Fraud and the challenge of accepting foreign currencies, top concerns for US retailers

Wednesday 23 October 2019 10:42 CET | News

An Internet Retailer survey released by Kount, an AI-driven fraud prevention provider, and BlueSnap has revealed that global ecommerce will top USD 3 trillion in 2019 for the first time.

The study found that two primary concerns are preventing North American retailers from catering to international shoppers: fraud and the challenge of accepting foreign currencies and payment types. 60% of respondents cited ‘currency and payment processing’ as a top obstacle to international ecommerce. An identical 60% pointed to ‘fraud prevention’.

International consumers are increasingly shopping online, with North America’s top 1000 e-retailers selling USD 143 billion worth of goods to customers outside the US. Amazon accounted for 44% of those international sales.

More than half of online shoppers have already purchased goods outside their country. The survey also found 67% of retailers agree international ecommerce is a critical source of future growth, and 52% concur with the statement that international ecommerce ‘is suitable for us because we have many international customers and followers of our brand and products’.

Therefore, a partnership between BlueSnap and Kount enables retailers engaged in international ecommerce to address their two primary concerns: fraud prevention and payments processing, with a single vendor relationship.

The all-in-one solution combines BlueSnap’s payment platform, which handles payment processing in more than 100 currencies and via 110 payment methods, with Kount’s AI-driven digital fraud protection, which helps 6,500 global online businesses minimise fraud losses while maximising the number of orders they accept. The integrated solution can help leading internet retailers compete internationally.

Kount delivers a SaaS model fraud and risk management platform for companies operating in customer-not-present (CNP) environments. For more information about this company, please check out a detailed profile in our web fraud & e-identity company database.

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Keywords: Kount, AI, fraud prevention, fraud management, survey, retailers, US, BlueSnap, online payments, ecommerce, payments processing
Countries: United States