News, Education and Events Decoding Digital Payments & Fraud

News, Education and Events Decoding Digital Payments & Fraud

Startup Promises Simplified Checkout, Better Fraud Prevention with End-to-End Payment Solution

Startup Promises Simplified Checkout, Better Fraud Prevention with End-to-End Payment Solution

A San Francisco-based online payment provider named Bolt emerged from stealth mode last week with the promise of offering a unified checkout/payment/fraud platform to merchants that will enable them to provide an “Amazon-like checkout experience.”

Bolt CEO Ryan Breslow said the current e-commerce checkout and payment process relies on so many different layers and tools working together and communicating that, once they are in place, it is very hard to improve performance in terms of checkout, payment and fraud prevention. Bolt’s founders thought that if one platform was built to handle all those phases, the efficiencies and visibility into data across the platform would result in vastly increased performance.

Until recently, though, companies wouldn’t even undertake the challenge of developing an end-to-end solution. The way e-commerce had evolved, Breslow told CardNotPresent.com, they didn’t need to.

“None of the basic instruments to build an end-to-end solution even existed five years ago,” he said. “There was such a clear need for a basic fraud detection tool that companies came out with fraud tools. There was such a clear need for simple payment processing, you could build a $10 billion business just doing that alone. ”

What an end-to-end solution provides, Bolt claims, is a system that avoids costly integrations, of gateways, of checkout solutions of various antifraud systems. More than avoiding the costs associated with implementing and managing all those integrations, the visibility into a company’s own data is the real advantage—especially in terms of fraud prevention.

Breslow said Bolt’s AI-based fraud engine has visibility into every piece of data captured in a transaction rather than the 10 or 20 or 30 variables that a merchant might pass on to their fraud provider. More information not only helps spot fraud more easily, but reduces false positives. The company came out of stealth mode with about 100 merchant clients and Breslow claimed every one of them has experienced a lift in approval rate.

Bolt also is one of a growing number of companies standing behind its fraud prevention with a guarantee to cover all costs associated with chargebacks on fraud that gets through its system.

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