The payments market is a very congested and competitive one. In order to stand out, it is vital to offer something of additional value that your customers don’t already have.
Payment providers typically have a suite of fraud tools used at different levels during the transaction process. However, these are often limited to very black and white triggers which either allow or block a transaction.
While these tools can effectively in reduce fraud, the haste at which they act to block fraudulent transactions can result in accidentally blocking good ones too. This means that a significant number of ‘good’ customers are being prevented from transacting, carrying with them a huge amount of potential revenue that the merchant misses out on. The key challenge faced here is how boost good transactions and mitigate the risk of fraud – something which most are keen to find solutions for that help to strike the right balance.
At this point it would be wise to consider including alternative data sources during the verification process in order to boost the number of good transactions you allow through.
This is where Hello Soda comes in. What we offer is a robust additional authentication step through the real-time analysis of social data. In a matter of seconds, we are able to verify 67% of people who connect with our solution This works to establish a correlation between cardholder identity and the social media data provided to give additional reassurance that the consumer is who they are claiming to be. We typically find that this additional level of reassurance enables merchants to accept the transaction resulting in more profit while still preventing bad transactions.
Have you considered how much additional value that this would deliver to your merchants?
Get in touch to find out more