Radial Introduces New Products to Combat Growing Threats to Retail eCommerce Growth
Full-service payments, fraud and tax solutions deliver industry-leading performance backed by a “zero fraud liability” guarantee for any eCommerce merchant
KING OF PRUSSIA, Pa., May 24, 2016 – Radial, the leading omnichannel commerce technology and operations provider, today announced three new offerings to help eCommerce merchants increase order conversions and eliminate or reduce fraud liability: Radial Payments, Tax & Fraud; Fraud Zero; and Fraud Insight. Today’s new products give retailers the flexibility to easily implement a full payment solution, including managed fraud and tax services, or the ability to just adopt Radial’s fraud management solutions regardless of their eCommerce or payment platform.
In a world where there are dozens of payment providers, only Radial’s offering combines the latest technology and a decade of fraud research to reduce retailers’ effective fraud liability to zero. In addition, Radial’s new free Fraud Insight tool opens up Radial’s expertise and machine-learning technology to help merchants of any size convert more orders within their existing eCommerce infrastructure.
“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 October 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%. Retailers face a daunting task managing the complexity of payment processing, taxes, duties and fraud, while delivering a frictionless customer experience.”
Retailers who attempt to manage this challenge themselves face a nearly impossible and costly undertaking. Independent research from Javelin estimates that combined chargeback management and fraud-prevention costs alone are between 13%-20% of a merchant’s overall operational budget. Radial’s new solutions can help mitigate that at a fraction of the cost.
Radial Payments, Tax & Fraud offers a completely outsourced, turnkey solution that delivers not only the technology, but also a proven infrastructure of people and processes backed by billions of transaction records, a sophisticated neural network and a decade of experience. Simple integrations enable retailers to be up and running within days to start converting more eCommerce orders while eliminating chargebacks.
Radial Fraud Zero delivers the same full-service fraud management capabilities and zero fraud liability guarantee as Radial Payments, Tax & Fraud, with the added flexibility of integrating with a retailer’s existing payment processor.
Both solutions deliver industry-leading results at scale:
- Higher order conversions and happier customers
- 99.7% approval rate versus 97.7% industry average
- Zero fraud liability
- 0.0% loss to fraud versus 0.9% industry average
- Less customer annoyance
- 1.5% manual review rate versus 7.0% industry average
- 10X faster manual review time versus industry average
Radial Fraud Insight supplements a merchant’s existing fraud solution to deliver a real-time High, Medium, or Low risk rating for every order. This unique offering lets retailers of all sizes leverage the same network of billions of transaction records and professional insights utilized by Radial’s full-service fraud solutions, as well as client supplied data to create a custom model specifically tailored to accurately identify fraudulent orders in a client’s environment. Radial is offeringFraud Insight for free to online businesses who want better visibility into their existing fraud rates. Fraud Insight is simple to integrate and will be rolled out in stages to interested parties who sign up at conquerfraud.com.
“Regardless of which solution a retailer selects, we are completely committed to converting the highest percentage of orders,” added Weitz. “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.”
“We were looking for a solution that streamlines labor intensive manual reviews and scales to meet peak requirements,” stated Mark Hunter, EVP Finance & Operations at Everlast. “Radial has sophisticated fraud screening technology that minimizes the number of unapproved orders and time held in review, plus, dedicated fraud experts that are 100% focused on fraud analysis and order conversion. Blending cutting-edge technology with rigorous expert analysis translates into higher approval rates and less friction, establishing the right balance for us and our customers any time of the year.”
Radial Payments & Fraud solutions are deployed with more than 100 leading retailers and brands. The products will be showcased in booth #215 at the 2016 CNP Expo May 24-26, at the Loews Royal Pacific Resort in Orlando, Florida. Visit the Radial booth to learn more about our Fraud Insight free trial, and join our session on “Positive Charge: Best Practices for Responding to Chargebacks” on May 25, 4:15pm – 5:00pm.
Radial is the leader in omnichannel commerce technology and operations, enabling brands and retailers to profitably exceed retail customer expectations. Radial’s technical, powerful omnichannel solutions connect supply and demand through efficient fulfillment and transportation options, intelligent fraud detection, payments, and tax systems, and personalized customer care services.
Hundreds of retailers and brands confidently partner with Radial to simplify their post-click commerce and improve their customer experiences. Radial brings flexibility and scalability to their supply chains and optimizes how, when and where orders go from desire to delivery. Learn how we work with you at www.radial.com.
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