False declines have become a $118 billion annual problem that affects everyone involved.1 Merchants and financial institutions lose money and often future business. Cardholders are embarrassed and inconvenienced. A false decline can erode a cardholder’s loyalty to a card and merchant and prompt that cardholder to seek other payment options and places to make their purchases.
False declines have become a $118 billion annual problem that affects everyone involved.
Ondot offers a solution that can help you reduce false declines by partnering with your cardholders to help manage their fraud protection.
With traditional fraud management solutions, false declines are triggered by location, frequency of use, merchant type, and transaction amount based on a standard, one-size-fits-all formula. We’ve designed the first fraud management engine that looks at each cardholder’s real-time buying behavior and not the standard formula to accept or deny a transaction.
Include our mobile card services application in your card offering and your customers can set their own parameters for card use from their smart phone. They can decide when, where, and how to accept or decline transaction activity.
They can switch their card on and off by merchant category such as department stores or supermarkets, by the type of transaction, for example online or ATM, and by location. Controls set through the application automatically confirm authorized use based on the cardholder's parameters, reducing the chance of a false decline.
Our mobile application has helped institutions such as yours reduce false declines by 16%. See what we can do for you. Contact your Ondot sales representative.