Forter Announces Smart Payments Offering to Help Businesses Increase Conversion Rates and Digital Commerce Revenue
New offering streamlines authentication and facilitates compliant transactions in the European Economic Area
NEW YORK, February 16, 2022–(BUSINESS WIRE)–Forter, the trusted platform for digital commerce, today launched Smart Payments, a new offering designed to increase conversion rates and revenue from digital commerce. The offer optimizes the use of 3D Secure (3DS) to meet strong customer authentication (SCA) requirements and reduces friction in the payment process. Smart Payments runs 3DS only when additional validation is needed. Smart Payments simplifies compliance with government regulations, including the second Payment Services Directive (PSD2) in the European Economic Area (EEA).
Digital commerce continues to grow rapidly, surpassing $8.7 trillion in transactions in 2021, but businesses may not be fully realizing their revenue opportunity. Gaps in decision-making in the digital commerce funnel negatively impact conversion rates, leave revenue on the table, and alienate legitimate customers whose transactions are falsely declined.
To mitigate the risk of fraud, merchants and regulators are pushing for SCA, which requires consumers to provide PINs or passwords, validate their identity via device, fingerprint, or password. other means. These steps add friction to digital commerce and increase cart abandonment. A study by Forter indicates that 18% of American buyers abandoned a transaction because the process was too long and complex.
Forter Smart Payments applies the company’s identity graph and machine learning to make informed 3DS recommendations. Forter can even perform 3DS authentication if a company requires it. Forter ensures that a transaction is routed to SCA only when needed, reducing friction for the vast majority of consumers and maintaining PSD2 compliance for merchants doing business in the EEA. Additionally, Forter Smart Payments provides visibility into 3DS recommendations, failure and conversion rates, and business impact.
The SCA requirement is even more pronounced for companies based or transacting in the EEA. These companies are subject to a specific regulation – PSD2 – which requires the SCA before a transaction can be carried out. Forter is the PSD2 solutions company, using industry-leading technology to leverage exemptions, minimize the share of transactions routed for authentication, and maximize approval rates.
“We have successfully partnered with Forter for several years to reduce digital commerce fraud and abuse. When they showed us how they could also increase conversion rates while complying with PSD2, we moved forward,” said Siân Woods, Global Head of Security Operations and Fraud. at ASOS. “The results were immediate: we are able to recover revenue that would otherwise have been lost due to abandoned purchase processes. Smart payments are a game-changer for our business.”
“Forter is committed to driving business results for our customers. Understanding that regulations such as PSD2 complicate their conversion process, we brought new intelligence to 3DS authentication,” said Michael Reitblat, CEO of Forter. “Smart Payments replaces outdated processes and the ‘dumb’ 3DS applied to every transaction, with a solution that delivers a simplified experience for the vast majority of consumers and more revenue for our customers.”
Businesses can also apply Forter’s unique intelligence to route transactions to processors to maximize approval rates. They can also use Smart Payments to automatically recover a portion of lost transactions by resolving denials from legitimate users.
To learn more about Forter Smart Payments, visit forter.com/smart-payments
Forter is the trusted platform for digital commerce. With Forter, businesses generate more revenue and reduce losses from fraud and abuse by making accurate, real-time decisions about every digital interaction.
Forter was founded on the idea that it’s not about what is bought or where, but about who is behind the interaction. As a result, Forter continues to expand its global network of customers, handling more than $250 billion in gross merchandise value annually. As the business grows, its customers benefit more; a fraudster detected by a customer is instantly recognizable to all Forter customers. Only automation can facilitate the speed, scale, and accuracy needed to approve more transactions, block more fraud attempts, and deliver a better customer experience.
Forter is trusted with digital commerce leaders across industries including Nordstrom, Sephora, Instacart, Adobe, Priceline, and more. These companies are committed to ensuring that everyone who visits their sites gets the experience they deserve.
See the source version on businesswire.com: https://www.businesswire.com/news/home/20220216005038/en/
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