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.