Riskified Eliminates Chargeback Fees For Online Merchants
Poster: SySAdmin
Posted on August 20, 2014 at 9:49:01 AM
Riskified Eliminates Chargeback Fees For Online Merchants
Operational Efficiencies Enable Riskified to Lower the Price for its Flagship Shop Protection Service to Below the Cost of What Merchants Pay for Chargebacks Annually;Riskified Raises $4 Million Series A Round
TEL AVIV, Israel, August 20, 2014 /PRNewswire/ --
Riskified [http://www.riskified.com ], a leading online fraud and risk management
solution that reviews, approves and guarantees e-commerce transactions, today announced
that it has lowered the price for its flagship Shop Protection service by 50% to 0.7% per
transaction. With merchants losing an average of 1% of their total sales due to
chargebacks, the new lower price for Riskified's Shop Protection service represents
significant cost savings for most online merchants. In addition, every approved
transaction is backed by Riskified's 100% chargeback guarantee, which shifts the liability
for any chargeback to Riskified and thus eliminates chargeback fees for online merchants.
To encourage new merchants to try Riskified's flagship Shop Protection service, the
company is offering to review, approve and guarantee the first $50,000 in sales for free.
Shop Protection proactively analyzes all of a merchant's online orders, and on average
approves 99% of them - including up to 74% of transactions that might normally be declined
due to possible fraud. Simultaneously, Riskified's global fraud network identifies fraud
patterns and blocks fraudulent transactions originating anywhere in the world. By doing
so, Riskified helps merchants increase conversions and recapture lost revenue, while
decreasing risk and fraud, chargeback fees and other operational costs associated with
manually reviewing borderline transactions.
Since its launch in late 2012, Riskified has signed on more than 1,000 merchants from
over 20 countries for its online risk and fraud solutions, which include its flagship Shop
Protection service, individual transaction review, geographic monitoring, and an on-demand
service that scales up to support internal risk teams during peak sales periods.
Riskified's customers include Viagogo, Reed's Jewelers, SSENSE, and others.
"Riskified's Shop Protection service represents the end of chargebacks for online
merchants," said Eido Gal, founder and CEO of Riskified. "Over the past two years,
technology improvements and operational efficiencies have enabled Riskified to reduce the
price of our flagship service and pass along the saving to our customers. Combined with
Riskified's 100% chargeback guarantee and our ability to recapture lost revenue, the new
lower price for Shop Protection makes e-commerce more cost effective, profitable and
secure."
According to eMarketer
[http://www.emarketer.com/Article/Global-B2C-Ecommerce-Sales-Hit-15-Trillion-This-Year-Driven-by-Growth-Emerging-Markets/1010575 ]
, global B2C e-commerce will hit $1.5 trillion in
2014. Based on past industry trends, Riskified estimates that online merchants could
incorrectly decline $45 billion in sales globally due to the fear of fraud (3% of total
transactions) and potentially lose $15 billion globally to actual fraud (1% of total
transactions) in 2014.
"Having Riskified instantly review, approve, and guarantee orders has really moved the
needle for our business," said Attila Dogan, Head of Revenue Protection and Payments at
Viagogo. "Riskified's 100% chargeback guarantee gives us great peace of mind that our
business is well protected."
In February, Riskified closed a $4 million Series A round from international investors
including Genesis Partners, Founder Collective and Entree Capital, bringing its total
funding to $5.65 million.
About Riskified
Headquartered in Tel Aviv, Riskified is a leading provider of turnkey risk and fraud
solutions for e-commerce merchants. Its proprietary technologies help increase conversions
and recapture lost revenue from declined transactions due to fear of fraud, while
simultaneously protecting merchants from actual fraud from anywhere around the world.
Since its launch in late 2012, more than 1,000 merchants from 20 countries have
implemented Riskified, including Viagogo, Reed's Jewelers, Ssense and more. Riskified's
100% chargeback guarantee, flexible pricing, pay-for-performance model, and proven
technologies make Riskified both an economical and effective solution in helping merchants
fight fraud and improve their top- and bottom-line. For more information, please visit us
at http://www.riskified.com, or Twitter (@Riskified).
