Until now, ecommerce fraud solutions accomplished one objective: screen out online payment fraud based on site visitor behaviors, devices, and other criteria.
The effectiveness of these solutions has historically varied, and the average online retailer purchases more than six eCommerce fraud solutions in an attempt to stop losing money to fraudulent chargebacks. Despite that expense, eCommerce fraud is a growing and costly problem.
SecureBuy is an end-to-end ecommerce fraud solution that addresses online payment fraud. While it starts with ThreatMatrix fraud screening, SecureBuy also includes CNPS, a legally binding online signature pad – a feature that ensures that customers not only see online retailers’ terms and conditions but understand and purposefully consent to them as well.
The system creates a forensic screen capture of the signature, along with everything the customer saw and agreed to during a transaction, including full disclosure of the applicable terms and conditions. Furthermore, SecureBuy features TransExam, a payment-neutral chargeback management system available to the online retail industry.
“SecureBuy ensures the customer understands exactly what he or she is buying,” stated SignatureLink COO & General Counsel James Packer. “By creating a secure forensic document showing everything that occurred during a given eCommerce transaction, SecureBuy protects the online retailer during the purchase and in the event of a purchase dispute.”
In fact, according to data from SignatureLink and its industry partners, SecureBuy reduces fraudulent refunds and credits by 55% and eliminates 93% of chargebacks. Online retailers already using SecureBuy report more sales conversions and zero customer abandonment as a result of implementing the system.
“Consumers have greater confidence shopping online at sites running SecureBuy,” said Wooten. “The system’s online signature pad has a look and feel customers know from shopping at bricks-and-mortar retail stores. SecureBuy is a simple, affordable way to boost customer confidence and increase profits at the same time.”
SignatureLink SecureBuy is available to online retailers for just a few cents per transaction, with no upfront fees, monthly minimums or long-term contracts. Merchants may integrate the secure, cloud-based system easily into any online shopping cart, and the system does not require any complicated coding.