SAN JOSE, Calif.--(BUSINESS WIRE)--Magento Commerce has chosen Signifyd, the leading provider of fraud protection for online merchants, to integrate its machine learning capabilities directly into the Magento Commerce platform. With this integration, Magento becomes the first e-commerce platform to elevate its merchants beyond fraud scoring tools and eliminate their liability for fraud with Signifyd’s Guaranteed Payments. Magento’s merchants can focus on growing their business without the distraction of fraud, chargebacks or the administrative burden of reviewing orders for fraud. They can also recover significant revenues previously lost by orders declined from fear of fraud.
“Our partnership with Signifyd significantly changes how merchants manage orders and review losses and fraudulent chargebacks,” said Mark Lenhard, Senior Vice President of Strategy and Growth at Magento. “The addition of Signifyd’s real-time machine learning and Guaranteed Payments gives our merchants peace of mind that they are fully protected, and will allow them to remain laser focused on driving sales in time for the holiday season.”
Signifyd provides the industry’s most comprehensive real-time machine learning capabilities, allowing merchants to accept more orders, eliminate manual order reviews and financial losses resulting from fraud. As e-commerce merchants remain liable for online payment fraud a scalable solution that leverages collective intelligence on fraudulent activity is necessary to protect them from sophisticated global cybercriminal networks. Signifyd leverages real-time machine learning across merchants accepting payments on any device in any country. Using buying patterns, purchase histories, device information and hundreds of other factors Signifyd recognizes online buyers almost instantly, regardless of merchant size, transaction amount or the buyer’s country of origin.
Signifyd’s Vice President of Partnerships, Skye Spear, sums up the impact of the partnership with Magento. “Signifyd has had a strong relationship with Magento for the past several years and has been the top choice in the Magento marketplace for merchants looking for a truly effective fraud solution during that time. Now Magento has made the process of eliminating fraudulent chargebacks simple, seamless, and secure. Providing Signifyd’s Guaranteed Payments across Magento’s merchants will significantly strengthen their top and bottom line business and will only strengthen our own machine learning system as we see increased traffic from Magento’s merchants.” Signifyd’s integrated capabilities also provide advantages to Magento’s partner ecosystem of system integrators, design agencies and other technology providers.”
Jeff Herrera, Vice President of Marketing and Channel Development at Guidance explains how their merchant clients can leverage Signifyd on Magento to increase revenues. “We accelerate digital growth for our customers through innovative, seamless, secure and engaging customer experiences. During the holiday season our clients actively prepare by training and on-boarding the necessary staff to review the increased number of orders coming in faster than any other time in the year. Signifyd provides for greater efficiencies as they accept more orders than internal teams can and they guarantee payments against fraud for each order. This allows both Guidance and our clients to focus on critical growth strategies across new channels and in new markets.”
This new approach to fraud prevention equates to revenue growth for the world’s leading brands and newly founded startups. Stringent and static rules-based systems are replaced by Signifyd’s real-time machine-learning platform. Extending their capabilities to industry-leading partners provides Signifyd with greater reach and a greater variety of data which benefits every merchant on their platform. Spear concludes, “Our partners want their merchants to be protected from fraud so they can focus their efforts on growing their business. With Signifyd Guaranteed Payments our partners shift the conversation from fraud to opening new markets and accepting more types of payments from more devices, driving greater revenues and loyalty from their customers.”
To learn more about the Signifyd’s partner program visit www.signifyd.com/partner/
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. Signifyd Guaranteed Payments protect online retailers in the case of chargebacks, supported by a full-service machine-learning engine 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.