Prime Indemnity promises no chargebacks on crypto and fiat currency transactions for your business
Digital asset platforms can experience a higher-than-normal volume of chargebacks than traditional e-commerce. For crypto platforms especially, this is a significant risk factor.
Chargebacks occur when a customer disputes a transaction on their debit or credit card. Some of these disputes are legitimate; the customer may not have made the purchase, or may not have received the item they intended to purchase. But chargeback fraud is common, particularly with crypto transactions. This has to do with the volatile nature of crypto assets, which quickly increase and decrease in value, incentivizing a customer to attempt to secure a refund when their purchased assets lose value.
Chargeback fraud can be costly to businesses, with a volume of revenue being lost to chargebacks and time required to deal with disputes.
Similarly, false declines are frustrating for merchants, impacting revenue and taking time to respond to disappointed customers. False declines are a fraud prevention measure designed to decline transactions that may result in a chargeback, but are actually legitimate. In 2019, false declines cost merchants $20.3 billion.
Partnering with a payment service provider who understands these business risks and how crypto transactions work is a critical part of balancing chargebacks against false declines. Prime Indemnity enables fiat and crypto integrators to eliminate chargebacks and reduce fraud.
Frictionless transactions are powered by AI
But how can fintech and crypto platforms lessen their exposure to chargeback risk without adding friction to the customer onboarding process? At Prime Trust, we employ artificial intelligence (AI) to evaluate the risk of each transaction.
By aggregating a variety of data points across multiple platforms, Prime Indemnity returns predictive transaction approvals for debit and credit card purchases. It has been carefully calibrated to reduce false claims. And we fully back this authorization solution: Prime Trust will bear the cost of the chargeback if we’re wrong.
Prime Indemnity is an API point-solution that is part of our all-in-one financial infrastructure, designed to make digital assets easy by removing your risk of chargebacks and mitigating fraud.
Prime Trust’s industry-leading protocols keep the money flowing
As a key feature of Prime Indemnity, Prime Trust scans card transactions for fraud using the industry-leading 3-D Secure (3DS) 2.0 protocol. 3DS 2.0 enables frictionless transactions, shielding purchasers from authentication screens or other security checks in over 95% of transactions. Instead, 3DS 2.0 relies on artificial intelligence to evaluate the risk of each transaction behind the scenes, ensuring a seamless transaction experience. This purchase protection enables additional fraud prevention for merchants by presenting a validation check within the card purchase flow, creating a personalized customer service experience.
Prime Indemnity is used by the largest crypto providers, giving integrators the peace of mind they need to power their business. With universal chargeback protection, transactions happen smoothly and efficiently.
Offer digital assets without the risk. Learn more about our all-in-one infrastructure for financial institutions and fintech companies, and how we can make crypto smoother for you. Get in touch with us.