LetsGetChecked sees 5X ROI from Stripe Radar for fraud detection

LetsGetChecked, a leading health insights company that offers a wide range of home-based tests and clinical services, has been able to scale over 800% YoY using Stripe’s payments and fraud mitigation.

Products used

Europe

Challenge

LetsGetChecked enables the public to access accurate diagnostic testing for a range of health areas from the home. Founded in Ireland in 2015, the company initially chose Stripe’s robust payment platform, which provided it with ease of integration and international coverage as it quickly launched in global markets. Due to the COVID-19 pandemic, LetsGetChecked experienced increased demand for services and accelerated growth while releasing its FDA-authorised at-home COVID-19 home testing service. When that expansion resulted in an increase of fraudulent transactions, LetsGetChecked turned to Stripe to mitigate risk of fraud.

Solution

LetsGetChecked integrated Stripe’s Radar, which assigns risk scores to every payment and automatically blocks high-risk payments. By incorporating data from Stripe’s network of millions of global businesses processing billions in payments each year, Radar’s algorithms adapt quickly to shifing fraud patterns and to unique business models. LetsGetChecked implemented fraud policies that include blocking certain IP addresses, placing payments with a high-risk score into review, and blocking all payments deemed “very high risk”.

Results

LetsGetChecked leveraged Stripe’s machine learning solutions to intelligently detect and block fraudulent transactions, leading to a 5x ROI. “We didn’t want to risk blocking good customers with broad sweeping rules. Fraud is no longer a problem for us, and that’s because it’s been taken care of by Stripe,” Ronan Ryan, LetsGetChecked COO says. With Stripe supporting payments and fraud mitigation, LetsGetChecked has been able to invest its developer resources into other aspects of its business, scaling to over 800% YoY growth. The company added mobile wallets to its payments experience, which allows consumers to check out 3x faster and significantly improves conversions. “By adding Apple Pay in Stripe, we saw a significant improvement in our conversion rate. We’ve been delighted with the results,” Ryan shares.

International expansion brings new business model

Afer launching in the US in 2017, LetsGetChecked serves as the official coronavirus testing partner for American Airlines, judges on NBC’s “The Voice”, and other organisations. LetsGetChecked has scaled rapidly in response to increased demand, adding new employees across functions that include nursing, logistics, technology and marketing. It leveraged its expertise to innovate and quickly deliver an at-home coronavirus test. The FDA conducted a blind study in October 2020, which found LetsGetChecked to be the most analytically sensitive lower nasal, at-home coronavirus test. “Stripe has completely innovated the process of expanding internationally and setting up new currencies and new accounts. This means we’re able to focus on our core business – signing up new customers, raising investment and hiring staff,” Ryan says.

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