Network acceptance up by 6%
SkipTheDishes partnered Stripe for its enterprise-grade technology that could be quickly deployed to boost conversion and delight their customers. Since the deployment, Stripe has helped capture more revenue that was falling through the cracks. According to Matthew Neff, Global Head of Product at SkipTheDishes, “Since moving over to Stripe, our payment processing approval rates have picked up by 6% in a very, very short period of time, which is a huge win on improving our conversion rates with customers and our reputation with issuers.”
SkipTheDishes benefits from Stripe’s machine-learning technology to boost network acceptance. Stripe’s machine-learning engine dynamically routes, adapts, and retries your transactions in real time. So when SkipTheDishes attempts a transaction and we receive a decline from the relevant payment network, Stripe’s machine-learning assesses in real time whether we think the decline is in err. If so, it instantaneously evaluates a variety of techniques to increase the likelihood of acceptance, and, in many cases, retries the transaction. In 2019, it’s already turned over half a billion dollars of would-be declines into revenue without users like SkipTheDishes having to lift a finger.
30% reduction in chargeback rates
In addition to using Stripe’s engine to increase network acceptance, SkipTheDishes chose to use Stripe Radar For Fraud Teams to reduce fraud. Radar uses machine learning that trains on data across millions of global companies and adapts quickly to shifting fraud patterns. It helps distinguish fraudsters from customers and enables SkipTheDishes to apply Dynamic 3D Secure to high-risk payments, which can reduce fraud without compromising on user experience. Since switching to Stripe, SkipTheDishes has reduced chargeback costs by over 30%.
Rapid deployment in just three months
As Matthew explains, the integration was completed over a very short period of time. In just three months, SkipTheDishes successfully moved all of their volume to Stripe. They partnered closely with Stripe’s Deployment Services team, who was heavily involved from day one — helping with integration scope, unique business requirements, and execution. Throughout the project, Stripe’s team refined a customized integration plan to help SkipTheDishes optimize their payments environment and improve overall conversion rates.