Radial, an omnichannel and fraud solutions provider, is promising to take away merchant woes with a suite of solutions, which it says improves order conversion rates and helps eliminate fraud.
“According to Forrester’s eCommerce Forecast 2014–2019, eCommerce sales are expected to jump to $480 billion by 2019, and mobile purchases are expected to grow to $142 billion this year,” said Stefan Weitz, chief product and strategy officer at Radial.
“But it’s not just eCommerce that is growing. With the introduction of EMV chip technology in Oct. 2015, online fraud is forecast to explode from an estimated $3.1 billion in 2015, to $6.4 billion in 2018 — an increase of more than 100 percent. Retailers face a daunting task managing the complexity of payment processing, taxes, duties and fraud, while delivering a frictionless customer experience.”
The suite, Radial says, works by using its latest technology, which is underpinned by a decade of fraud research and aims at reducing retailers' effective fraud liability to zero.
As part of its suite, Radial is offering the Fraud Insights tool, which utilizes machine-learning technology to help merchants of any size improve on their order conversion rate using their existing eCommerce infrastructure. The free tool works as a supplement to an online merchant’s existing fraud solution to deliver a real-time high-, medium- or low-risk rating for every order it processes.
The King of Prussia, PA-based company is also offering Radial Fraud Zero — yet another add-on offering, which guarantees zero percent fraud liability and promises a 99.7 percent approval rate versus the 97.7 percent industry average.
The third solution, called Radial Payments, Tax & Fraud, helps retailers improve on their conversion rates and brings down chargebacks through its neural network, which, it says, has been built by processes backed by billions of transaction records.
“Regardless of which solution a retailer selects, we are completely committed to converting the highest percentage of orders,” Weitz added. “So much so that, with our full-service offerings, we don’t get paid unless the order converts. By extending our expertise and analytics with the free Fraud Insight solution, we are also giving businesses of every size an opportunity to capture more legitimate orders and increase revenue.”