I made a career of connecting with people and engaging them. I get to pursue my dream job at Forter by talking all day on the phone with customers and promoting a solution that helps people, protects them against fraud and optimizes revenue. It’s like working for a superhero company. I feel like we’re the company behind Iron Man, only less focused on hardware.
“Profit in business comes from repeat customers; customers that boast about your product and service, and that bring friends with them.” ~ W. Edwards Deming
Talking so much to people about our product, I’ve gained an insight into how important these sorts of connections really are. At Forter, we’re very aware of the value of our customer relations. We focus most of our efforts on making sure that the clients we have are really happy, and only a small portion of it in looking for new business. How can this be? Well, it turns out that if you treat your customers like the kings they are, they’ll provide a lot of your new business for you, through referrals.
Other companies, both B2B and B2C, know this too, but they often don’t realize how having the right fraud prevention solution can help to improve their connection with customers. They think of fraud prevention as, well, preventing fraud. But that’s not best practice fraud prevention. That’s just fraud prevention.
One of the most complex things I have to explain about Forter is that we’re not just about fraud prevention. That is, we’re great at fraud prevention – we’re so good we offer a chargeback guarantee, which is really putting your money where your mouth is. But stopping fraud isn’t the only – or even the main – benefit that we bring to our retailers.
“Make a customer, not a sale.” ~ Katherine Barchetti
Smooth Shopping Experience: Our fraud prevention system focuses on NOT antagonizing the customer. Customers hate to have to jump over hurdles just to make a simple purchase online, even if that purchase is for a substantial amount of money. They want their shopping experience to be as smooth as possible. With Forter, it can be, because real customers aren’t even aware that it exists. We’re that invisible. And the more positive the sales experience, the more likely you are to benefit from both repeat custom and referrals.
I spoke recently to a diamond company. What thief doesn’t want a diamond, right? That’s exactly what they’d found. And to guard against those fraudsters they instituted a whole rules-based system to check that the customer was for real – which turned off a lot of legitimate but irritated consumers! That’s precisely the opposite of what you want to do, which is turn those people into customers who are so happy they’ll recommend you to others.
Fast Shopping Experience: I’m sure I’m not the only one who has been infuriated by a delay between completing a transaction online and actually receiving the confirmation order. From a customer perspective, it just seems so unnecessary. You don’t think about all the manual reviewers hard at work in the background. But with Forter, no one ever has to – because the whole system is completely automated, and works in real-time. It’s as smooth as shopping gets.
Positive Shopping Experience: Even worse than a delay is being rejected because your order looks dubious, when you know you’re a totally legitimate customer! With Forter, that rarely happens – which means retailers get to accept more orders. A lot of our customers have seen a double digit increase when it comes to approval rates. Just think about the numbers of customers they were turning away before! Now, that negative experience has become part of a positive one.
The key thing here is that the merchant gets not only a sale (though the sale is great, of course) but also, hopefully, a customer. Someone who has been so happy with his experience that he’ll come back again and again.
Putting Retailers’ Focus Back Where it Belongs: Retail
What I love the most about this is that it empowers retailers to be able to focus on what they do best. It’s wonderful hearing from people who were struggling with fraud prevention, something that felt very much a sideline to their real concentration, who suddenly feel that that burden has been lifted from their shoulders, so that they can focus on what matters to them.
Fraud prevention is enormously important, but it isn’t generally within the remit of expertise of an online retailer. What they’re good at is retail. There’s no reason for them to keep up to date with the sneaky practices fraudsters are developing, or work out the intricacies of machine learning. Blocking fraudsters and dealing with fraud prevention just gets in the way of making their store as good as it can be for the customer.
The Personal Perspective
On a personal level, this kind of distraction can be exhausting. I remember one conversation in particular with a Risk Manager who hadn’t been able to take a vacation in over a year because of the pressure manual reviews placed on him and his team. With Forter, he could finally take that vacation he deserved – and, by that time, badly needed!
Another RM had to postpone her initial meeting with us, because it was on a Monday and her team was drowning in the backlog of reviews from the weekend – orders customers were probably irritably wondering whether they should just cancel by this point. Now, Mondays hold no fears for them. It’s just another day of the week.
The Business Perspective
From a business perspective, it just makes sense. Merchants can reclaim revenue that they’re consistently throwing away, and make their customers happier. 80% of the time, Forter’s system can tell if it’s fraud or no fraud before the customer even makes it to checkout. There’s no extra work involved in gaining the new customers Forter can approve for you: they’re the people who were already on your site, but used to get turned away.
Take Care of Your Customers
If you want to build your customer base and develop strong customer relationships that lead to customer loyalty, care about your customers. Put yourself in their shoes, make the checkout and ordering process as smooth and seamless as possible.
Best practice fraud prevention tools don’t focus on protecting against fraud and preventing loss, that’s already a given. The best practice fraud prevention tools put the focus back on the customer and finding a way to give the customer the best and easiest path to purchase.
By caring for your customers, and making their shopping experience as smooth as it can be, you can get some of those customers who might abandon their carts, or be forced to abandon them, to stay with you. They might even come back. And using Forter will help you do that.