New solution will increase approvals for Magento merchants

increasing revenue by reducing false declines

By Jeff Domansky, April 8, 2021

False declines are a $430 billion-plus global headache for retailers. A new Forter-Adobe collaboration aims to help businesses increase revenue by 2%-3% by increasing legitimate transaction approvals and reducing the number of false declines.

Forter announced it has joined the Adobe Exchange Partner program as an Accelerate partner, enabling Magento merchants to increase transaction approval rates by reducing false declines.

“Consumers are behaving in ways they never have before,” said Michael Reitblat, CEO and Co-founder, Forter. “Merchants need the ability to accurately identify legitimate behavior in real-time to limit false declines, reduce friction and optimize the end-to-end customer journey. Our relationship with Adobe enables merchants to join the largest network of trust and provides a seamless user experience with minimal effort.”

Fewer false declines automatically

With this collaboration, Magento merchants can leverage a Magento plug-in to streamline the integration, enabling them to go live with Forter within minutes. The fraud solution delivers a friction-free shopping experience and instantly identifies and blocks fraudsters.

“Today’s consumers have high expectations of the brands they buy from,” said Cody Crnkovich, Head of Partner Programs at Adobe. “They expect to shop with full confidence and security across any channel and service. With Forter, Magento merchants can deliver against those expectations and can provide the seamless experiences customers expect, while accepting more transactions.”

Through the QuickStart integration, Forter helps Magento customers limit false declines by identifying legitimate consumer behavior in real-time, reducing friction for the consumers during the transaction process, and optimizing the end-to-end customer journey.

Eliminating transaction pain points, increasing revenue

“The ability to solve these pain points is huge for merchants because it allows them to take full advantage of the recent uptick in new online shoppers. Industry data and research indicate that a negative customer experience results in 40% of new e-commerce users shopping elsewhere and never returning,” said Laura Jorgens, Director of Business Development at Forter.

reducing false declines, increasing revenue

She said false declines cost merchants millions of dollars in lost revenue and hundreds of millions more in lost lifetime value for each lost customer. The new solution reduces the complexity of working with multiple fraud tools and teams of manual reviewers.

“With the Forter QuickStart Integration, merchants can increase approval rates by 10%. With this increased approval rate, Forter can help increase overall revenue by 3%-5%,” Jorgens said.

In Forter’s Ninth Edition Fraud Attack Index, researchers found new online shoppers doubled in the first half of 2020 alone, accelerated mainly by the impact of COVID-19. The result is more potential false fraud declines without better fraud management tools.

“Forter’s ability to help merchants automate the decision-making process on every transaction in real-time with the highest level of accuracy empowers merchants to scale online businesses, accept more legitimate transactions, provide a better shopping experience, and make the most of customer lifetime value” Jorgens added.

According to Aite Group’s research, merchants lose 75 times more potential revenue to false declines of customers than the cost of fraud.

The new Forter plug-in and fraud prevention automation could help Magento merchants quickly regain some of the millions of dollars in revenue lost to false declines globally.