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NoFraud Launches NoFraud Checkout: Allowing Retailers to Offer an Ideal Checkout Experience
Creates A Harmonized Checkout Experience That’s Faster and Customized for Each Guest
Powered By the Risk Data Gathered by NoFraud Protection
Increases Sales Conversions by As Much As 55%
NEW YORK CITY – MARCH 22, 2022 – NoFraud, a premier provider of fraud prevention technology, officially releases NoFraud Checkout, a new product upgrade that increases sales by minimizing shopping cart abandonment. It removes unnecessary layers of friction making the checkout process fast and easy – while maximizing fraud protection.
The onslaught of product shortages due to the global supply chain crisis is not the only pain point annoying shoppers. The inconvenient task of having to create a store account, recall login credentials and payment information before completing the checkout process is causing shoppers everywhere to abandon carts, resulting in a staggering $260 billion in missed revenue. Data from Baymard Research Institute shows 70% of consumers abandon their carts on average, and 18% of that is due to long, complicated checkout flows. Adding to the frustration, 1 in 6 legitimate shoppers were declined at least once last year, causing retailers to miss out on 15% of orders from good customers. NoFraud Checkout leverages NoFraud prevention and device recognition software to enable shoppers to checkout with as little as their email address. A dynamic one-page design dramatically reduces the number of input fields, provides shoppers with an autofill address and payment option, prompts customers to fix typos or incorrect information in real-time, and never requires the registration of a store account, unlike Paypal, Bolt, or Amazon that require shoppers to register and input login credentials before completing a purchase. Adapting fields in real time allows for customers recognized on the global NoFraud network to be offered a one-click-checkout, while orders containing an elevated risk level or a high value can be given extra scrutiny as opposed to being automatically declined. A streamlined and enhanced customer experience results in more completed orders and a higher approval rate.
“Our society favors services that offer convenience over everything. We flock to businesses that provide on-demand food delivery within the hour, and so many other goods in two days or less. It’s surprising to me that so many businesses are not prioritizing the checkout experience,” said Isaac Gurary, NoFraud co-founder and CEO. “On average, consumers have to fill out 23.5 fields before they checkout. It’s no wonder so many carts are abandoned. Retailers that optimize checkout can see a 55% increase in sales. That’s why we created our new NoFraud Checkout upgrade, to reduce complexities, instantly verify trusted shoppers and speed up the transaction process, ultimately leading to less chargebacks, more sales and higher brand loyalty.”
NoFraud’s advanced decisioning engine has up to a 99.7% approval rating, reducing false positives behind the scenes and ensuring the right customers are transacting with merchants. NoFraud uses artificial intelligence and machine learning, coupled with a global team of analysts for oversight, to proactively examine hundreds of data points per transaction, providing the right amount of friction to weed out bad actors and generate accurate ‘pass’ or ‘fail’ decisions in no time.
For more information, visit www.nofraud.com.
Founded in 2014 and based in New York City, NoFraud is an eCommerce fraud prevention pioneer. The company provides online merchants with the most effective eCommerce card-not-present (CNP) fraud protection, virtually eliminating fraud, false positives, and chargebacks. See an immediate impact on your bottom line, without manual review or training. NoFraud is the price-performance leader, boasts the industry’s highest approval rates and offers a full financial guarantee and chargeback management service. Advanced machine learning, expert human oversight and an innovative value added Checkout feature set NoFraud apart. Visit www.nofraud.com for more information.