To paraphrase the great 20th century philosopher, Ludwig Wittgenstein, the limits of our language are the limits of our world. Founded in 2012, and growing at pace since then, Preply is an online language learning marketplace, based in Barcelona and connects an excess of 44,000 language tutors to over a million learners in more than 180 countries worldwide. Its reach and performance are powered by a machine-learning algorithm that recommends the best tutors for each learner.
With its phenomenal global reach, Preply provides services to a broad spectrum of learners for whom ease, reliability, and security are paramount. However, costly cross-border payments coupled with too many false declines and failed retries were leading to sub-optimal customer experience and hurting the bottom line.
Preply had been working with a single Payments Service Provider (PSP) but felt there was still scope to improve performance, improve uptime, and optimize the cost of their many cross-border transactions. Crucially, the team at Preply was also looking to receive better support and guidance from their payments partner.
Therefore Preply sought the services of Checkout.com with the hope of routing a greater portion of their payments volume to a more reliable and high-performing partner who could also provide expert support. To achieve better end-to-end payments performance - pre and post-processing - Preply turned to Checkout.com, starting the new year by switching on the full stack of products offered by Checkout.com, across both the US and Europe.
“We were convinced that by tapping into Checkout.com’s full product suite, including Intelligent Acceptance, Authentication, Network Tokens, Fraud Detection Pro and Account Updater, we would see the global optimizations across the full payments flow that we were looking for” says Vicky Van Asbroeck, CFO at Preply, “but we also saw a team of experts who could support us and communicate with us on all the complexities that payments bring and that, to us, was invaluable.”
“Preply’s mission to make education widely available through its leading digital technology and with an inherent ethos of high performance made the partnership a very natural fit for us,” reflects Checkout.com’s Chief Revenue Officer, Antoine Nougué. “From day one we’ve been committed to continuously collaborate to optimize pre and post processing payments for Preply and their customers all over the world.”
Since switching on Checkout.com, Preply has seen significant optimizations and have routed the majority of their traffic through their new PSP. With Intelligent Acceptance, Account Updater and Network Tokens, Preply has benefited from smart routing, processing optimization as well as meeting crucial regulatory demands with products such as Intelligent Acceptance and Authentication. Checkout.com’s impressive global reach when it comes to local acquiring has significantly cut the cost of transactions compared with their previous PSP.
“Half a year into our working relationship with Checkout.com and we’ve already felt the difference,” says Preply’s CFO Vicky Van Asbroeck, “especially when it comes to our subscription business, which is notoriously tricky to optimize - Checkout.com have the technology and the expertise to have made a real impact right away. Ultimately we are a global business and we needed a PSP who could support our global footprint and scale with us - that is what we see in Checkout.com.”
.svg){kind=icon}
