Startup - Mobile App
The Founder/CEO of this company requested a secure payment option for his clients during our discovery meeting. His existing process has been plagued by technical problems, which have resulted in several client concerns and lost revenues.
How we helped
A member of our online and security consulting team examined the client’s ecosystem. The recommendations included improving productivity, reducing security risks, and increasing sales.
Based on the type of transaction, we optimized the interchange. Additionally, we implemented our A.I. Online security features, which reduced fraudulent Chargebacks by 78% on a monthly basis. Over the past six months, our client has experienced an increase in sales. In addition to reducing 50% of the client’s current processing fees, we implemented new online security features with comprehensive reporting
Since 2020, our clients have used our watchlist service. Therefore, one rate increase was flagged on our end, and our client received a refund.
Avrage Monthly CreditCard Valume: $2,765,000 CAD
Annual processing valume: $33,1800,000 USD
- Annual saving $51,600 CAD
- NO rate increase since 2020!
- Reduced chargebacks by 88%
What we learned?
Over the past 24 month, online payment processing have increased by 800% due to the COVID19, which is created a fantastic opportunity for retailers. However, in the past 24 months, we have noticed fraudulent online credit card transactions have increased by 48%.
Online businesses tend to pay a higher rate because of the type of transaction they are receiving, which is known as CNP or Online transaction. There is also more risk associated with card not present transactions, which can threaten any online business.
Online businesses stay with their processor by average of two years more than any other industry because of the complexity and cost of integration and chance of downtime for the operation. This also results in a higher processing fee paid by the merchant.