17 years helping Canadian businesses
choose better software
Signifyd
What Is Signifyd?
Backed by the world's largest network of merchants, Signifyd's Guaranteed Fraud Protection solution evaluates orders at checkout & delivers instant decisions backed by a 100% financial guarantee against fraud on all approved orders. This effectively shifts the liability for fraud away from your business, allowing you to trust customers and grow fearlessly while reducing financial fraud risk.
Key Benefits:
- 100% Liability Shift & Guarantee
- 5-7% Increase in Approval Rates
- Improve CLTV
Who Uses Signifyd?
Built for businesses of all sizes, Signifyd offers a comprehensive commerce protection solution that recognizes the identity & intent behind every payment, restoring trust between merchant & customer.
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Reviews of Signifyd
Say goodbye to Chargebacks
Comments: Overall it has saved us thousands of dollars and the team has reembursed us a number of times already for chargebacks on orders they approved. Highly recommend for any US eCommerce vendor.
Pros:
Absolutely great product. Before Signifyd we would have major chargebacks on large purchases every month or so which meant we were out on both the merchandise and the money. We didn't have a way of fighting it and we were losing a lot of money. The system integrated easily with Magento, their fee is minimal , their determination is subject to your input, even if the software flagged something as Fraud you can appeal and a human will check and can override the system. It seemlessly updates the orders in Magento with the decision or the revision of whether an item is fraud or not. Really really great.
Cons:
We had a lot of custom checkout methods that were getting flagged and the process of getting Signifyd to ignore them was not simple, it required changing the code rather than just a configuration.
Alternatives Considered:
Happy customer for 5 years
Comments: We do not need to dedicate resources to fraud management. We can leave this to Signifyd and trust the outcome of their decisions.
Pros:
The software has been stable and trustworthy for the past 5 years
Cons:
The actual software algorithm is not clear on how competitively differentiated it is from others in the market
Alternatives Considered:
Good idea and review but a bit pricey and leaves coverage gaps
Comments: generally good idea but gaps in coverage (what is reimbursable) and claim time frame can be greatly improved.
Pros:
fraud/customer review. quickness of reimbursement once approved
Cons:
leaves gaps in what is "reimbursable" and the window to submit a claim is ridiculous. Needs to be 30 day claim period, not 7.
Great Fraud Protection
Comments: top service wont ever move, this is essential to our business to keep the payments secure and safe
Pros:
the commision is so small compared to the benefits, us not making the decision whether we accept a order due to risk is the main thing, signifyd makes this decision and we have far less risk of a chargeback
Cons:
sometimes orders can be declined by them for no reason which we have to speak to customer service about to resolve
Alternatives Considered:
Great and easy to use
Comments: It has saved us so much time scrutinizing orders. We can just take care of fulfilling and not worry about if an order is fraud or not. This also helps us be less confrontational with customers on orders that look suspicious. Many are, in fact, fine.
Pros:
The approval rate is very high. Since they only get paid on orders they approve, they have an incentive to approve as many as possible. This has lead to us being able to take orders that were risky that we wouldn't have normally taken without an increase in our fraudulent order rate.
Cons:
You only have 7 days to report a chargeback for reimbursement. For a small company, sometimes it's hard to get the reimbursement filed when you have multiple fires that need putting out during the busiest seasons.
