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BizReport : Ecommerce archives : March 25, 2013

Platform offers score for online transactions

Ecommerce is growing by leaps and bounds, but the approval time for some transactions has proven troublesome for merchants. Enter an offering from 41stParameter which offers a scoring system to online shoppers - even those who may not have purchased from a vendor previously - to speed the check out process.

by Kristina Knight

Called TrustInsight, the platform uses crowd sourcing technology to connect the consumer and the bank issuing the credit card with the vendor to speed online transactions. The platform offers a TrustScore generated by private, encrypted data gathered from the TruthInsight Network.

"TrustInsight reduces the pain felt by merchants, consumers, acquiring banks, card associations and card issuers," said Ori Eisen, founder and chief innovation officer of 41st Parameter. "We have more than nine years of experience in building industry-leading device recognition technology to detect fraud. Now we are leveraging that work, and insights from a growing network of merchants and banks, to salvage billions of dollars of unnecessarily declined transactions. The potential to increase top line revenues is substantial. Sales go up, customers are happier and the cost of investigating and handling suspect transactions is decreased dramatically."

According to 41stParameter information nearly 20% of online, Card Not Present (CNP) transactions are declined each day; many of those declined purchases are from first time customers. Those customers may become loyal shoppers but until they are 'known' by the merchant there can be questions about the validity of their buys. The company reports that CNP declined purchases result in about $3 billion in lost sales annually.

Image via Shutterstock

Tags: 41st Parameter, ecommerce transactions, ecommerce trends, online shopping

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