SAN JOSE, Calif.--(BUSINESS WIRE)--Signifyd today announced the general availability of its newest product – Signifyd Chargeback Recovery – to allow merchants to address every type of chargeback. Retailers enjoy the certainty that the buying experience they’re providing consumers is protected with Signifyd’s customer-first, end-to-end solution, not just from fraud, but also from abuse, process issues and revenue loss. The new product will debut at the upcoming Shoptalk conference taking place March 3 to 6 in Las Vegas.
While consumer abuse, sometimes called “friendly fraud,” amounts to more than $15 billion in annual chargeback losses, merchants need to be careful not to overreact and blindly fight all chargebacks. Bad customer experiences can cost companies a lot of money. In a Signifyd survey, 38.2 percent of consumers said they would give a retailer one more chance after a single bad experience before turning their back on the business. Nearly 15 percent are zero-tolerance shoppers. One bad experience, which could be an unwarranted chargeback dispute, and they’re gone.
“During business reviews with our merchants, we noticed that managing the remaining, non-fraud chargebacks was still a significant issue for many merchants,” said Gayathri Somanath, group product manager at Signifyd. “Analyzing the problem further, we believed that we could streamline the process for them to ensure their customers are treated well, while abusive consumers are stopped and revenue lost to them is recovered. We tested various iterations with beta customers until we got it right and are excited to announce its general availability today.” To learn more, join Somanath on March 4 at 10am PST for the product launch webinar.
While fraud fueled by cybercrime and data breaches needs to be intercepted by detecting stolen identities, managing other chargebacks requires a thorough triage to differentiate between valid disputes coming from legitimate buyers and those coming from abusive consumers. Each case then needs to be followed up appropriately – an extremely time-consuming and complicated process.
Signifyd’s first priority is to ensure that loyal customers are not negatively affected by overly aggressive chargeback dispute techniques, such as filing dispute cases for every single chargeback with no questions asked. Signifyd taps into its industry leading data network of more than 10,000 merchants supporting more than 250 million shoppers worldwide and its advanced AI to identify how to best address each single chargeback in milliseconds. Legitimate customers will be recognized and will not end up being treated like criminals. Meanwhile, Signifyd Chargeback Recovery ensures that abusive consumers trying to get away with cyber shoplifting will be challenged by customized evidence letters, designed by domain experts and powered by enriched data derived from the purchase transaction. Based on this intelligent targeting, Signifyd delivers the highest win rate on consumer abuse chargebacks the industry has ever seen.
Signifyd Chargeback Recovery allows merchants to reduce their operational expenses associated with managing chargebacks without sacrificing their customer experience, which could otherwise lead to customer churn and a significant reduction in customer lifetime value. Signifyd’s approach aligns with the ultimate goal of merchants: To reduce the number of chargebacks that need to be disputed in the first place. That’s why regular business reviews with Signifyd domain experts are part of the overall solution. The consultants help optimize merchant processes, return policies, knowledge base articles and any other part of the merchant’s setup that can be improved to reduce the number of chargebacks consumers have to submit in the first place.
This extension of Signifyd’s Commerce Protection Platform allows customers to address every type of chargeback. Retailers enjoy the certainty that the buying experience they’re providing consumers is protected with Signifyd’s customer-first, end-to-end solution, not just from fraud, but also from abuse, process issues and revenue loss.
Signifyd enables merchants to grow with confidence by providing an end-to-end commerce protection platform. Powered by the Signifyd Commerce Network of more than 10,000 merchants selling to more than 250 million consumers worldwide, its advanced machine learning engine is able to protect merchants from fraud, consumer abuse and revenue loss caused by barriers and friction in the buying experience. Signifyd counts among its customers a number of companies on the Fortune 1000 and Internet Retailer Top 500 lists. Signifyd is headquartered in San Jose, CA., with locations in Barcelona, Belfast, Denver and London.