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The Need for Speed
Customers want a secure, fast, uninterrupted online shopping experience (thanks Amazon!). Merchants want to accept as many sales they receive yet are apprehensive about fraud. This fear motivates them to place a large percentage of order on hold for manual review.
Many eCommerce businesses have in-house solutions that monitor each transaction with the tools purchased from third party vendors. With these solutions, each order is given a score based on the data received. Transactions that deviate from normal consumer behavior — even the slightest anomaly — are considered risky and of those, 42% are pegged for Manual Review (2016 LexisNexis True Cost of Fraud Study)
What this means for the consumer is that their order is not processed in real-time, and could end up sitting in queue for many hours or even days. This delay impacts both the consumer and the merchant negatively: The delayed approval on those orders causes a decline in customer loyalty. The merchant incurs large overhead costs to fund this system as well as paying a team of in-house fraud specialists.
Consumers want things fast. Fast and easy. Fast, uninterrupted and easy. Many customers will opt out of a purchase when it is not instant. At NoFraud we have internalized the customer expectations for speedy approval and have fine tuned our algorithm to accept the largest amount of transactions in real-time, while maintaining an impressively low fraud rate. This allows for our customers to get the orders out faster, increasing their customers’ satisfaction.