This post summarizes the press release published at 5:30 AM PST on September 27, 2017.
SAN JOSE, Calif.–(September 27, 2017)- Signifyd, the leading provider of Guaranteed Fraud Protection for online merchants, announced today that its real-time machine learning and financial protection capabilities are available natively in the latest version of the Magento Commerce platform. The integration eliminates the need for fraud scoring tools and provides merchants with full protection from fraud, chargebacks and lowers operational costs, so they can focus on growing their business.
“With Signifyd, our merchants will enter a new era of payment security where every order is protected against fraud and chargebacks,” said Andy Barker, Senior Director Strategy and Growth Global Payments at Magento. With Signifyd enabled within their Magento platform, merchants receive a 100% financial guarantee against fraud, allowing them to accept more transactions and ship orders faster during the busy holiday season.
Signifyd is the world’s largest provider of Guaranteed Fraud Protection, offering the industry’s most comprehensive real-time machine learning capabilities backed by a 100% financial guarantee against fraud. With a fixed, fully predictable cost for fraud, merchants can eliminate fraud losses and unexpected surges in chargebacks and fees. With complete protection in place, Magento’s merchants can eliminate manual order reviews and automate fulfillment for faster shipments.
This capability within the Magento platform comes at a time when fraud has reached new heights and is expected to hit merchants hard this holiday season. To protect themselves, most merchants are choosing to decline questionable orders to avoid financial losses from lost merchandise, additional fees and resources tied up to manage chargebacks. As a result, losses resulting from merchants incorrectly declining legitimate orders have now surpassed their total losses from chargebacks. In 2016, losses from these “false declines” for US merchants were estimated at more than $10B.
“By allowing merchants to accept more orders, we’re recovering revenue and margins previously lost to fraud, or more precisely, the fear of fraud,” said Raj Ramanand, CEO and co-founder at Signifyd. For merchants in certain industries and those selling higher end goods, the gain can be as high as 15%-20%. For smaller merchants, the additional revenue without the risk of chargebacks is enough to keep them afloat safely through the holiday shopping rush.
Every year, ecommerce merchants lose thousands of hours in manual order reviews which result in delayed shipments to customers. With Guaranteed Fraud Protection, merchants can automate the order review process and ship products out to customers faster without the risk of chargebacks. “Our merchants are focused on remaining competitive with global marketplaces like Amazon. With Signifyd they can ship products faster and deliver a better customer experience,” adds Barker. Apart from chargebacks, merchants suffer order cancellations and negative customer reviews when orders are delayed, especially during the holidays.
Signifyd’s real-time machine learning determines the legitimacy of each order within milliseconds by leveraging an active database from over 10,000 merchants and thousands of data points from the world’s leading third-party data providers. With its verified data set for fraudulent orders, Signifyd is able to approve more orders than merchants can approve by themselves. Signifyd estimates a 60% chance they’ve seen a particular customer before their merchant receives their first order.
To learn more about Signifyd’s Guaranteed Fraud Protection within Magento Commerce visit https://www.signifyd.com/magento/.
Signifyd was founded to make fraud-free ecommerce available to every business. Signifyd solves the challenges that growing ecommerce businesses persistently face: billions of dollars lost in chargebacks, customer dissatisfaction from mistaken declines, and operational costs due to tedious, manual transaction investigation. As the world’s largest provider of Guaranteed Fraud Protection, Signifyd provides a 100 percent financial guarantee against fraud and chargebacks on every approved order. This effectively shifts the liability for fraud away from ecommerce merchants allowing them to increase sales and open new markets while reducing risk. Signifyd is in use by multiple companies on the Fortune 1000 and Internet Retailer Top 500 list.
Signifyd has been recognized by Forbes as one of 50 Most Innovative Companies in Fintech, by Bloomberg as one of the Most Promising Startups, and by Red Herring as one of North America’s Top 100 Most Exciting and Innovative Private Technology Companies. Signifyd’s unique culture has earned the company recognition as one of Inc.’s Best Workplaces, Entrepreneur’s Top Company Cultures, and one of the Best Places to Work in the Bay Area by the San Francisco Business Times and the Silicon Valley Business Journal. Signifyd is headquartered in San Jose, CA.
Sourabh Kothari, 650-427-9784
Director of Merchant Advocacy