Product: Guaranteed Payments
Company: Vesta Corp.
Vesta, a global provider of fraud protection and secure payment solutions, created Guaranteed Payments, a solution designed to guarantee funds for card-not-present (CNP) transactions. Participating merchants have zero liability for fraud-related chargebacks, which is helping some of the world's largest retailers maximize revenue, according to company representatives.
"Vesta pioneered fully guaranteed card-not-present transactions for the telecommunications industry," said Ron Hynes, president at Vesta. "Now we're applying our core capabilities to the broader ecommerce, CNP space. By leveraging our massive capabilities in data science, machine learning and fraud detection, we are helping merchants enhance their approval ratings, which is the flip side of fraud prevention."
In addition to boosting revenue through increased approvals, Vesta's solutions facilitate a seamless customer experience while reducing operational costs and eliminating losses due to fraud, Hynes noted. Available worldwide in multiple languages, Vesta's Guaranteed Payments solution is compatible with hosted shopping cart plugins and simple to integrate, he added.
Noting that the fraud risk is accelerating at the same rate as ecommerce transaction volumes, Hynes pointed out that Vesta solutions eliminate fraud risk while reducing friction, which enables merchants who sell online to focus on core business priorities.
"When someone works with us, we own the risk and we look at every one of your merchant's transactions," Hynes said. "We can use up to 250 data points to judge a single transaction and we do this in a seamless manner, so the customer isn't waiting for an approval or decline. We have the courage of our convictions, that if we say yes to a transaction, your merchant has no risk of fraud."
Vesta guarantees more than $15 billion in annual transactions, empowering merchants by eliminating fraud risk and delivering an exceptional buying experience to their customers, Hynes stated. Participating merchants are assigned dedicated Vesta relationship managers and a secure customer portal where they can view real-time transaction activity and manage data in graphical and tabular formats in a variety of customizable reports.
Hynes mentioned that in addition to working with channel partners throughout the United States, Vesta is bringing significant revenue opportunities to developing areas of the world, such as Latin America, where approval rates are much lower. He added that Vesta's Guaranteed Payments platform provides the following features and guarantees:
"When the holidays roll around and a consumer is buying a TV for someone and gets declined, the merchant may have prevented fraud but has sacrificed customer lifetime value, because that person will never come back to their store," Hynes said. "Wouldn't it be better to sell that TV without any fear of fraud?"
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