Credit card fraud is a tremendous drag on E-commerce profitability. Losses from unrecovered shipments, chargeback fees, and efforts spent processing orders that turn out to be fraudulent are exacerbated by the overhead of manual fraud screening and slower processing. A January 2010 report by CyberSource revealed that total E-commerce losses due to fraud reached $3.3 billion in 2009, averaging 1.2% of online sales. That same report indicates that about one of every four E-commerce orders is manually screened for fraud. The combination of NetSuite and CyberSource will help businesses minimize fraud and streamline order processing through enhanced automated screening. Merchants using NetSuite can begin sending transaction details to CyberSource Decision Manager for fraud screening by enabling a single checkbox.
"iFAX Solutions is a long-time customer of both CyberSource and NetSuite," said Darren Nickerson, President at iFAX Solutions, Inc. "We were excited to learn that NetSuite now provides deep integration with Decision Manager, CyberSource's leading fraud screening technology. We operate several low margin, high volume online retail operations and credit card fraud is such a serious threat to our bottom line that staff must screen every online order. Since activating the new Decision Manager support in NetSuite and encoding our fraud screening rules into its easily configured scoring system, we have been able to send most of our orders directly and automatically to fulfillment without human review. We've reduced our cost while getting product into our customers hands more quickly. Now that's what I call a win-win!"
NetSuite's new order screening process, powered by CyberSource Decision Manager, employs fraud management functionality that automatically screens each order against 200+ validation criteria, including IP geolocation, multi-merchant transaction history, global delivery address validation, and device fingerprinting. Orders that do not meet merchant-established screening criteria are placed in a "hold" status, a control point which allows for analyst review. An advanced case management system consolidates and highlights all order data and test results on a single screen to speed manual review and order disposition. Other validation services (such as phone number lookup) can be invoked easily and without additional data input. NetSuite also provides integrated access to CyberSource for global bank card payment processing.
"CyberSource is a natural strategic partner for NetSuite. With a complete set of cloud-based payment management services fully integrated with NetSuite order management work-flows, E-commerce businesses can now enjoy a unique advantage as they strive to meet the growing need for safety, security, speed and accuracy in the order management process," said Gary Wiessinger, NetSuite Vice President of Product Management. "This partnership will give thousands of businesses immediate access to the world's best tools to combat fraud."
"We are truly excited to see CyberSource Decision Manager fully integrated into one of the world's leading cloud-based business management software suites," said Michael Orlando, CyberSource Senior Vice President, Global Sales and Services. "The goal of our partnership is to regularly bring new capabilities to NetSuite customers, enabling them to stay ahead of their competition, domestic and global."
For more information on how to improve order management performance, please join NetSuite and CyberSource at www.netsuite.com/fraudmanagement.
CyberSource, a wholly-owned subsidiary of Visa Inc., is a payment management company. Over 300,000 businesses worldwide use CyberSource and Authorize.Net brand solutions to process online payments, streamline fraud management, and simplify payment security. The company is headquartered in Mountain View, California with international offices in Reading, U.K.; Singapore; and Tokyo. CyberSource operates in Europe under agreement with Visa Europe. For more information, please visit www.cybersource.com.
NetSuite Inc. is the industry's leading provider of Cloud-based financials/ERP software suites. NetSuite enables companies to manage core key business operations in a single system, which includes Enterprise Resource Planning (ERP), Accounting, Customer Relationship Management (CRM), and Ecommerce. NetSuite's "real-time dashboard" technology provides an easy-to-use view into up-to-date, role-specific business information. For more information about NetSuite Inc., please visit www.netsuite.com.