Why Manual Review is a Four-Letter Word
You’ve heard the old adage that time is money. When it comes to manual reviews, the costs add up more quickly than a stopwatch can track: employee time, fraud system investment, shopping cart abandonment and potential loss of international sales due to risk concerns that trigger additional review. Since most flagged transactions are approved after manual review anyway, we can understand why many online business owners use some choice four-letter words to describe the manual review process.
We’ve chosen a more family-friendly approach, but have a few four-letter words of our own to describe manual reviews:
- Slow: The transaction is flagged, then assigned to someone for review which can then take an inordinate amount of time for review or approval. Think any legitimate customer will wait for you in the era of instant online gratification?
- Dire: When you or your team spend the bulk of the day reviewing transactions, its not only a reflection of a serious fraud problem, it’s detracting from the true focus of your business – growing sales. It may also mean your business is at risk from the threat of chargeback hell.
- Weak: If Google can automate driving, shouldn’t your fraud system be able to automate most transaction approvals? For JR Dunn, selecting the right system meant not only fewer manual reviews overall, it also meant each review was faster. And they say time is money, you know…
- Fail: Put simply, manual reviews exist because online fraud outpaced the systems designed to protect businesses. If it were up to us, we’d eliminate manual reviews entirely but we’re still pretty proud when customers like this national data provider reduce their manual reviews to less than 0.8% of transactions while also improving customer service, reducing labor costs and eliminating its chargeback issues in 30 days time.
Hopefully you aren’t experiencing a four-letter word frustration level for your manual review processes. If you are, spend 15 minutes with us on a free fraud analysis to learn how to boost sales, beat fraud and hopefully clean up your vocabulary.