In a move set to reshape the landscape of ecommerce merchant services, PAAY and SOLVPATH have joined forces to provide a groundbreaking solution that tackles two major challenges faced by online businesses today: friendly fraud and customer support efficiency.
Friendly fraud, an escalating concern for ecommerce enterprises, now accounts for a staggering 75% of all disputes in the United States.
PAAY, a pioneering leader in the field of cardholder authentication, has risen to the occasion with its innovative PAAY 3DS platform. This cutting-edge technology seeks to authenticate the cardholder in real-time thereby shifting the liability burden from merchants to banks. Additionally, this helps alleviate the financial strain imposed by chargebacks and refunds stemming from friendly fraud disputes.
"Merchants have long been grappling with the detrimental impact of friendly fraud on their bottom lines," stated Yitz Mendlowitz, CEO of PAAY. "With PAAY 3DS, we empower businesses to regain control by helping to prevent and protect against fraud."
In a parallel stride, SOLVPATH, a trailblazer in automated customer support solutions, is revolutionizing how ecommerce merchants connect with their clients. It simplifies customer support visually while utilizing extensive data for intelligent decision-making, resulting in an improved customer experience and enhanced merchant performance. And with the recent partnership with PAAY 3DS, SOLVPATH is able to automate 3DS data to help merchants curtail unnecessary refund requests and boost profitability.
"Data is absolutely crucial today, especially for a technology provider focused on automating customer support. It's the key that enables us to make well-informed decisions, ultimately leading to optimal results," commented Carl DAgostino, CEO & Founder of SOLVPATH.
The strategic partnership between PAAY and SOLVPATH introduces a synergistic collaboration that capitalizes on the strengths of both companies. Clients of SOLVPATH who integrate PAAY's 3DS solution will gain access to valuable data points, allowing them to readily identify 3DS-authenticated customers. Armed with this information, merchants can dynamically adjust their support processes to mitigate refund requests and chargebacks, further fortifying their business operations.
"This partnership represents a pivotal moment for ecommerce merchants seeking to navigate the challenges of fraud prevention and customer support efficiency," said Carl DAgostino CEO at SOLVPATH. "By uniting PAAY's expertise in tackling friendly fraud with SOLVPATH's AI-driven customer support, we are ushering in a new era of operational resilience and customer satisfaction."
As the ecommerce landscape continues to evolve, the PAAY and SOLVPATH partnership stands as a beacon of innovation, providing merchants with the tools they need to not only safeguard their revenues but also elevate their customer relationships.
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SOURCE Solvpath