for smarter, more resilient infrastructure is surging as more organizations have lost customers due to failed payments.
Enter BridgerPay, a Cyprus-based fintech founded in 2019, which has been gaining attention for offering a new way to manage payment operations. Rather than simply serving as another payment gateway, BridgerPay gives businesses real-time control over how payments are routed, retried, and optimized across multiple providers.
BridgerPay’s Innovative Approach to Payment Operations
At the core of BridgerPay’s triumph is its pioneering self-onboarding payment operations platform, acclaimed as the world’s first of its kind. This platform enables businesses to interface with over 1,000 global payment providers via a single API, streamlining the integration process and reducing time-to-market. Such innovation is particularly vital in today’s digital economy, where speed and efficiency can determine a business’s success. The platform’s unique features are sure to pique your interest and leave you wanting to learn more.
Another key innovation is the Drag-and-Drop Payment Flow Builder, which empowers companies to visually design and control how transactions are routed in real time. This feature ensures full flexibility and customization with no coding required.
The Financial Impact of Failed Payments
A comprehensive study by Accuity, a LexisNexis Risk Solutions company, unveiled that failed payments inflicted a staggering $ 118.5 billion loss on the global economy in 2020, encompassing fees, labor, and lost business due to payment failures. The study underscored that banks spent an average of $360,000 while corporate firms incurred costs just over $200,000 due to failed payments. These failures often stem from issues like inaccurate or incomplete information and human error during data entry. The urgency and importance of BridgerPay’s solutions become even more apparent in the face of these staggering figures.
Moreover, the study found that 60% of organizations reported losing customers as a result of failed payments, underscoring the significant impact on customer retention and satisfaction. Despite this, fewer than half of the surveyed organizations were actively working to improve their payment processes.
Enter Bridger Retry™
BridgerPay directly addresses this issue with one of its standout features: Bridger Retry™. This intelligent retry engine automatically routes failed transactions through alternative payment providers in real time. It is based on smart logic and past performance data, helping businesses recover up to 30% of previously declined transactions.
Retry logic can be tailored for high-value customers or specific geographies. When paired with the platform’s real-time analytics and reporting, companies gain visibility into performance bottlenecks and conversion rates.
Collaborations with Industry Leaders
BridgerPay’s innovative solutions have attracted a diverse clientele across various industries:
- Etihad Airways: Faced with the challenge of managing nearly 30 payment options across its platforms, Etihad partnered with BridgerPay to streamline its payment processes.
- Zalora: As Southeast Asia’s leading fashion and lifestyle e-retailer, Zalora sought to optimize its payment methods across the region. BridgerPay enabled Zalora to integrate with multiple payment service providers in markets like Singapore, Malaysia, and the Philippines.
- Paybis: This cryptocurrency exchange platform serves over 4 million users in more than 180 countries. It faced a challenge with high transaction decline rates. Partnering with BridgerPay helped improve its payment performance and expanded into new markets, particularly LATAM and Asia.
- PassportCard: This leading travel insurance solutions provider intergrated BridgerPay’s platform to automate payment flows to enhance efficiency and customer satisfaction.
The Future of Payment Operations
BridgerPay’s trajectory points towards a promising future in the fintech industry. By addressing critical pain points in payment processing and offering scalable, user-friendly solutions, it is well-positioned to continue its upward momentum. As the company explores AI-powered tools to provide personalized insights based on transaction data, it remains at the forefront of innovation in payment operations. The potential of these future innovations is sure to leave you feeling optimistic and excited about what’s to come from BridgerPay.
As a pioneering Fintech Startup, BridgerPay is expanding its global footprint—not just following industry trends but actively shaping them. For businesses looking to future-proof their payment strategy, this startup is one to watch closely.
