As e-commerce sales continue to grow, so do payment authorization failures, which is when financial service providers flag a customer’s online order. That means the order has to be manually reviewed, which makes approval rates plummet — along with sales.
Just how big an issue is this? According to Riskified, $600 billion is locked up as a result of this process. But the company offers automated technology that not only increases approval rates but decreases chargebacks as well.
Next week, the firm is presenting a workshop at the FMG Tech Forum to share insights about this costly issue for merchants and brands. Retail executives are encouraged to attend this free session, which includes access to the entire event.
The 30-minute virtual VIP workshop, titled: “E-commerce Pain Points: Addressing a $600 Billion Online Shopping Problem,” features Arthur Zaczkiewicz of WWD and executives from Riskified. The session is on June 16 at 10:30 to 11 a.m. EST during the events networking break.
During this workshop, attendees will have the opportunity to ask questions and learn: what are payment authorization failures and how does this impact the customer experience and your bottom line; what merchants can do to create a frictionless experience for e-commerce customers that keeps revenue flowing, and how machine learning can do a better job of assessing risk.
Please note: Attendance is limited to an intimate group of executives.