NoFraud Launches NoFraud Checkout to Reduce Fraud and Cart Abandonment

The Industry's First Truly 'One-Click-Checkout' Option Increases Sales Conversions by 55%

NEW YORK, March 22, 2022 /PRNewswire/ -- NoFraud, a premier provider of fraud prevention technology, releases NoFraud Checkout, a new product upgrade that increases sales by minimizing shopping cart abandonment. The first of its type in the market, NoFraud's one-click-checkout option never requires consumers to create a store account, a NoFraud account or a password; unlike Paypal, Bolt, or  Amazon that require shoppers to register and input login credentials before completing a purchase. 

The inconvenient task of having to create a store account, recall passwords and payment information before completing the checkout process is causing shoppers everywhere to abandon carts, resulting in a staggering $260 billion in missed revenue. Data from Baymard Research Institute shows 70% of consumers abandon their carts. 24% of that is due to shoppers unwilling to create an account, and 18% is attributed to long, complicated checkout flows. Adding to the frustration, 1 in 6 legitimate shoppers were declined at least once last year, causing retailers to miss out on 15% of orders from good customers.

With a customized experience for each guest, NoFraud Checkout leverages fraud prevention and device recognition software to enable shoppers to check out with as little as their email address.  A dynamic one-page design dramatically reduces the number of input fields, provides shoppers with an autofill address and payment option, prompts customers to fix typos or incorrect information in real-time, and never requires the registration of a store account. Customers recognized on the global NoFraud network are offered a one-click-checkout option, while orders containing an elevated risk level, or of a high value, are given extra scrutiny with additional fields adapting in real-time to their risk level. This enables NoFraud to validate riskier orders and prevent automatic declines. A streamlined and enhanced customer experience results in more completed orders and a higher approval rate.

"Our society favors services that offer convenience over everything. We flock to businesses that provide on-demand food delivery within the hour, and apparel and other goods in two days or less. It's surprising to me that not enough businesses are prioritizing the checkout experience," said Isaac Gurary, co-founder and CEO, NoFraud. "On average, consumers have to fill out 23.5 fields before they even pay for their items. It's no wonder so many shoppers give up. Retailers that optimize checkout can see a 55% increase in conversions. That's why we created our new Checkout feature, to reduce complexities, instantly verify recognized shoppers and speed up the transaction process, ultimately leading to less chargebacks, more sales and brand loyalty."

NoFraud's advanced decisioning engine has up to a 99.7% approval rating, reducing false positives behind the scenes and ensuring the right customers are transacting with merchants. NoFraud uses artificial intelligence and machine learning, coupled with a global team of analysts, to proactively examine hundreds of data points per transaction to weed out bad actors and generate accurate 'pass' or 'fail' decisions in real-time. They remove the burden of manual review and threshold setting from their customers, and offer a full 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, virtually eliminating fraud, manual review, and chargebacks. See an immediate impact on your bottom line via increased approvals and conversions.  Alleviate your internal resources of all fraud related concerns and liability, allowing them to focus on growing your business. NoFraud is the price-performance leader and boasts the industry's highest approval rates. Our team of industry experts coupled with the latest technology and proprietary systems keeps our customers ahead of emerging trends and threats. Integrating with NoFraud is quick and seamless, and our highly collaborative attitude ensures every business we partner with receives the right solution for their business. Visit www.nofraud.com for more information.

SOURCE NoFraud