SOURCE: Riskified

Riskified

December 12, 2013 10:06 ET

Riskified Launches Never Decline™ for E-Tailers

A Fraud Solution That Increases Sales and Conversion

TEL AVIV, ISRAEL--(Marketwired - Dec 12, 2013) -  Riskified, a contextual chargeback protection platform that increases sales for e-commerce companies, today launched its trademarked Never Decline™ solution for e-tailers. The flexible solution gives merchants the option to control which orders are submitted for review, approval and guarantee.

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% 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%, from 2% to 10% of all sales within three months
    • Revenue increased by 9%
    • Time spent manually reviewing orders reduced by 89%
    • Chargebacks reduced by 85%

  • Turntable Lab - Select & Submit Plan
    • Revenue increased by 30%
    • Chargebacks reduced by 90.3%, from 3% to 0.29%
    • New customer orders account for 85% of approved transactions
    • Order approval rate increased to 83.3%

  • Gaffos.com - International Plan & Select & Submit Plan
    • Time spent by internal team reviewing orders reduced by 80.2%
    • International orders account for 40.85% of all orders -- up from 20%
    • International Exposure increased by 100%
    • Transaction approval rate increased by 10%

"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."

Anthony Cattarina, owner, Turntable Lab, adds, "E-commerce companies really can't sell internationally unless they have a company like Riskified helping them. They make all the difference. Otherwise you're just putting yourself out there and there's no reason to take the risk. The fact that they indemnify everything is their biggest piece. No competing companies financially guarantee a mistaken approval. There's absolutely no reason e-retailers shouldn't be signing up in droves to use it."

Riskified is used by Fortune 100 and Internet Retailer Top 500 companies. For more information visit www.riskified.com

About Riskified

Riskified offers the world's first contextual risk engine that increases sales for e-commerce companies by reviewing, approving and guaranteeing transactions typically declined. With its trademark Never Decline™ solution, retailers determine which transactions to submit for review and only pay a percentage of each approved transaction. All approved transactions carry a 100% money-back guarantee. Its proprietary technology enables online retailers to capture billions in what would otherwise have been lost revenue each year. Riskified's team is comprised of the top fraud scientists in the world -- from MIT, PayPal, Klarna, BillGuard, FraudSciences and the Israeli Defense Forces and is backed by leading international VC's: Genesis Partners, Formation 8, Founder Collective, Entrée Capital, T5 Capital and The Accelerator Group. The team is dedicated to making the e-commerce world safer and more prosperous for e-tailers.

For more information visit: www.riskified.com / https://twitter.com/Riskified

Contact Information