Digital payments company Vesta is now available as a Payment Guarantee application on the Shopify App Store. Free to install, the payment guarantee solution currently serves only merchants from the United States, Canada and Mexico. The usage fee for the app is flexible and comes in tiered pricing options to help you maximize your revenue.
Based in Lake Oswego of Oregon, Vesta is an American global transaction guarantee platform that processes online purchases. It also provides essential tools to carry out e-commerce. The application allows Shopify merchants to increase legitimate transaction approval rates.
With our dynamic data network based on trillions of data points and machine-based learning, Shopify business owners can operate with ease knowing that they are protected by Vesta’s 100% payment guarantee.
Hrishi Talwar, Chief Product Officer, Vesta
How Payment Guarantee Works?
The app can be installed easily, without any knowledge of coding. The Payment Guarantee app works on advanced machine-learning models to process online transactions in real time. It also analyses the payment link to ensure no fraud liability for store owners.
The free trial of the app is for 30 days, following which one can opt for a flexible pricing option as per the requirement of online business.
“Vesta’s model is to approve as many legitimate transactions as possible to help businesses maximize their revenues,” Hrishi Talwar, Chief Product Officer of Vesta, said in a statement.
“With our dynamic data network based on trillions of data points and machine-based learning, Shopify business owners can operate with ease knowing that they are protected by Vesta’s 100% payment guarantee,” Talwar added.
Saving $300 Billion
According to a claim made by Vesta, around $300 billion of global revenue is lost every year due to false declines. It adds that an average online merchant spent $4 to tackle fraud for every $1 of direct fraud loss. The end-to-end payment solution offered by Vesta removes serious threats of online fraud with the help of strong data science.
Vesta’s Payment Guarantee app is based on highly-automated Application Programming Interface (API) technology. It promises to increase the card-not-present (CNP) approval rates by an average of 10 percent.
Vesta offers unparalleled approval rates to ensure a frictionless experience for customers. It eliminates chargebacks along with other sorts of digital payment fraud. The US-based company has an experience of more than 25 years in data science and deeply understands the biggest challenges of financial markets.
Who Must Use Payment Guarantee App?
Brands, both big and small, from sectors like e-commerce retail, financial services, travel and telecommunications services use Vesta to take accurate financial decisions. The solution promises 100 percent guaranteed transactions while protecting the client’s revenue in real time.
“Many solutions prevent fraud by auto-canceling flagged orders which can also prevent legitimate sales and frustrate good customers. The best fraud solution will work just as hard to let good transactions through as it does to block fraudulent ones. Vesta’s Payment Guarantee solution approves and guarantees as many legitimate orders as possible, which means more revenue for your business. We assume liability for any order we approve, relieving you of any risk or chargeback fees,” the app describes itself on the Shopify App Store.
Top Benefits of Payment Guarantee:
1. Size Doesn’t Matter
Payment Guarantee is an ideal app for Shopify stores of any size. No matter if you are getting monthly orders of 10 or 10,000, Vesta’s solution can help you secure end-to-end transactions online. As mentioned above, the pricing of the app usage is flexible, which means that you can upgrade pricing options as you grow your business.
2. Easy to Use
The application is much easy to use and requires no knowledge of coding. One can easily set up the Payment Guarantee app within the Shopify admin dashboard and start onboarding with a 30-day free trial. You get the complete functionality of the app within one hour of installation.
3. Zero Risk
The Payment Guarantee app takes 100 percent guaranteed decisions in real-time, ensuring zero risk or liability for you. In a fast-paced competitive environment, online selling is not as easy as it appears. With platforms like Vesta, one can avoid false declines and fraudulent behavior from users on the other end.
4. Powered by AI
The app works on artificial intelligence and machine learning to eliminate human error. It looks into the deepest of factors to find anomalies. As technology advances, solutions like these help merchants carry out online business operations with much ease.
5. Experience
Vesta has over 25 years of experience in protecting merchants from fraud and chargebacks. The experience counts as the company has seen many challenges in financial markets and helped clients from different sectors to take the right decision.
US-based wedding venue event coordinator Our Mountain Life uses Vesta’s Payment Guarantee app for its Shopify store — The Lookout Woodbury. “Great product. Great experience. I haven’t had one chargeback due to fraud since I signed up with Vesta. In addition, my conversions have gone up significantly because I have far fewer cart abandonments,” the company writes in its app review.
Other Payment Solutions
Shopify has other solutions as well to protect its merchants from fraudulent transactions. In December 2022, a Canada-based FinTech company OTT Pay launched an integrated payment feature on Shopify. It serves as a reliable and secure gateway for both shoppers and merchants, thus facilitating transactions.
Shopify Plug-in seamlessly connects store owners of Shopify with myriad payment mediums via OTT Pay. It offers an easy solution for merchants to efficiently manage their transactions and provide the best service to their customers from around the world.
The advanced payment solution of OTT Pay helps Shopify store owners by securely and timely processing cross-border transactions. Merchants also get to choose among the main payment methods with just a single plugin integration. OTT Pay’s extensive service network also helps Shopify merchants in marketing their brand to China’s 1.1 billion mobile users and bagging new opportunities for growth and revenue.
“OTT Pay is seeking broader partnerships with e-commerce platforms such as Shopify to serve merchants with cost-effective and reliable payment services while lowering barriers between their businesses and customers,” Stanley Yu, CEO of OTT Pay, said at the time of product launch.
Collaborations For Indian Merchants
Earlier, Shopify partnered with leading payment companies Payoneer, PayGlocal and Tazapay to help its India-based merchant partners. The collaboration is meant to ease cross-border commerce for Indian merchants by lowering transaction fees, facilitating international payments and offering stronger conversion.
“Reliable payments are a key enabler for merchants to go global effortlessly. Since cross-border transactions form an invaluable share of business for Shopify India merchants, we’ve collaborated with Payoneer, PayGlocal and Tazapay in a bid to make international payments seamless and more cost-effective,” Bharati Balakrishnan, India Country Head and Director at Shopify said.
“Our partnership offers multiple benefits for our merchants, including quicker settlement, better chargeback protection, a native risk engine built to prevent fraudulent transactions, and additional local support,” she added.
