Industry’s first true “one-click checkout” option increases sales conversions by 55%
NEW YORK, March 22, 2022 /PRNewswire/ — No cheating, a leading provider of fraud prevention technology, releases NoFraud Checkout, a new product upgrade that increases sales by minimizing cart abandonment. NoFraud’s one-click checkout option is the first of its kind on the market and never requires consumers to create a business account, NoFraud account or password. unlike PayPal, Bolt, or Amazon, which require buyers to register and enter credentials before completing a purchase.
The tedious task of creating a business account, retrieving passwords, and payment information before completing the checkout process causes shoppers everywhere to abandon their shopping carts, leading to staggering $260 billion in lost revenue. Data from Baymard Research Institute shows that 70% of consumers abandon their shopping cart. 24% of this is due to shoppers being unwilling to create an account and 18% is attributed to long, complicated checkout processes. Adding to the frustration 1 out of 6 legitimate buyers were rejected at least once last year, resulting in retailers missing 15% of good customers’ orders.
With a personalized experience for each guest, NoFraud Checkout leverages fraud prevention software and device recognition so shoppers can checkout with just their email address. A dynamic one-page design drastically reduces the number of input fields, provides buyers with an autofill address and payment option, prompts customers to correct typos or incorrect information in real-time, and never requires business account registration. Customers recognized in the global NoFraud network are offered a one-click checkout option, while orders with an increased risk level or high value are subject to additional verification, with additional fields adjusted in real-time to their risk level. This allows NoFraud to validate riskier orders and prevent automatic rejections. A streamlined and improved customer experience leads to more completed orders and a higher approval rate.
“Our society prefers services that offer convenience above all else. We flock to companies offering on-demand food delivery in an hour and clothing and other goods in two days or less. It surprises me that not enough companies prioritize the checkout experience,” said Isaac Gurary, Co-Founder and CEO, NoFraud. “On average, consumers have to fill out 23.5 fields before even paying for their items. No wonder so many shoppers give up. Retailers who optimize checkout see a 55% increase in conversions. That’s why we created our new Checkout feature designed to reduce complexity, instantly verify recognized buyers and speed up the transaction process, ultimately leading to fewer chargebacks, more sales and brand loyalty.”
NoFraud’s advanced decision engine has an approval rate of up to 99.7%, reducing behind-the-scenes false positives and ensuring the right customers are doing business with merchants. NoFraud uses artificial intelligence and machine learning in conjunction with a global team of analysts to proactively examine hundreds of data points per transaction to weed out bad actors and make accurate pass or fail decisions in real-time. They relieve their clients of the burden of manual verification and threshold setting and offer a comprehensive financial guarantee and chargeback management service.
For more information visit www.nofraud.com.
About NoFraud
NoFraud, based in new York, provides ecommerce merchants with the most effective ecommerce fraud prevention and checkout solutions that virtually eliminate fraud, manual verification, and chargebacks. See an immediate impact on your bottom line with increased approvals and conversions. Free your internal resources from all fraudulent concerns and liabilities so they can focus on growing your business. NoFraud is the value for money leader with the highest approval ratings in the industry. Our team of industry experts coupled with the latest technology and proprietary systems keep our clients ahead of emerging trends and threats. Integration with NoFraud is quick and seamless, and our highly collaborative attitude ensures that every company we work with gets the right solution for their business. Visit www.nofraud.com for more information.
SOURCE NoFraud
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