Signifyd

Avantages

Signifyd allows for a simple API integration to send them data on transactions. They normally return a "fraud score" in less than 5 seconds, and they provide a nice visual panel to review the reasons they gave that particular score on their site. It's easy to add team members as human reviewers and manage different teams reviewing different items. You can also change how strict you want to be by simply adjusting the score at which you consider something to require manual review.

Inconvénients

For a while, Signifyd tried to push everyone onto a fraud insurance plan. They would guarantee each transaction that they determined was likely not fraudulent, in exchange for a percentage of the total sale price. For marketplaces like us who already only take a percentage of the total sale price, this was a nonstarter. It would reduce our own profits by a huge percentage. Fortunately they have, for the moment, moved back to offer fraud scoring without insurance.

Avantages

Ease of use, set it and forget it
Fast reimbursment
Accurate fraud ratings, minimal false negatives

Inconvénients

No secure way to submit customer ID or verify customer identification
No "white list" or Blacklist

Avantages

There is a very nice dashboard when you login: you can see in one second all the las orders with a color code and a rating, with some statistics to check what's going on your store. The fraud control is super fast, it's almost immediate and you can review all the orders information on the software.

Inconvénients

The customer service is very disappointing: sometimes, the rating does not help to know if an order is approved or rejected, cause it's unsure if its a fraude or not. But their help desk does not give more information. Also, many details are lacking: is it a confirmed fraud, a probable fraud, a rejected, a reproved order? Other softwares have more features.

Avantages

The software has been stable and trustworthy for the past 5 years

Inconvénients

The actual software algorithm is not clear on how competitively differentiated it is from others in the market

Alternatives envisagées 

Pourquoi choisir Signifyd 

Pourquoi passer à Signifyd

Avantages

The approval rate is very high. Since they only get paid on orders they approve, they have an incentive to approve as many as possible. This has lead to us being able to take orders that were risky that we wouldn't have normally taken without an increase in our fraudulent order rate.

Inconvénients

You only have 7 days to report a chargeback for reimbursement. For a small company, sometimes it's hard to get the reimbursement filed when you have multiple fires that need putting out during the busiest seasons.

Alternatives envisagées 

Pourquoi passer à Signifyd

Avantages

Integration was really easy. It worked immediately after set up with no issues. It is a plug and play solution. Requires little to no maintenance. It is working for you in the back ground and flags all Fraud transactions. If any Fraud transaction gets thru, they have a very easy process to reimburse you for fraud related credit card chargebacks/distputes.

Inconvénients

no issues. it really is a great product.

Avantages

the commision is so small compared to the benefits, us not making the decision whether we accept a order due to risk is the main thing, signifyd makes this decision and we have far less risk of a chargeback

Inconvénients

sometimes orders can be declined by them for no reason which we have to speak to customer service about to resolve

Avantages

Absolutely great product. Before Signifyd we would have major chargebacks on large purchases every month or so which meant we were out on both the merchandise and the money. We didn't have a way of fighting it and we were losing a lot of money. The system integrated easily with Magento, their fee is minimal , their determination is subject to your input, even if the software flagged something as Fraud you can appeal and a human will check and can override the system.

It seemlessly updates the orders in Magento with the decision or the revision of whether an item is fraud or not. Really really great.

Inconvénients

We had a lot of custom checkout methods that were getting flagged and the process of getting Signifyd to ignore them was not simple, it required changing the code rather than just a configuration.

Avantages

Signifyd requires minimal input once setup and notifies us if orders are potentially fraudulent and provides a guarantee our online orders are not fraudulent.

Inconvénients

The only con I can think of is that you need to login to the dashboard to cancel an order guarantee (if the order needs to be cancelled) you can't do it from the Magento integration. But this is minimally inconvinient.

Avantages

It is a very complete solution for online purchases making sure the sales to people everywhere and giving merchants peace of mind when processing payments

Inconvénients

You need more integration with payment methods to verify them.

Also a broader portfolio for other types of businesses that want to integrate an anti-fraud solution

Avantages

Most importantly, we are seeing far fewer fraudulent orders, even with the fraudsters constantly looking for ways to defraud small businesses. It is easy to use and understand, and if they flag an order as fraudulent when you do not believe that it is, they allow you to appeal the verification. Their process (including appeals) is fast and efficient-- even appeal-approved orders are able to be shipped in a timely manner.

Inconvénients

It can be somewhat difficult to get them to approve a transaction that they have flagged as fraudulent. It does not happen often, so it is not a huge problem for us, and we do understand that this is for our company's own good. However, our audience is mostly retirees, and trying to tell them that their order was flagged as fraudulent can be... difficult. There have been just a couple of times in the course of 3 years that we did not agree with Signifyd's decision, even after the appeal. Each time, we sided with their decision, which reinforces our trust in the program.

Avantages

The peace of mind that the system offers is In the past we used COUNT which helps you spot fraud but we sell high-dollar ticket items so when there was fraud we were on the hook for a lot of money. So even with Signyfied having a fee, it's still easier and more beneficial to determine what our cost of doing business will ultimately be.

Inconvénients

We have a very long buying cycle, so we don't like that address changes are very cumbersome. Our orders are usually on very large LTL shipments which also mean that when a customer truly realizes how big the shipment is they often times want it delivered to a different location or worst yet the carrier requires a different delivery location because the truck cannot make it to the address provided safely. We would love to see changes in the delivery address handled more efficiently.

Avantages

Signifyd is easy to use and provides information that speeds up our screening process significantly. Signifyd's model works great for us; it provides an incredible amount of easy to understand and easy to access information that's directly relevant. Best of all, there is no charge unless the guarantee is used.

