Financial risk management tools: the most effective strategy to reduce fraud and optimize your conversion cycle
It is possible that reducing fraud is one of your main concerns when managing an e-commerce website.
Working to combat it is a constant task: you want to offer your clients the best frictionless payment experience, but scammers adapt fast and immediately find a way to circumvent all system updates.
E-commerce websites really need a fraud control method in order to detect and stop it, reversing the fewest number of right transactions as possible (sometimes wrongly identified as fraudulent and cancelled).
Fintech tools and strategies to optimize your finances
According to a study by the Merchant Risk Council, it is estimated that turnover of online merchants falls on average 2.5% due to suspected fraudulent payment. What if not all declined transactions were fraudulent and you were cancelling true payments? This apparently small percentage can mean millions of losses for your business. It is therefore crucial to use risk management tools allowing you to take better decisions: you must detect fraudulent payments by blocking the fewest number of authentic transactions. This is where financial partners come into play, such as PayXpert, that work to develop financial optimization tools minimizing fraud in your business.
Create your best strategy, what is A/B testing?
New forms of fraud appear daily, designed to circumvent payment gateways said to be secure. Even if it were so, that fact is because scammers are constantly developing new ways to avoid security measures. For this reason, have a dynamic and under constant review strategy of fraud management is necessary to help keep it at bay,
A/B testing consists of comparing the effectiveness of two different strategies designed to tackle the same problem; in this case, two payment gateways that minimize fraud. We can detect and isolate factors favourable to us, and thus adopt the omnichannel payment gateways which best suit the specific needs of your e-commerce.
Regarding risk management and fraud in your business finances, a detailed analysis of which factors or variables are indicators of fraud is essential This will allow us not only to avoid fraudulent transactions (which end up becoming returns), but also not to confuse true transactions with fraud.
PayXpert, through A/B testing, enables to accurately measure how each financial strategy affects the conversion cycle, in order to lead you to a constant improvement of payment gateways and, ultimately, of the user experience offered to your customers.
A/B testing has become, along with financial data management, one of the most popular strategies for optimizing finances, although both are relatively new (both in marketing and web analytics). It is due to the precision with which they help us develop strategies to sell more and optimally.
In this way, you will be able to test every little detail of your financial strategy, instead of remove all the configuration (which involves time and money). It is a practical way to polish every little nuance of your action plan, in order to develop the solution that best meets each phase of your business.
Optimize your finances with the help of a financial partner
At PayXpert, we have a team completely focused on helping you better understand the finances of your business: our tools will help you transform the big data generated from your financial activity into easy-to-read statistics. Thus, we convert simple numbers into real-time charts to provide a detailed breakdown of the number of transactions rejected by issuing banks, for example.
Through our Dashboard, you will understand at a glance the distribution of the total volume of transactions, the risk parameters and the evolution of your conversion cycle: all in real time. Thanks to the Dashboard and the rest of our management tools, you can have full control of what happens in your business, how and where, and thus be able to make decisions on time. As we know that the financial management of a business is not easy, we put at your disposal the latest sector news for your administration.
Big data: a powerful tool for risk management
We do not just want to accompany you in the ongoing fight against fraud, but we also strongly believe that success lies in using financial data management to guide our strategy. That is why this is one of the central axes of all our tools, designed to quickly identify market trends and respond on time. We want to help you always stay one step ahead.
About fintech and strategies to sell more (and better)
Do you like what you are reading? You may want to step forward and see what having PayXpert as a travel companion means. We will help you migrate your historical financial data from your previous payment service provider, so you can benefit as soon as possible from our intelligent financial management tools, big data management, and especially our powerful omnichannel payment gateway.
Now it is easier than ever to be in control of your business and optimize finances. We want to be your financial partner because we have the tools you need to help you understand your business, whatever your goals are. They are tools that will allow you to optimize the management control process, saving you time and money. Visit our website to discover which of our solutions best suits your specific business needs.