Magenable becomes a partner of leading online fraud-prevention solution Signifyd
Online fraud is a huge problem, costing merchants across the globe billions of dollars – in 2015 1.3% of ecommerce transactions revenue were fraud. Dealing with online fraud is expensive – on every $100 of fraudulent purchase merchants lost $233, much above the face value of the purchase if you count chargeback fines, time and other expenses.
Dealing with online fraud isn’t easy and merchants have to find a fine balance, because too strict barriers will lead to turning out legitimate customers and hence lose revenue and profit.
Signifyd helps online merchants to solve this problem: for pretty moderate cost of 1% of the approved sales (Complete plan) it checks all the transactions, identifies and flags frauds. Approved transactions are insured, so if they appear to be frauds the merchant is covered.
Use of Signifyd main benefits:
- Eliminate investigation time
- High acceptance rate
- Say goodbye to chargebacks
- Full fraud liability shift on all orders accepted
- Accept more legitimate orders: 3%-5% increase in accepted orders, 10%+ increase if overly restrictive fraud policies currently in place
Sygnifyd is a leader in the space, it protected over $9B in sales for over 5,000 merchants. The company is backed by multi-million dollar venture capital funding from American Express and Andreessen Horowitz.
Important to note that Signifyd has great integration with Magento eCommerce platform through the official extension, so adding it to Magento store is easy; with Magenable expert help the process will be a breeze.