Signifyd

UPDATE: Their customer service contacted me and sorted everything out, as well as promised to more accurately disclose what types of fraudulent chargebacks are covered. So I'll keep the app for now and I gave them an extra star on this review.

ORIGINAL REVIEW: Honestly this app seemed too good to be true and I should have known better. Their marketing makes it seem like if you receive a chargeback on a "guaranteed" order that they will pay out no questions asked once you receive a chargeback.

I found out the hard way that this isn't true. After giving them a percentage of every single order for about three months I received my first chargeback on a "guaranteed" order. The chargeback was an "85 Credit Not Processed", which as many e-commerce merchants are aware, is when the customer lies and claims that they sent back a product for a refund and never received their money back.

The process of submitting paperwork to Signifyd was easy, and they even offer multiple methods of payment since Paypal refuses to work with companies in my industry.

The next day I received an email stating that this type of chargeback wasn't covered.

Here is the complete email:

"Signifyd reimburses for chargebacks resulting from an unauthorized use of a payment instrument, also known as a fraudulent transaction. Unfortunately, we cannot reimburse this chargeback as the reason indicates a credit or refund dispute.

The 'Credit Not Processed' chargeback reason usually means that the cardholder completed a return of the purchased items or cancelled the transaction, but did not receive the credit to their account.

To avoid this type of chargeback, it is strongly recommended to share your return policy with the cardholder before completing the transaction. In addition, always issue the refund promptly and notify the cardholder once it has been completed.

If the merchandise was not returned to you or the transaction was not cancelled, you can fight this chargeback with your processor by providing relevant information and demonstrating that the customer is not entitled to a refund. Disputing a chargeback needs to be done within the specified period in order to recover your funds.

Thanks,
Signifyd Claims"

After taking a percentage of every single order for over three months, when it finally came time for them to uphold their end of the bargain, they refused. Not to mention the condescending nature of the email, implying that it's my fault that a scumbag customer tried to lie about returning merchandise, and that it could be prevented if I had a return policy publicly available (which I do).

When I emailed them about this they completely ignored the email. I have yet to receive a response from Signifyd even acknowledging that I attempted to reach out to them.

The reason for two stars instead of one star is because their fraud detection system is actually really good. It gives you a breakdown of all the info about the customer and is fairly useful when deciding whether to fulfill a questionable order. It should be noted that when scrolling through most of these reviews, a large amount of the five star reviews are from companies who are just starting out and haven't received any chargebacks yet but are wowed by all of the data on the backend. It really is good. But I have a feeling that if they get to the point where they have to actually try to get money back from Signifyd that they'll change their mind about those five stars.

Bottom line: If you're looking at this service thinking that it's going to be the answer to all of your fraudulent chargeback problems, look elsewhere. They're just like any other type of insurance company in that they will make lofty promises when looking to take your money but they look for any and every reason to deny your claim when it's time to pay up.

As an owner of an e-commerce company I strongly dislike overly entitled customers who attempt to spread negative reviews online, but in this case this company truly deserves the negative publicity.

Good app and does what it says. It has an algorithm which will automatically approve or decline a transaction. There have been a couple of high ticket items that the app had declined but with a little bit of research, I submitted evidence that the order was legit (finding customer data on the web, mostly via Google and social media), I got signifyd to approve them in the end. It can sometimes take a couple of days for them to personally review the risk of an order, which is not great if you are an online retailer and quick delivery is key.
That is why it gets 3/5. Algorithm gets it right 8/10 times and when you want to re-apply a declined transaction for approval, it can take a couple days. Otherwise, am happy with this app. We signed up for 1% off all transactions go to them, they are making a killing off of us. No fraudulent order has yet been claimed since we've selected this app so cannot vouch for its Chargeback promise to pay back.

Good services. Unresponsive support however.