With over 15 million users, Nord Security constantly pushes the boundaries of payment optimization. Improvements in payment security, fraud reduction, and compliance have the potential to drive further value for Nord Security's vast user base. Having adopted Stripe’s features like Radar to avoid fraud and Sigma to drive better insights, Nord Security wanted to push the boundaries of optimization even further.
Initially, Nord Security moved to Stripe because it needed to increase payment acceptance rates. Having established Stripe’s capabilities, Nord decided to test out Stripe’s Enterprise Services and see if there were more opportunities for optimization.
Nord Security wanted a deeper consultation with the Stripe Enterprise Services Team to optimize its own internal tactics. It was working with this team that helped find insights that led to deeper optimization.
Nord Security adopted Stripe's enterprise services, which provided dedicated support and 24/7 assistance. Through weekly meetings and calls, Nord Security and Stripe started to collectively identify areas of improvement, which included workshops for authorization optimization, exercises for fraud optimization, and deep dives into Nord Security’s payment data. In the authorization optimization workshops, Stripe worked directly with Nord Security to root out unnecessary processing fees and avoid paying extra in its interchange costs.
Stripe’s Enterprise Team helped Nord Security discover the adjustments it could make to increase authorization rates in unique markets, including the US, UK, France, and Spain. The team also dove into SCA compliance, taking a closer look at Nord Security’s recurring payments features in particular.
These deep dives discovered unique opportunities for optimization, and the Enterprise Services Team helped Nord Security better harness and drive further value from Stripe's solutions.
Stripe's enterprise features like Adaptive Acceptance helped produce remarkable uplifts in authorization rates, including a 5% boost in the United States, 2% uplift in the UK and France, and a 14% uplift in Spain. In the US, the rate increase of just over 5% saved millions of dollars in recaptured revenue volume. The fraud optimization exercise reduced the fraud rate from an already tiny 0.15% to 0.11%.
Additionally, Nord Security also utilised Stripe’s card account updater to update credit card information and reduce failed payments due to expired card details. The result was Nord Security improving overall payment acceptance rates and delivering a more streamlined customer experience. Improvements in its card account updater operations led to an additional $600,000 in revenue re-capturing.
Stripe Enterprise Services helped us optimize processing and reduce declines because they gave us the chance to ask more questions and get more detailed answers to improve the overall performance.