Miami, United States
FlexFactor is an AI-driven platform dedicated to solving declined payments in digital commerce. The platform partners with merchants and payment providers to instantly review and recover failed customer transactions at no risk to the merchant and at no cost to the consumer. This addresses a significant issue as 5-25% of transactions are declined in online shopping, representing over $500bn of lost sales. Additionally, 50-75% of shoppers will move to another store or abandon their purchase after a payment decline.
Current solutions in the market only offer marginal gains as they do not cover all decline codes, with major solutions addressing fraud but not other decline codes representing over 75% of overall declines. In contrast, FlexFactor offers the widest coverage and least friction possible for merchants, covering 100% of decline codes using a fully embedded, real-time, and white-labeled solution. The platform takes full liability for any transaction that is rescued and settles merchants even if the funds have not been recovered from the customer, who is charged the transaction amount at no extra cost.
The platform's outcome has been promising, with up to a 15% increase in revenues and preventing 30-50% of declined transactions on average, leading to increased sales, decreased cost of acquisition, and longer lifetime customer values.
Founded in 2021, FlexFactor is headquartered in the United States with R&D based in Israel. The company brings together a highly experienced team representing the best of Quantitative Analytics, Risk Management, and Payments backgrounds to tackle declined payments and help businesses sell more.
FlexFactor operates within the Fintech, Information Technology, and Payments industries, addressing a crucial pain point in online commerce.
