SAN FRANCISCO, Jan. 23, 2018 /PRNewswire/ -- Aiming to re-engineer ecommerce for all online retail merchants and consumers, Bolt (https://bolt.com/) launched today after operating in stealth for a year with over 100 large online merchants already validating its product.
The first truly all-in-one payments platform, Bolt bridges the gaps between several siloed products in the market. Online retailers are losing thousands of customers and billions in revenue every year because current payment systems are highly fragmented, requiring the integration of checkout, payment, and fraud detection systems in a layered construct.
Bolt's highly-optimized checkout solution generates 10%-50% more revenue for every ecommerce company that installs it, and because Bolt provides end-to-end payment processing, data collected across the stack can be used to train superior fraud detection algorithms. With far lower fraud rates, Bolt is able to cover all fraud.
"The way online commerce works today is, frankly, embarrassing," said Ryan Breslow, Bolt's CEO and co-founder. "The 'layered' ecommerce philosophy is completely crippling businesses, rendering them unable to innovate. Bolt is redefining the way online retailers and merchants approach their payments infrastructure and fraud detection by eliminating the layers and replacing them with one seamless product.
"And this isn't just for merchants," Breslow continued. "For the millions of consumers, we are powering a seamless, Amazon-like checkout experience that will dramatically reduce headaches, increase the speed at checkout, and virtually eliminate false positives and declined transactions."
Founded by Ryan Breslow and Eric Feldman, Bolt has received significant funding and is being backed by an esteemed list of investors including founders of PayPal, Intuit, and Oculus. Currently they have 100 customers successfully using Bolt.
First-ever Payments Company to Guarantee Zero Fraud, Letting Merchants Off-the-Hook
Other payment processors avoid liability if fraud occurs, and merchants need to pay for fees, reimburse chargebacks, and put up costly reserves. Moreover, fraud detection services are incentivized to block more orders than necessary, turning away legitimate customers. Neither are aligned with the merchant and these misaligned incentives end up costing merchants millions.
"You have a predatory payment industry telling merchants they are on the hook for fraud, so merchants layer in an expensive fraud detection service to limit their liability," said Breslow. "In doing so, merchants can reduce their fraud from 1.0% to 0.1%, but in reality they are declining so many transactions out of fear that they are leaving millions in sales on the table."
Bolt is able to provide a "zero-fraud guarantee" to merchants because of the visibility enabled by its integrated system. Bolt's intelligent anti-fraud technology allows more qualified transactions to occur and has access to more data across checkout and payment. Better data provides a higher level of confidence – so much so that Bolt covers all chargebacks from credit card companies.
"Amazon-like" Checkout Delivers Better Experience to Customers, More Lifetime Customer Value for Merchants
Because of its industry-leading fraud detection, Bolt's checkout requires fewer fields and thus fewer clicks to pay. The easy-to-navigate user interface, informed by user studies and hundreds of thousands of A/B tested checkouts, significantly reduces cart abandonment.
"We wanted to simplify the checkout experience for the consumer, create a unified checkout across multiple merchants, and reduce the friction for a customer to make a purchase," Breslow said. "Now when consumers see the 'Powered by Bolt' icon, they know they can purchase with speed and confidence."
Bolt matches the processing fee of the merchant's current provider and charges a very low single-percent fee per transaction. However, with the increased revenue that merchants experience, Bolt more than pays for itself.
ABOUT BOLT Founded in 2016 by Ryan Breslow and Eric Feldman, Bolt is the world's most intelligent online payments solution. Bolt's premium "all-in-one" solution streamlines checkout, increases order approvals, removes fraud and chargeback liability, and ends the need for manual order review. Bolt brings a simple and seamless, Amazon-like checkout experience to the internet as a whole. For more information visit www.bolt.com.