SAN JOSE, Calif.--(BUSINESS WIRE)--Signifyd, the fastest-growing provider of fraud protection services for e-commerce businesses, today announced its app will be the first and only fraud prevention app for Magento’s Next-Generation Marketplace that was released on Monday. Starting today, Magento customers can easily add Signifyd’s solution to their stores through the new marketplace and never pay a chargeback again.
Signifyd enables Magento’s customers to:
- Reduce cost by using an automated process that tells merchants whether to ship or not
- Eliminate liability for any losses or fees from fraudulent orders
- Ship orders that get currently declined and increase gross profit by 15-20%
With more than 250,000 customers worldwide and $50 billion in gross transactions annually, Magento’s massive marketplace requires a surefire solution to prevent e-commerce fraud. Signifyd’s innovative technology satisfies this need by incorporating a unique, two-pronged approach that combines intelligent machine-learning with human expertise to unmask fraudulent purchases.
Unlike other fraud prevention services that use an outdated system of score-based reporting, Signifyd provides merchants with a simple, actionable decision — ship or don’t ship. Furthermore, Signifyd’s E-Commerce Assurance plan covers the cost of fraudulent chargebacks, effectively underwriting every transaction and adding 15-20 percent to customers’ bottom lines.
“E-commerce companies shouldn't have to worry about fraud,” said Skye Spear, Sr. Director of Partnerships and Business Development at Signifyd. “We’re excited to partner with a prestigious, far-reaching platform like Magento that can leverage our tools and power more merchants worldwide.”
Signifyd recently raised $20M in Series B funding, bringing the company’s total funding to $31 million. The company, which was founded by Rajesh Ramanand and Mike Liberty, both ex-PayPal risk and fraud experts, partners with several Fortune 1000 retailers including Jet.com, Lacoste, and Peet’s Coffee & Tea.
For more information on Signifyd’s app in the new Magento Marketplace,
Signifyd was founded on the belief that e-commerce businesses should be able to grow without fear of fraud. Signifyd solves the challenges that growing e-commerce businesses persistently face: billions of dollars lost in chargebacks, customer dissatisfaction from mistaken declines, and operational costs due to tedious, manual transaction investigation. E-Commerce Assurance, Signifyd’s financial guarantee protecting online retailers in the case of chargebacks, is supported by a full-service cloud platform that automates fraud prevention allowing businesses to increase sales and open new markets while reducing risk. Signifyd is in use by multiple companies on the Fortune 1000 and Internet Retailer Top 500 list. Signifyd is headquartered in San Jose, CA.