Signifyd has changed how EcoReco Scooter manages orders by eliminating manual reviews and unpredictable chargebacks.
Reduction in Review Time Per Case
Increase in Accepted Orders
EcoReco Scooter is revolutionizing personal transportation with a line of last-mile electric scooters that could defer your decision to buy a car. With their award-winning designs and ultra-trendy products EcoReco was facing growing fraud since everyone wants their product and it holds its value in the resale market. Signifyd has eliminated unpredictable chargebacks for EcoReco and hours spent on manual review. And now they’re accepting more orders from customers in new markets.
Soon after releasing their leading-edge electronic scooters online, EcoReco Scooter became a victim of their own success as fraudsters kept stealing them. One reason their site is targeted is because anyone can use their scooters so they convert easily and quickly to cash. They’re in demand with busy professionals commuting to work at up to 20 miles an hour and with the 20-something hipsters who use them to get around town with ease.
After yet another chargeback they realized their payment processor couldn’t provide the protection they needed, despite following specific instructions perfectly. They ensured billing and shipping addresses matched, they called the customer and they even required a signature upon receipt. But none of this prevented the fraudster from stealing their scooter and handing them a chargeback in return. EcoReco sells 25% of their products through their own website so this problem simply wasn’t going to go away.
With Signifyd EcoReco has seen very different results. They’ve dropped their order review time by 75% and are accepting 5% more orders. They’ve also stopped the $5,000 – $10,000 losses they were facing every quarter.
A key differentiator while working with Signifyd has been the ability to collaborate with Signifyd’s evaluation team for rejected orders. Given the opportunity to reach out to customers to collect additional information or documentation, EcoReco has been able to establish confidence in the order’s legitimacy. Since EcoReco’s orders are higher in dollar value, Signifyd has helped them maintain a rock-bottom false positive rate because legitimate customers are willing to provide the additional information to get the order processed. This partnership with Signifyd has meant more approved orders without chargebacks which in turn has allowed EcoReco to focus on growing their business online.