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.”