Other companies charge exorbitant amounts for the information Signifyd provides and without the option for an inexpensive guarantee. Signifyd has increased our revenue by allowing us to release orders we may have cancelled previously and has reduced (by a great degree) the amount of labor hours needed to screen orders.

Inconvénients

It's difficult to find a weakness in Signifyd, at least without nitpicking details. I suppose if there is one thing I'd like to see more robust, it would be the "Search for other cases" under the order IP. Perhaps it just needs a larger sample size, but at the moment that's the least useful feature for us.

Avantages

When processing payments for the items that we sell, it's great to have more of a full picture of the customer. Since we are ecommerce, the customer isn't here looking at us while we run the card for payment. Having the extra details that Signifyd is able to provide is important for us. It was fairly easy to integrate this program with our order processing system and there are rarely ever any "hiccups" in communication between the two.

Inconvénients

The only complaint about this product is with some of the reasons that the transaction is declined for guarantee. There have been instances where the guarantee was denied due to the email address looking suspicious, yet orders with no match at all on the billing address are processed through with an approval.

Avantages

Fraud management is no longer a pain now that we've partnered with Signifyd. We're able to minimize our time managing fraud, maximize sales and revenue and minimize risk to both consumers and our business. Their customer service and account teams are really responsive and collaborative. They also provide loads of meaningful insights. It's a great company to partner with.

Inconvénients

It was really easy to implement with our Shopify store but a little bit more involved with our Sitecore store (which is essentially a custom build).

Avantages

We like that we get daily notifications about possible fraudulent orders. Being reimbursed for the chargebacks on orders that were approved is an added benefit.

Inconvénients

There really is no con. Signifyd has saved us from loosing money on a fraudulent order. The fact that it breaks all of the customer information down is very helpful.

Avantages

Time saving is one of the major advantages of using Signifyd as a fraud detector. There is another one worth mentioning that became apparent when I was exposed to other third-party fraud detection software solutions. That advantage would be the ability to resubmit declined orders after collecting additional information from consumers, which is not offered by all solutions. It provides me the peace of mind to make a final ship / no ship decision. Artificial intelligent is a fantastic tool but having that human touch on the secondary review sets Signifyd above the rest. The last thing I want to do is decline a valid order and potentially sacrifice brand loyalty.

Inconvénients

Cost per transaction is higher than other solutions.

Avantages

Using with BigCommerce it is as simple as downloading the app and setting up an account. The rest is pretty straight forward. Functions are easy to use and navigate. It shows detailed info about the customer, address, phone number IP address and much more. Approved/Disapproved orders are instant 99% of the time. A few get manually reviewed but is still no more than a hour after the order at the latest. By far the best fraud software I have used for a reasonable price. Also if a order does end up getting a chargeback, they will refund the order if they approved that specific order. I have only had 2 out of 1000s of orders and they reimbursed me pretty much no questions asked.

Inconvénients

So far the only thing I have found is every once in awhile a order will get denied when I personally think it checks out good and vice versa. But this has only happened 3-4 times in the last year. Not many cons to complain about.

Avantages

Gave great insight into customer risk, and my team used it daily. We partnered with Signifyd after an incredible Black Friday/Cyber Monday, which then resulted in a rather brutal amount of chargebacks because we were not prepared. It was easy to implement and did not take much training before we could use the data it provided.

Inconvénients

It does not automatically process refunds! So we would have to go in and manually do this, otherwise we would get charged for the screening of every purchase. It was unmanageable for any business doing 5-10M in revenue per year.

Avantages

Signifyd guarantees 100% of the charge-backs if there is any. We have been for over 6+ years with them and we never had a charge-back.

Inconvénients

Sometimes when they decline a guarantee the turn-around time is not up to speed for a reconsideration/manual verification.

Avantages

It is extremely accurate in catching fraudulent orders and transactions. So far I don't think it has missed any in the two years we've used their services. It opens up the possibility to gain more sales. For example, we can offer customers the ability to create orders where the shipping and billing addresses do not match. This is a big deal in today's e-commerce economy. Before Signifyd, that was a major risk since it's one of the most common ways scammers buy goods with stolen credit cards.

Inconvénients

I wish it had a way to fully intervene with a transaction and stop it from processing rather than only giving a warning that an order is fraudulent.

Avantages

When we first started selling furniture on our website, we could have chargebacks and fraud. At one point we stopped taking American Expresses because we had so many chargebacks from customers who used it. Once we started using Signifyd we were confident in any sale approved by Signifyd and usually canceled the ones that weren't. With their Portal, you could tell when they were obviously a fraud.

Inconvénients

Initially, when we started using this every so often a sale would take a while (24 hours or more) to be reviewed. But we haven't experienced that in quite some time. Most sales are reviewed instantaneously.

Avantages

1. Easy to implement - service was easy to incorporate into our payment process
2. Reduced Fraudulent Transactions - Service significantly reduced the number of fraudulent charges

Inconvénients

Buyers must carefully consider the minimum service fee to ensure appropriate ROI

Avantages

I like the succint summary of each transaction. We are provided information that helps us fight unwarranted chargebacks. The dashboard is great for approving orders when you are busy.

Inconvénients

With the Shopify integration, it can be a bit tricky to route several stores through one account. I still have orders showing as trials for different clients - however this is more of a visual issue than anything. I have been assured the data will be store in the event of a chargeback.

Avantages

Reviews every order against a very large database

Inconvénients

Absolutely no complaints. Any issues we bring up are immediately addressed.