Kount: Going for Gold at the Payments Olympics
As the 2016 Olympic Games begins with a bang this week, over 11,000 athletes from 206 nations across the globe have descended on Rio de Janeiro, competing over 16 days to propel their country to the top of the medals chart in a spectacle of sporting prowess.
But the world’s greatest sportsmen and sportswomen aren’t the only ones competing for the top step on their respective podiums in 2016. As the world of ecommerce enters awards season, we flexed our competitive muscle this week with the announcement of four separate Payment, Retail Systems and Retail Fraud award nominations.
The shortlists are in recognition of some of Kount’s outstanding performances in the last 12 months, and, in highly topical style, we’ve re-imagined the conventional Olympics as a Payments and Anti-Fraud tournament to compare three of our nominations with two sporting events that we’d be sprinting to gold in.
Always a favourite at the Olympics, the hurdles are a demonstration of speed, skill and concentration as participants vault the barriers in their way. However, even the best athletes can clip and collide with several of the obstacles, and the same is true for merchants.
Striding ahead of the competition in this event are Kount. We help merchants overcome their anti-fraud barriers and prevent our clients from stumbling at the first proverbial hurdle. Its why we’ve been named as finalists for Anti-Fraud/Security Solution of the Year at the Payments Awards in October.
Earlier this year, we helped a leading online travel retailer with its increasing shift in business from desktop to mobile and app bookings. The retailer’s incumbent fraud prevention vendor’s data analysis process was cumbersome and slowed processes down.
The retailer soon turned to Kount to provide a competitive advantage, and were rewarded with:
- An increase in sales from 72% to 84% with no increase in fraud
- A reduction of manual reviews from 5% to 1%
- Going from declining around 25% of all transactions to a near 100% acceptance rate
- Maintaining a 3% chargeback rate
The relay race demands collaboration and teamwork as four runners tackle different lengths of track to carry a single baton to the finish line.
The Retail Fraud award judges have deemed our partnership with Ethoca to be in top shape for this event, shortlisting Kount for Best Collaborative Solution and Best Innovative Online Product and we think that our joint customers would agree.
The combined solution provides merchants with an all-in-one fraud prevention solution. Kount begins the race, analysing hundreds of variables surrounding a transaction to determine the risk of fraud in a pulsating 350 milliseconds.
The baton is then passed to Ethoca, who carry the transaction safely over the line by providing a notification of confirmed fraud that occurs immediately after authorization or settlement.
Kount’s pedigree in the ecommerce world is well known, evidenced through our record of four consecutive shortlists and three award wins in the Payments Awards in the past four years.
As the curtain draws on the Olympics, then, turn your focus to London and Leicester, where the heavyweights of the payments and anti-fraud landscape will be going for gold. For Kount, its get set, go!