Riskified Unveils ‘Never Decline’ for E-Tailers

Riskified, a contextual chargeback protection platform that increases sales for e-commerce companies, recently launched its trademarked Never Decline solution for e-tailers.

According to a release on December 12, the solution gives merchants the option to control which orders are submitted for review, approval and guarantee.

Riskified noted e-tailers currently decline an average of five percent of all transactions due to fear of fraud, when in fact, 80 percent of those declined are legitimate. This leads to billions of dollars in lost revenue each year. While most risk management solutions focus on declining high-risk transactions in order to reduce chargebacks, Riskified's entire approach is different. The Never Decline solution features three product offerings:

-Select & Submit - the Select & Submit plan allows retailers to submit any transaction for review.

-International - the International plan is a customized solution that automatically sends any overseas orders to Riskified for review.

-Domestic Mismatch - the Domestic plan automatically reviews transactions that contain merchant selected mismatches.

Merchants only pay a percentage of each validated transaction that comes with a 100 percent money-back guarantee.

"Our customers will now be able to choose a customizable solution that best fits their business needs and goals," said Eido Gal, co- founder and CEO, Riskified. "Our Never Decline offering is one-of-a- kind. I can't imagine any members of the c-suite being thrilled that their company successfully acquired its target number of customers for the quarter, only to continuously deny many of these customers' purchases because they happen to 'appear risky.' Until now, if the customer connected from an IP address in Russia, had a credit card from France and was shipping to the US, most merchants would have declined the order, forfeiting a good sale. Previously, there was no guaranteed solution to make it safe to approve these loyal, revenue- generating customers."

Merchants utilizing Never Decline report strong results. These include, new opportunities to expand their business operations and higher order approval rates. In addition, they report reductions in the number of chargebacks received and savings on internal fraud review costs.

Results from Riskified users:

-Stubbs & Wootton - International Plan

-International sales grew by 400 percent, from 2 percent to 10 percent of all sales within three months

-Revenue increased by 9 percent

-Time spent manually reviewing orders reduced by 89 percent

-Chargebacks reduced by 85 percent

-Turntable Lab - Select & Submit Plan

-Revenue increased by 30 percent

-Chargebacks reduced by 90.3 percent, from 3 percent to 0.29 percent

-New customer orders account for 85 percent of approved transactions

-Order approval rate increased to 83.3 percent

-Gaffos.com - International Plan & Select & Submit Plan

-Time spent by internal team reviewing orders reduced by 80.2 percent

-International orders account for 40.85 percent of all orders -- up from 20 percent

-International Exposure increased by 100 percent

-Transaction approval rate increased by 10 percent

"Riskified has enabled the Gaffos.com staff to concentrate on more important tasks like building our brand and providing great service to our customers," said Jonathan Muller, CEO, Gaffos.com. "Before implementing Riskified, our ordering processes involved - staff combing over data to identify fraud. Not only has Riskified eliminated the order verification step in our process, but they also guarantee the results, ultimately allowing us to become a more efficient business."

More Information:

www.riskified.com

((Comments on this story may be sent to [email protected]))