ChicMe Optimizes Customer Experience, Supporting New Market Expansion
Supporting new market expansion with increased payment success, decreased false declines
Rapid growth negatively impacted profit margins
Already popular in North America and Europe, ChicMe experienced rapid growth throughout 2022 in Latin American markets such as Mexico and Brazil. With this rapid growth came challenges with payment and risk control processes in its emerging markets. An increase in fraudulent transactions in Latin America, for instance, directly impacted profit margins, compromised banking channels, and had the potential to impact future market expansion.
Optimizing payment successes and reducing fraud-related risks
ChicMe ultimately partnered with Forter to take advantage of its global merchant data network, deep understanding of identity and ability to fully automate the fraud decisioning process. This approach led to instant results, fraudulent activity in new markets could be modeled and addressed in real time ensuring the company could trust genuine transactions resulting in a superior customer experience and acting as a catalyst for expansion and revenue growth.
Reduced declines and increased payment success supported ChicMe’s market expansion:
- Payment refusals due to fraud decreased by more than 50%
- Payment success rate increased by 5%
- Reduction in fraud-related challenges supported market expansion, leading to new customers and revenue growth
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