March 13, 2014, 11:23 AM

A new tool could help e-retailers better fight fraud

2Checkout’s technology screens transactions for 300 variables as part of its payments-processing package.

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As more merchants open their digital doors to shoppers around the world, concerns about fraud and security continue to increase, says 2Checkout, a global payments processor that provides fraud screening of online transactions.

2Checkout has launched a service through which retailers can apply for new merchant accounts online and be underwritten and approved in seconds, versus the industry norm of weeks, says Tom Dailey, CEO of 2Checkout. “Sellers love this—no paperwork, no waiting, no wondering,” he says.

The payments processor uses proprietary algorithms and data collection techniques to assess more than 300 variables in under three seconds to identify markers of fraud. Fraud screening is part of 2Checkout’s services that enable online retailers to accept credit cards, debit cards, PayPal and recurring billing in 26 currencies and 15 languages. The company supports transactions in 196 countries through a total of eight payment methods.

In addition to processing payments with Payment Card Industry data security Level 1 compliance, 2Checkout also offers web merchants options for hosted checkout, application protocol interfaces (APIs) for direct web site integration, implementation with more than 100 shopping carts, and free mobile and tablet apps for monitoring and managing sales. PCI Level 1 compliance applies to any merchant processing more than 6 million transactions per year; PCI is a set of data security standards backed by the card industry.  

2Checkout’s pricing is as follows: there is a 2.9% transaction rate, plus a fee of 30 cents per transaction. Merchants transacting more than $50,000 per month receive a volume discount. There is no application fee.

 

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