NEW YORK, May 4, 2021 /PRNewswire/ — Riskified, the leading fraud-prevention solutions provider today announced the launch of the latest version of Deco, a real-time solution for recovering orders lost to card-not-present payment authorization failures. As many as one in seven attempted eCommerce transactions fail payment authorization, according to The Economist, leading to lost revenue and upset customers. Deco converts up to 20% of those declined transactions into immediate sales, delivering a significant ROI to merchants and boosting customer satisfaction.
Payments need to be authorized by multiple financial institutions in order to be successfully completed. Many of these institutions have not kept pace with the rapid changes in online shopping and consumers’ purchasing behavior, making payment authorizations an especially hard challenge for eCommerce merchants. According to Riskified’s research, as many as 72% of online shoppers whose payments fail authorization are actually legitimate customers who should have been approved.
Riskified developed Deco with design partners including The Level Group, a leading global eCommerce partner that builds and manages end-to-end online experiences for luxury, design, and fashion brands.
With Deco, a luxury European brand that is one of The Level Group’s partners, has recovered 9.62% of Deco-eligible US credit card payments annually, and saw more than half of its Deco users double their spend on return shopping trips.