CardFlash News Briefs: PURCH (ShopSavvy); CLEARANT (OpenCart); PAYCERTIFY (Paytronicks); and EC4IM (chargebacks).
PURCH – Purch, a digital content and commerce company that reaches 100 million consumers monthly, has acquired ShopSavvy, one of the largest mobile shopping apps (available on iOS and Android) with more than one million active monthly users and 30 million downloads to-date, backed by Facebook co-founder, Eduardo Saverin, and former CEO of Saks, Brad Martin, among others. The ShopSavvy deal marks Purch’s fourth acquisition in 12 months as it continues to leverage its $135 million funding round to enhance its mobile strategy and extend its mission of making buying decisions easy for consumers and businesses.
CLEARANT – Clearent has released its OpenCart extension for website developers. Clearent’s developer payment team has been working closely with web developers to build an easy to use shopping cart extension that enables them to securely accept payments through their OpenCart eCommerce websites. With its seamless design and simple set up, this extension is one of the most user-friendly payment gateways available on the market.
PAYCERTIFY – Paycertify began a partnership with Paytronicks in order to provide fraud reduction and chargeback solutions to Paytronicks and their merchants. Located in Canada, Paytronicks specializes in payment services for high-risk merchants and the company is constantly searching for new ways to provide enhanced value added services and secure payment processing solutions to their clients. By using PayCertify’s platform and insurance products, Paytronicks will be able to reduce their liability and overall ratios on more transaction volume while eliminating the high risk of fraud that these clients face.
EC4IM – Internet marketing service provider E-Commerce 4 Internet Marketers (EC4IM) is introducing a new service to its existing repertoire – chargeback mitigation. With direct access to cardholder-confirmed fraud data, these chargeback tools will help online merchants stop the fulfillment of fraudulent orders, screen orders to identify future or repeat fraud, and the option of refunding certain sales and updating the card holder bank of the refund to actually prevent a chargeback before it happens. Chargebacks are a constant problem for e-commerce merchants and were once thought of as just a cost of doing business online. Chargebacks can occur due to fraud, such as identity theft, or through “buyer’s remorse” with customers disputing charges. As more consumers are shopping online and sales are growing, so is the issue of chargebacks. And with the recent shift to the EMV chip technology in credit cards, it’s estimated that card-not-present online shopping will take on more of the credit card fraud charges.