Approvely Revolutionizes Payment Solutions for High-Growth E-commerce Platform

Industry: Skill-Based Gaming (Online Gaming)

Services Provided by Approvely: Credit/Debit Acceptance, Instant Payouts, Visa RDR, Chargeback Management System

Introduction

From Declines to Growth: How Approvely Transformed Payments for a High-Risk E-commerce Business

Approvely partnered with a rapidly scaling skill-based gaming operator in the online gaming sector, facilitating over $25 million in annual player spend and more than 200,000 transactions each month. As a high-risk operator, this client required a robust payment solution to not only enhance transaction approval rates but also streamline operations, reduce chargebacks, and provide instant payouts to players.

Initial Challenges

The operator faced multiple challenges:

• Limited Payment Methods: Heavy reliance on P2P methods restricted growth. They needed a payment solution with the ability to accept credit and debit cards, ACH payments, and cryptocurrency transactions.
• High Decline Rates: The operator’s existing merchant account had low transaction approval rates, impacting cash flow management and player trust.
• Chargeback Issues: Lack of efficient chargeback management and protection led to increased chargeback ratios and unauthorized transactions.
• Operational Complexity: The absence of a user-friendly interface for transaction verification, fund transfers, and daily reconciliation added to operational costs and complexity.

Solution Provided

Approvely stepped in to provide a full-stack payment processing solution, addressing each pain point and implementing enhancements that included:

• Fraud Protection & Security: Approvely’s advanced security measures, including multi-factor authentication and ID verification tools, drastically reduced unauthorized transactions.
• Flexible Payment Options: Integration of various payment methods, from credit and debit card acceptance to cryptocurrency transactions and instant bank transfers, enabling the client to offer a seamless and user-friendly checkout process.
• Chargeback Management: A robust chargeback protection system, including automated dispute alerts and the ability to issue refunds within set thresholds, significantly improved risk management.
• Instant Payouts: Enhanced cash flow management by providing instant payouts for sellers, increasing satisfaction and retention rates among vendors.
• Operational Efficiency: Streamlined transaction verification and reconciliation, reducing complexity and transaction costs across all payment methods.

Outcome

• Approval Rate: Increased to 91.49%, driven by enhanced security measures and flexible payment options.
• Chargeback Ratio: Reduced to 0.02% due to effective chargeback management and automatic refund capabilities.
• Improved Security: Advanced security features, such as multi-factor authentication and fraud protection tools, minimized unauthorized transactions.
• Operational Stability: Transaction processing and reconciliation became more efficient, reducing processing costs and enabling sustainable growth.

Summary

Approvely’s payment solutions enabled this high-risk gaming operator to diversify methods, improve approval rates, and reduce chargebacks. The result? Greater player loyalty and a secure foundation for future growth.