Stopping Fraud Saves and Makes You Money
We’re always proud to hear from our clients when we solve the problems fraud is causing their business. So you can imagine our excitement when Busted Tees got some press from Internet Retailer in an article where they talked about making the right decisions to elevate their business to the next level.
As the article mentions, one of the driving forces for Busted Tees to look at Kount were the chargebacks they received from payment card companies, something we call the hidden hangover. Right or wrong, when a transaction is deemed fraudulent by the issuing bank of the credit card holder the merchant gets dinged that amount. If the number or amount of chargebacks hit a certain threshold the merchant receives an additional chargeback fee – even if the issuing bank pre-approves every one of the questionable transactions. When these fees averaged $2,000 per month, Busted Tees was faced with the challenge of developing their own fraud tools and from scratch and expanding the manual transaction review process or focusing those efforts on growing their business.
Here’s another secret – you can do both with Kount Complete™. Our solution not only saves you time because you aren’t building it from scratch, our tools enable you to dramatically reduce the time spent reviewing any questionable transaction so you can focus on expanding sales. Speaking of time saved:
“The system, called Kount Compete, took about two weeks to implement, and automatically flags suspicious orders. Within six weeks, BustedTees says its chargeback rates fell to lower than they had ever been and it no longer incurred chargeback fines from card companies.”
If you know of another vendor who offers the fully integrated solution that Kount Complete™ does and can implement it in two weeks be sure to let me know. Beyond that, the article shares other ways that Kount has helped Busted Tees expand its business. Another key quote:
“Because we are confident that Kount will catch fraud, we’ve been able to experiment with our rules,” Schwartz says. “We added 30 high risk markets we used to avoid due to fraud concerns. “Now we are getting lots of sales from those markets, but no higher fraud.”
To recap, Kount not only enabled Busted Tees to save their time reviewing fraudulent transactions, our solution also gave them the confidence and ability to expand overseas and get additional sales. The article also references how the company leveraged insights from our solution to create a customized campaign for its German customers. The article is definitely worth a read.
Again, we take great pride in helping our customers beat fraud but its even more exciting to see the range of opportunities open up to expand their business using the tools and insight Kount Complete has to offer.