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Posted May 21, 2017
When it comes to managing payment fraud, merchants have thousands of processors and gateways from which to choose. It’s a competitive space, so you have to stand out. Only the most advanced and comprehensive solution will help you deliver an advantage in the marketplace. Your customers expect frictionless onboarding, streamlined workflows and optimized fraud management to defend against the latest cybercrime techniques.
A well-chosen fraud management solution can help you grow revenue, differentiate payment offerings, as well as onboard and retain more merchant accounts. It can also help merchants build better relationships with their consumers, meet regulatory requirements and, of course, reduce fraud.
Just as all payment service providers aren’t the same, neither are all fraud management solutions. When choosing a fraud management solution, it is important to keep the following six key requirements in mind to ensure your offerings stand out.
Your fraud solution should:
With an effective fraud platform, payment providers can grow revenue by better identifying legitimate merchants, accelerating the merchant underwriting process, enabling merchants to accept more transactions and achieve higher merchant retention rates.
A complete fraud solution also benefits merchants by allowing them to identify good consumers through a global network of shared intelligence interactions, reduce friction and improve their consumer experience. The solution also helps merchants manage friendly fraud (people claiming chargebacks if not satisfied), identify multiple chargebacks from the same consumer and detect credit card fraud.
In such a robust and crowded marketplace, payment providers must do everything they can to differentiate themselves. Providing effective fraud prevention as part of your offering does just that.