For media inquiries only, please contact:
Ryan Chin
Sparkpr for Riskified
+1-646-291-6058
press@riskified.com
Riskified
Operational Efficiencies Enable Riskified to Lower the Price for its Flagship Shop Protection Service to Below the Cost of What Merchants Pay for Chargebacks Annually;Riskified Raises $4 Million Series A Round
TEL AVIV, Israel, August 20, 2014 /PRNewswire/ --
Riskified [http://www.riskified.com ], a leading online fraud and risk management
solution that reviews, approves and guarantees e-commerce transactions, today announced
that it has lowered the price for its flagship Shop Protection service by 50% to 0.7% per
transaction. With merchants losing an average of 1% of their total sales due to
chargebacks, the new lower price for Riskified's Shop Protection service represents
significant cost savings for most online merchants. In addition, every approved
transaction is backed by Riskified's 100% chargeback guarantee, which shifts the liability
for any chargeback to Riskified and thus eliminates chargeback fees for online merchants.
To encourage new merchants to try Riskified's flagship Shop Protection service, the
company is offering to review, approve and guarantee the first $50,000 in sales for free.
Shop Protection proactively analyzes all of a merchant's online orders, and on average
approves 99% of them - including up to 74% of transactions that might normally be declined
due to possible fraud. Simultaneously, Riskified's global fraud network identifies fraud
patterns and blocks fraudulent transactions originating anywhere in the world. By doing
so, Riskified helps merchants increase conversions and recapture lost revenue, while
decreasing risk and fraud, chargeback fees and other operational costs associated with
manually reviewing borderline transactions.
Since its launch in late 2012, Riskified has signed on more than 1,000 merchants from
over 20 countries for its online risk and fraud solutions, which include its flagship Shop
Protection service, individual transaction review, geographic monitoring, and an on-demand
service that scales up to support internal risk teams during peak sales periods.
Riskified's customers include Viagogo, Reed's Jewelers, SSENSE, and others.
"Riskified's Shop Protection service represents the end of chargebacks for online
merchants," said Eido Gal, founder and CEO of Riskified. "Over the past two years,
technology improvements and operational efficiencies have enabled Riskified to reduce the
price of our flagship service and pass along the saving to our customers. Combined with
Riskified's 100% chargeback guarantee and our ability to recapture lost revenue, the new
lower price for Shop Protection makes e-commerce more cost effective, profitable and
secure."
According to eMarketer
[http://www.emarketer.com/Article/Global-B2C-Ecommerce-Sales-Hit-15-Trillion-This-Year-Driven-by-Growth-Emerging-Markets/1010575 ]
, global B2C e-commerce will hit $1.5 trillion in
2014. Based on past industry trends, Riskified estimates that online merchants could
incorrectly decline $45 billion in sales globally due to the fear of fraud (3% of total
transactions) and potentially lose $15 billion globally to actual fraud (1% of total
transactions) in 2014.
"Having Riskified instantly review, approve, and guarantee orders has really moved the
needle for our business," said Attila Dogan, Head of Revenue Protection and Payments at
Viagogo. "Riskified's 100% chargeback guarantee gives us great peace of mind that our
business is well protected."
In February, Riskified closed a $4 million Series A round from international investors
including Genesis Partners, Founder Collective and Entree Capital, bringing its total
funding to $5.65 million.
About Riskified
Headquartered in Tel Aviv, Riskified is a leading provider of turnkey risk and fraud
solutions for e-commerce merchants. Its proprietary technologies help increase conversions
and recapture lost revenue from declined transactions due to fear of fraud, while
simultaneously protecting merchants from actual fraud from anywhere around the world.
Since its launch in late 2012, more than 1,000 merchants from 20 countries have
implemented Riskified, including Viagogo, Reed's Jewelers, Ssense and more. Riskified's
100% chargeback guarantee, flexible pricing, pay-for-performance model, and proven
technologies make Riskified both an economical and effective solution in helping merchants
fight fraud and improve their top- and bottom-line. For more information, please visit us
at http://www.riskified.com, or Twitter (@Riskified).
For media inquiries only, please contact:
Ryan Chin
Sparkpr for Riskified
+1-646-291-6058
press@riskified.com
Riskified