Fraud prevention expert, SEON has helped B2B buy now, pay later (BNPL) business, Biller, reduce fraudulent transactions by 87% across its platform, while decreasing the company’s manual review times by 93% with its powerful fraud fighting solution.
Few sectors have experienced the same growth rates as BNPL in recent years. Between 2020 to 2021, the user base for BNPL services grew by 85%, with regions such as Australia, Europe and North America leading the way in terms of adoption. However, until recently, the same form of system was not available for businesses in the B2B space. Thankfully, B2B BNPL pioneer, Biller, now offers a solution to fix this challenge.
By offering a modern take on finance for B2B businesses, Biller enables companies to get paid sooner, accelerates the supply chain, and optimizes cashflows. However, until recently, the company’s solution was somewhat vulnerable to synthetic identity fraud and account takeover attacks, two forms of fraud that plague the broader BNPL sector. Fortunately, the company is now leveraging SEON’s powerful fraud fighting tool to overcome the challenges.
Following the deployment of SEON’s powerful solution, Biller was able to dramatically reduce fraudulent transactions across its platform by 87%. Additionally, the provider also cut its manual review times by 93%. In practice, SEON’s fraud fighting solution has helped the B2B BPNL company to cut lending decisions from 4 days to 10 seconds. What’s more, the solution was onboarded by Biller 70% quicker than previous fraud prevention systems.
In addition to these dramatic fraud reduction rates, and the decrease in manual review times, SEON’s powerful solution provides Biller with invaluable extra data points, which are helping the company to make more accurate decisions at the billing stage. What’s more, SEON’s data enrichment solution, which leverages alternative data based on email, phone, IP, or device information has helped Biller to further refine its credit scoring system.
Thanks to SEON’s innovative solution, Biller is now able to instantly filter out potential fraudsters from its platform. In addition, SEON’s data enrichment solution is helping the company to ensure that users using the platform are financially viable prior to a credit decision being finalized. Because of the new partnership, Biller is now able to offer a truly frictionless credit check process, which in turn, greatly improves the company’s user journey.
Speaking on the new partnership, Coert Snyman, Senior Analyst at Biller commented: “Soon, 85% of all ecommerce B2B transactions will be online. There’s a huge shift in how payments are made - but until Biller was started, it seemed like nobody had managed to bring B2B payments into the 21st century. As a BNPL company, we’re the ones eating up the risk, so we must be smart about how we mitigate fraud and manage credit lending.
In the past, that meant a lengthy assessment process, which could take up to four days. We were looking at another provider, but they came back to us with a four-to-six-month integration process. With SEON, it was literally a phone call, followed by sandbox tests on the following Monday. Then, by the end of the week, it was done. They’re clearly an organization who approach work and customers in a different way than most.
That modern approach extends to the company’s pricing model, which is perfect for companies who want to scale together. In fact, the SEON model, it’s now one we actively look for with our other partners.”
Speaking on the new agreement, Jimmy Fong, Chief Commercial Officer at SEON commented: “We’re delighted to be working with Biller, a true innovator in the B2B BNPL space. Primarily, the company connected with us to help reduce fraudulent activity on its platform, but our solution has quickly demonstrated the additional value it can deliver for businesses in this nascent, but emerging field.”
