NetSuite Integration Speeds Order Processing While Reducing Fraud Rates
Cloud-based financial and ERP software solution provider, NetSuite, has partnered with CyberSource to help NetSuite customers combat online fraud. The integration will provide NetSuite customers with access to the CyberSource Decision Manager, a fraud management solution that result in a cloud-based order management process that enables order submission, fraud screening and payments, through to fulfillment and invoicing.
Credit card fraud is a tremendous drag on E-commerce profitability. Losses from unrecovered shipments, chargeback fees, and efforts spent processing orders that turn out to be fraudulent are exacerbated by the overhead of manual fraud screening and slower processing. A January 2010 report by CyberSource revealed that total E-commerce losses due to fraud reached $3.3 billion in 2009, averaging 1.2% of online sales. That same report indicates that about one of every four E-commerce orders is manually screened for fraud. The combination of NetSuite and CyberSource will help businesses minimize fraud and streamline order processing through enhanced automated screening.
How it Works
The integrated order screening process employs fraud management functionality that automatically screens each order against 200+ validation criteria, including IP geolocation, multi-merchant transaction history, global delivery address validation, and device fingerprinting. Orders that don’t meet merchant-established screening criteria are placed in a “hold” status, a control point which allows for analyst review. An advanced case management system consolidates and highlights all order data and test results on a single screen to speed manual review and order disposition. Other validation services (such as phone number lookup) can be invoked easily and without additional data input. NetSuite also provides integrated access to CyberSource for credit card payment processing.
“iFAX Solutions is a long-time customer of both CyberSource and NetSuite,” said Darren Nickerson, President at iFAX Solutions, Inc. “We were excited to learn that NetSuite now provides deep integration with Decision Manager, CyberSource’s leading fraud screening technology. We operate several low margin, high volume online retail operations and credit card fraud is such a serious threat to our bottom line that staff must screen every online order. Since activating the new Decision Manager support in NetSuite and encoding our fraud screening rules into its easily configured scoring system, we have been able to send most of our orders directly and automatically to fulfillment without human review.”
NetSuite is the first cloud-based business management software suite to integrate CyberSource Decision Manager technology into its core business processes.