PRISM+ is a fast-growing consumer electronics company founded in Singapore in 2017, with a presence in Malaysia and Australia. Operating as an online retailer specializing in high-value, high-performance gaming monitors and smart TVs, PRISM+ transacts solely through digital payment.
To give its customers a first-class user experience, PRISM+ needed a stable and reliable payment processing provider. Its previous payments platform couldn’t keep up with the pace of the growth and PRISM+ received little support in navigating the complexities of online payments. This was worrisome for Jonathan Tan, Co-founder of PRISM+, eager to expand the business beyond local shores. So he decided to make the switch to Checkout.com.
“Checkout.com provided the expertise for us
to improve our acceptance rates"
Partnering with a responsive and knowledgeable PSP
PRISM+ needed a payment service provider (PSP) with a dedicated, local team to provide reliable support and resolve issues quickly. So they could better manage and prevent fraud and optimize the transactional process for an improved bottom line. Checkout.com delivered beyond expectations.
"Besides seamless, improved payment services, we were also assigned a dedicated Customer Success Manager (CSM) for round-the-clock support," Tan said. "The onboarding process was efficient and painless, with the Checkout.com team ready to respond to any difficulty, allowing us to go live in just two days."
He recalled that when Checkout.com was first onboarded, PRISM+ faced several issues with its Shopify integration. The team quickly resolved them by checking the status of all orders and reconciling financial reports with their internal systems.
"And when we were hit with fraudulent transactions, the Checkout.com team ran us through the best course of action," he said. "They tweaked our risk settings to better adapt to purchase patterns and advised how we can optimize our operations. This guidance was invaluable to us."
Boosting acceptance rates and keeping chargebacks low
The COVID-19 pandemic created a spike in online sales of consumer electronics. Having a stable payments platform became a competitive advantage in providing a seamless shopping experience.
PRISM+’s previous PSP didn’t give them visibility of critical data — specifically, acceptance rate. Since switching to Checkout.com, they have gained greater transparency of their data and optimized their processes, boosting acceptance rates to over 90%.
Plus, they’ve seen zero chargeback incidents for three months consecutively at the beginning of 2021.
By adjusting risk settings and introducing industry best practices, PRISM+ was able to keep the acceptance rate high and the number of chargeback incidents low.
"Checkout.com provided the expertise for us to improve acceptance rates, cater to chargebacks, optimize our risk settings, improve fraud detection, and understand the different challenges and opportunities for each geography," he explained.
Taking the next step with confidence
After seeing great success in Singapore, PRISM+ decided to continue with the Checkout.com partnership when they expanded into Australia.
"Checkout.com gained our confidence as a reliable partner with great expertise, making them the obvious choice when we decided to launch our Australian entity," shared Tan.
This decision paid off — at the start of their expansion, PRISM+ faced several fraudulent chargebacks. The Checkout.com team proactively identified and flagged this area of concern and provided solutions. They also gave practical advice on the type of evidence that should be submitted to boost the odds of winning disputes.
"Without their expertise, our payment processes would not be as smooth and effective," he concludes.