In an Australian first, Live eftpos has formed an exclusive partnership with fraud prevention specialists, Accertify, so our payment gateways can offer increased authorisation rates while ensuring your customers’ online payments stay safe and secure.
eCommerce is booming off the back of COVID-19 with online purchases reported to be up by more than 85% YOY in August 2020. Unsurprisingly, this means there’s never been more opportunity for fraudsters to cash in with online fraud accounting for $5.5 million worth of transactions in 2020.
The unwanted side-effect of fraud prevention
But while fraud prevention is becoming more crucial than ever, increasingly complex fraud protection mechanisms have the potential to cause what’s known as ‘false declines.’
False declines happen during the payment process when a genuine transaction is mistaken for fraud. The problem with false declines is that they don’t just result in a loss of sales, they also damage your business’ relationship with frustrated customers who can’t complete their desired purchase. What’s more, customers who have a poor experience online are usually less likely to return for repeat business in future.
False declines are a major issue for SMEs
SMEs that rely on fewer but larger transactions are often the hardest hit by false declines because, unlike businesses with high volumes of low-value sales, a small number of declined transactions can significantly impact cash flow. By partnering with Accertify’s sophisticated fraud prevention technology – which has been specially developed by experts to minimise false declines – Live eftpos can strike a better balance between declining potentially fraudulent transactions and the risk of declining legitimate sales.
How our partnership with Accertify reduces your risk
Our partnership with Accertify means any merchant using a Live eftpos online payment gateway will benefit from more advanced consumer behaviour data which helps facilitate more accurate real-time payment authorisations. Consequently, your business won’t lose out on genuine sales and you can ensure frictionless customer experiences – all while having peace of mind that suspicious transactions won’t slip through the net.
In an environment where increasing numbers of businesses and consumers are shifting to online, it’s critical to take fraud prevention extremely seriously. Our partnership with Accertify aims to help your business navigate a tricky fraud prevention landscape while paying close attention to the wider impacts that can affect your bottom line.
