Sift hailed the acquisition in a blog post, explaining that Sift’s proven ability to drastically reduce chargebacks, combined with Chargeback’s proven track-record knowing how to win chargeback representment disputes, will provide a powerful end-to-end umbrella solution for merchants looking to reduce card not present fraud.
“Customers receive industry-leading, machine-learning technology that maximizes revenue by quickly approving legitimate orders and avoiding fraud that can lead to chargebacks,” Sift said in the post. “And if chargebacks do happen, all of the necessary data is easily available so merchants can increase dispute win rates and help keep more of their hard-earned revenue.”
In a press release announcing the acquisition, Sift President & CEO Marc Olesen also stated that combining the two solutions’ teams will allow them to go beyond card not present fraud to touch every aspect of eCommerce fraud prevention.
“Preventing chargeback fraud is the critical ‘last mile’ of stopping payment fraud entirely,” Olesen said. “With the addition of Chargeback’s team, technology, and partners, our customers gain a true hub for fighting all types of fraud and abuse while creating a more seamless experience. We’re excited to continue working together as we help our customers implement their Digital Trust & Safety strategies.”
Chargeback also made a blog post, in which it thanked its customers and stated their motivation for agreeing to the acquisition was to provide a more far-ranging platform that would perform a wider variety of fraud prevention tasks.
Your gratitude was rewarding, and you saved loads of money, time, and headache using our platform. Yet, you continued to ask for more. In the end, it became clear what you really wanted was a platform that integrated the wide variety of applications that trust and safety and digital loss prevention teams use daily, not just a more comprehensive dispute management platform.
The acquisition will certianly makes waves in the industry. After a decade of strong growth, investment, and expansion, it could portend the beginning of period of industry consolidation. As customers demand merchants increase their use of alternative payment methods, companies may be shifting towards a preference for multi-faceted, consolidated solutions that can handle the increasingly diverse range of attack vectors they must defend against.