forter smart payments solution.pdf

Forter Smart Payments

Payments are a critical component of digital commerce, but the payments ecosystem has become increasingly complex with a growing number of payment options, industry players and government regulations. Merchants often struggle to understand the payment landscape and don’t have the visibility or insight needed to quantify inefficiencies and optimize their payment flow. Research shows that up to 30% of potential merchant revenue is lost due to friction in the payment process. Merchants need more visibility into their payment process and the ability to apply intelligence to authentication, routing, and recovery to ensure they’re optimizing conversion rates and revenue.

Forter Smart Payments optimizes every step of the digital commerce payment flow so you can approve more legitimate transactions, reduce friction and maximize revenue.

For many businesses, a primary issue is authentication. To fight fraudsters and comply with government regulations (PSD2), businesses choose to add additional authentication means for their transaction process, such as passcodes, pins, etc. The most common security protocol used to accomplish this authentication is 3D Secure (3DS). These additional steps add friction to the buyer journey and are costly. Forter research indicates that 18% of U.S. shoppers have abandoned a transaction because the process was too long and complex. Forter Smart Payments provides the most comprehensive solution on the market to help you streamline your transactions and optimize your digital commerce payment flow while still maintaining regulatory compliance. Specifically, Smart Payments enables you to:

FORTER

Our real-time decision engine leverages machine learning technology to make these decisions with more accuracy and speed than any other vendor — more than 10,000 businesses benefit from our technology, representing $250 billion in annual gross merchandise volume.

Smart Payments helps you drive material business outcomes while maintaining regulatory compliance:

Maximize approval rates /

Forter helps you increase approval rates for legitimate transactions to drive more conversions.

Recover lost transactions /

Recover legitimate transactions that have been wrongly declined during the payments process and grow your revenue.

Reduce friction & cart abandonment /

Forter helps you streamline your payment flows and minimize 3DS friction, which helps to reduce cart abandonment.

Gain insight into payment performance /

Dive deeper into your payment performance with key insights and KPIs so you can identify ways to improve your transaction flow.

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eCommerce optimization solutions are not commodities

We are differentiated through our:

Identity Graph: Forter has built a vast dataset of identities. For every interaction, we look across this network to see if we ‘know’ the identity. This allows for instant, precise decisions that require no third party augmentation of IP, address, device fingerprinting or other data.

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Patent-Protected Automation: Forter applies machine learning to deliver decisions that are 100% automated, with response times under 400 milliseconds at the 95th percentile. Since we have no dependency on manual reviewers, we scale seamlessly as you grow.

Expert Guidance: Forter sits at the intersection of advanced technology and human expertise. Fraud researchers study emerging tactics and issues to refine our models and prevent (rather than react to) attacks. And Customer Success Managers work to understand your objectives and tolerances, to tune your implementation and ensure exceptional outcomes.

Smart 3DS Authentication

Leveraging 3D Secure authentication for your transaction flow is a powerful tool to protect against fraud, shift chargeback liability to the issuing bank and increase authorization rate. While it is true that implementing 3DS can add additional friction to the buyer journey, if done right, the advantages clearly outweigh the disadvantages.

That’s where Forter comes in. Our Smart 3DS technology evaluates every transaction in real-time and implements 3DS only when necessary, maximizing your acceptance rate and minimizing friction for the customer. Many companies implement a blanket approach to 3DS, where all transactions are automatically routed through this process, which causes unnecessary friction and results in lost revenue.
Our Smart 3DS offering includes three capabilities to meet the unique needs of your business:

3DS Recommendation: Our Smart 3DS functionality helps you make smarter real-time decisions for when 3DS is necessary to successfully authorize the transaction.

3DS Recommendation & Execution: In addition to recommendation, Forter can serve as an agnostic 3DS vendor and execute 3DS for merchants.

Frictionless 3DS: Apply 3DS only when it can be accomplished without added friction to the buyer journey (*only available to merchants who do not need to comply with PSD2).

3DS for PSD2

PSD2 regulations can be complex to navigate, and many businesses struggle to understand how they can optimize their payment process while staying compliant. If your main concern is PSD2, learn more about our Smart Payments PSD2 Solution here.

Forter’s differentiation allows us to commit to outcomes for customers. Smart Payments enables businesses to optimize every step of their payment flow to approve more legitimate transactions, reduce friction in the buyer process, and maximize revenue.

We have successfully partnered with Forter for several years to reduce digital commerce fraud and abuse. When they showed us how they could also increase conversion rates while complying with PSD2, we moved forward. The results were immediate—we are able to reclaim revenue that otherwise would have been lost to abandoned purchase processes. Smart Payments is a game-changer for our business.”

Sian Woods

Global Head of Security Operations & Fraud

For more information about Smart Payments, please visit forter.com/smart-payments

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