Navigating the digital marketplace can be challenging for Indian businesses, especially when it comes to international payments. From payment declines to fraud risks, these hurdles can significantly impact revenue and customer trust. Enhancing security for international payments is crucial to protect financial information, build trust, and ensure the safety of these transactions, preventing potential financial losses for businesses.
Introducing India’s first Payments Risk Suite: Razorpay SHIELD
Presenting Razorpay SHIELD – India’s first Payment Risk Suite!
SHIELD enables businesses to reclaim lost revenue with features like chargeback protection coupled with a best-in-class AI-ML powered risk engine and a Comprehensive Risk Dashboard, that draws strength from Razorpay’s extensive international presence and industry knowledge.
With over 50,000+ businesses relying on Razorpay’s cross-border payment stack, our risk engine benefits from this widespread trust, ensuring high precision. Having processed over 10+ million unique cards since inception, our system has developed advanced, industry-specific models for enhanced effectiveness.
Behind the Numbers: Understanding the revenue challenges encountered by Indian businesses
Indian businesses confront a multifaceted challenge leading to a loss of revenue:
- Firstly, manual fraud management globally extracts an annual toll of 5-15% of revenue, demanding substantial manpower and resources and significantly contributing to high operational costs.
- Secondly, chargebacks loom as a threat, potentially causing losses of 2-3% of total revenue. Chargebacks are initiated by cardholders disputing transactions that can result in the loss of transaction amounts and additional fees.
- Moreover, payment declines impact 33% of customers, contributing to a poor customer experience and leading to disengagement with the business.
- Lastly, the lack of robust fraud controls not only elevates operational costs but also poses a risk of financial losses, endangering customer trust and loyalty.
The all-encompassing solution to these challenges lies in implementing smart fraud management systems to spot fraudulent activities and save merchants from huge losses. That’s when our International Payments Risk Detection System steps to the rescue and saves merchants from the above-listed hurdles.
Razorpay SHIELD-ing Merchants: A Significant 8-10% Uptick in Revenue
With a robust Chargeback Protection Program, an AI-ML Risk Engine, and a Comprehensive Risk Dashboard, Razorpay SHIELD is truly proactive protection for your business. Other benefits of Razorpay Shield include:
- Precision Excellence: Achieving unparalleled accuracy, Razorpay SHIELD’s precision excellence ensures transactions have a success rate improvement of up to 10%, setting a new industry standard for precision in financial transactions.
- AI-ML Mastery: Razorpay SHIELD leverages the power of Artificial intelligence (AI) and Machine Learning (ML), trained on millions of data points across the extensive Razorpay network. This AI-ML Mastery optimizes transaction outcomes, providing advanced insights and decision-making capabilities.
- Chargeback Assurance: SHIELD covers all the fraud chargebacks but not the service chargebacks. It eliminates concerns about fraud chargebacks by allowing merchants to reclaim lost revenue and open the door for new revenue streams through a Chargeback Protection Program.
- Seamless Integration: It seamlessly integrates with Razorpay Standard Checkout, requiring no additional setup or integration efforts. This ensures a smooth and efficient deployment for merchants without any disruptions.
The All-In-One Razorpay Comprehensive Risk Dashboard
Razorpay’s Comprehensive Risk Dashboard, a dashboard that enables businesses to make data-driven intelligent decisions, gives complete visibility for the following:
- Fraud-to-Sales Ratio: By understanding the ratio of fraudulent activities to legitimate transactions, businesses can assess the effectiveness of their fraud prevention measures.
- Dispute Ratio: It measures the frequency of customer disputes or chargebacks compared to the overall transaction volume. A high Dispute Ratio could indicate potential issues with customer satisfaction, product/service quality, or transaction transparency.
- Risk Declined Payments: This metric highlights the number of payments that were declined due to perceived risk factors. An excessively high rate may result in lost revenue from genuine transactions.
Securing Success: The Razorpay SHIELD Advantage for International Payments
In conclusion, Razorpay SHIELD emerges as the optimal solution for Indian merchants in search of a secure and efficient risk detection system for seamless international payments. With a commitment to ensuring a high success rate and high revenue, Razorpay SHIELD provides robust protection against fraud and payment declines.
Choose Razorpay for a secure and successful global business experience!
