FIS Increases Approval Rates and Decreases eCommerce Fraud Liability for Merchants with Guaranteed Payments
Financial technology leader FIS® (NYSE: FIS) announced today the launch of its Guaranteed Payments solution, becoming the only payments processor to offer a fully integrated solution designed to guarantee merchants increased eCommerce transaction approval rates and eliminate the financial liability of chargebacks due to fraudulent purchases.
According to a recent survey, 9 out of 10 merchants lost revenue through payment fraud in the last year. Fraud accounts for about 1 percent of online transactions, yet merchants routinely reject as much as 9 percent of orders to avoid fraud totalling $443 billion in lost revenue.
This new offering comes during a time when the global eCommerce market continues to rise to record highs, creating the need for increased alignment between revenue assurance and fraud prevention. According to the Worldpay from FIS Global Payments Report, the eCommerce market is predicted to grow 50 percent by 2024.
Currently available across the Signifyd Commerce Network, Guaranteed Payments focuses on maximizing revenue by delivering increased merchant approval rates, providing guaranteed chargeback protection and creating a faster, more seamless integration experience for merchants. This powerful new offering is fully integrated into the Worldpay from FIS platform.
“This rapid growth in eCommerce has increased fraud activity dramatically. Guaranteed Payments brings together two powerful sources of transaction intelligence—the Worldpay data stream produced from processing 40 billion orders annually and the Signifyd Commerce Network of thousands of merchants worldwide,” said Vicky Bindra, Chief Product Officer at FIS. “Together, we have a powerful solution currently found nowhere else in the market that has the unique ability to combine fraud protection with increased approvals to enhance payment optimization and the overall user experience.”
Guaranteed Payments utilizes machine learning and transaction intelligence to analyze thousands of signals, including identity features such as email addresses and payment credentials to instantly distinguish legitimate orders from fraudulent orders, helping merchants optimize revenue through reduced false fraud declines and instant fulfillment.
“Our recent Consumer Sentiment Survey showed that 38 percent of consumers would not shop with a merchant again if they had one bad online experience, such as a declined or delayed order,’’ said Raj Ramanand, CEO and Co-founder at Signifyd. “Merchants using Signifyd experience a 5-9 percent increase in top line conversion on average. With this solution, customer retention works hand in hand with fraud elimination to unlock incredible revenue growth opportunities.”
For more information, visit https://www.fisglobal.com/en/products/guaranteed-payments.