Many eCommerce and online payment providers mistakenly deny good customers because they cannot adequately distinguish good customers from bad. Some online merchants refuse to transact with up to a third or more of new customers due to their inability to accurately distinguish the good from the bad. Other online merchants spend significant time and energy conducting manual reviews on a large percentage of online orders.
Onerous identity verification approaches also serve to discourage legitimate customers from transacting due to unnecessary friction. Today’s customers expect, and demand, a frictionless online shopping experience.
Stop Denying Good Customers with Best-in-Class ID Verification
Fortunately, online businesses no longer have to choose between tight fraud controls that lead to lost sales and high manual review costs and looser controls that increase fraud and chargebacks. Using Socure’s highly accurate identity verification services allows online merchants and payment providers to have the best of both worlds. Socure’s predictive analytics platform precisely pinpoints high-risk from low-risk identities, allowing more good customers to be automatically accepted while keeping out the bad.