Signifyd Pricing, Features, Reviews & Comparison of Alternatives

Pros
Absolutely great product. Before Signifyd we would have major chargebacks on large purchases every month or so which meant we were out on both the merchandise and the money. We didn't have a way of fighting it and we were losing a lot of money. The system integrated easily with Magento, their fee is minimal , their determination is subject to your input, even if the software flagged something as Fraud you can appeal and a human will check and can override the system. It seemlessly updates the orders in Magento with the decision or the revision of whether an item is fraud or not. Really really great.

Cons
We had a lot of custom checkout methods that were getting flagged and the process of getting Signifyd to ignore them was not simple, it required changing the code rather than just a configuration.

Rating breakdown

Likelihood to recommend: 9/10

Pros
The software has been stable and trustworthy for the past 5 years

Cons
The actual software algorithm is not clear on how competitively differentiated it is from others in the market

Rating breakdown

Likelihood to recommend: 10/10

Pros
fraud/customer review. quickness of reimbursement once approved

Cons
leaves gaps in what is "reimbursable" and the window to submit a claim is ridiculous. Needs to be 30 day claim period, not 7.

Rating breakdown

Likelihood to recommend: 3/10

Pros
The approval rate is very high. Since they only get paid on orders they approve, they have an incentive to approve as many as possible. This has lead to us being able to take orders that were risky that we wouldn't have normally taken without an increase in our fraudulent order rate.

Cons
You only have 7 days to report a chargeback for reimbursement. For a small company, sometimes it's hard to get the reimbursement filed when you have multiple fires that need putting out during the busiest seasons.

Rating breakdown

Likelihood to recommend: 10/10

Pros
Most importantly, we are seeing far fewer fraudulent orders, even with the fraudsters constantly looking for ways to defraud small businesses. It is easy to use and understand, and if they flag an order as fraudulent when you do not believe that it is, they allow you to appeal the verification. Their process (including appeals) is fast and efficient-- even appeal-approved orders are able to be shipped in a timely manner.

Cons
It can be somewhat difficult to get them to approve a transaction that they have flagged as fraudulent. It does not happen often, so it is not a huge problem for us, and we do understand that this is for our company's own good. However, our audience is mostly retirees, and trying to tell them that their order was flagged as fraudulent can be... difficult. There have been just a couple of times in the course of 3 years that we did not agree with Signifyd's decision, even after the appeal. Each time, we sided with their decision, which reinforces our trust in the program.

Rating breakdown

Likelihood to recommend: 9/10