Spreedly Use Up 300 Pct By Retailers For Fraud Prevention

Payments orchestration platform Spreedly reported a 300 percent year-over-year increase in the number of merchants using the company’s resources to prevent fraud, according to a press release emailed to PYMNTS.

Spreedly Chief Marketing Officer Randy Guard said in the release that cybercrime is a cost to both merchants and platforms due to chargeback and merchandise losses as well as related fees.

See also: Spreedly Reports More Than 100 Pct YoY Growth

“To combat these losses, merchants and platforms increasingly integrate various solutions in order to mitigate different types of fraud,” Guard said in the release.

He added that Spreedly’s payments orchestration in conjunction with its suite of additional payment services gives merchants the ability to “incorporate the right mix of fraud tools quickly and easily through one [application programming interface (API)],” per the release.

Additional services offered by the Durham, North Carolina-headquartered firm work to help merchants bring an improved user experience to their customers and boost the return on investment (ROI) of each transaction.

See also: Spreedly Adds New Professional Services Team To Support Payments Orchestration

“As merchants and platforms grow their digital business, they need sophisticated tools to quickly validate customers while providing a frictionless user experience,” said Kount General Manager Brad Wiskirchen in the release. Kount is a Spreedly client and Equifax company.

Wiskirchen added that Kount’s partnership with Spreedly is intended to offer merchants the right solutions to “uncover accurate representations of risk” while also connecting data points that “reveal actionable insights that optimize the customer journey,” per the release.

See also: PayPal, Stripe Join Spreedly’s New Partnership Program For PSPs

Spreedly aims to give its clients a single integration to connect with a full suite of services that reinforce a company’s unique payment policies and approaches. The menu of solutions offered by Spreedly includes a collection of applications with a “build once” approach that strives to combat fraud, the release stated.