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eWAY
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Hi Guy,

Apologies for not responding yesterday, I didn’t get an email notification of replies in the thread. I logged in to check this morning as I was sure you would have written back!

Happy to discuss those points further (remember you can call us if anything is skimmed over, I’m not trying to avoid having things on the Internet, just that some things are easier explained over the phone)

Contact. Yeap, we pride ourselves on our multi channel support. Personally I think it’s a copout saying that “after testing we decided email was the most effective”. I’ve been here for over 7 years and I guarantee you if we didn’t offer multi channel support we wouldn’t have the awesome endorsements of our support and sales team that are a huge difference between us and competitors.

Fraud Prevention. We use a company called ReD (Retail Decisions – you may have used one of their EFTPOS machines before) and they provide a system that is basically a neural network of live and historical transaction data. Through eWAY you can send up to 300 pieces of information (name, shipping address, billing address, card data, item data, email, IP, device ID, etc etc) and all of this data is then passed to ReD.

ReD take that data and lookup each field in their database and build what (in a graphical representation) looks like a crazy spiderweb of how all that data has been used before and from this they get an incredibly accurate picture of the fraud potential. Things like “Email address was used with card a, card b, card c. Card C was used with shipping address a, from IP address a and IP Address C”.

Take that and extrapolate that over 30% of the worlds data and you begin to get an idea of just how accurate their fraud analysis is. I can’t go in to the over 5000 rules too much, however they are constantly updated from live data. There’s basic things like “Card has been used with 3 or more email addresses”, blacklists covering each field (email address, IP etc) and far more advanced rules like the ‘picture’ I drew before.

It truly is an Enterprise level system and is used by our absolute largest customers. Due to our buying power we’re able to offer it for a tiny fraction of the cost of their standard $20k/year minimum commitment. I’m talking crazy cheap, but you’ll need to call to find out how cheap!

I’m aware of the guys at SiftScience and I’m a big fan of what they’re doing. They do some similar things to ReD but do not have the card information, instead they’re using visitor movement tracking. You install some JavaSCript in to your site and it tracks a visitors movement through your store to assist in detecting fraudulent behaviour. There’s another business out of Israel doing it called Riskified but I don’t believe they’re quite on the same level yet. I haven’t spoken to them for at least 6 months though.

Settlement times: Sorry, I should have explained this futher. At NO STAGE does eWAY ever touch your money. We facilitate the transfer of card data and perform the fraud analysis but your merchant bank processes the funds and handles settlement. If you have your settlement bank account with the bank providing your merchant account any transaction before 6pm will be in your bank account the next business day.

Price/Costs: It used to be the case that it was more expensive to use eWAY for someone processing only a couple of transactions a month however with the introduction of eWAY Merchant Services this is no longer the case. eMS means we provide you with a merchant account through NAB and the cheapest plan has no monthly fee and a very competitive merchant service fee.

I guess that answers your question about eWAY joining the market of not requiring a merchant facility. Stripe and BrainTree both issue you with a merchant account from NAB, they just don’t advertise it outside of their T+C’s. We’re completely transparent (as well as proud) of that fact. Setup takes a little longer with eWAY as we perform the risk analysis of your business up front to enable overnight settlements. Stripe/BrainTree give you the merchant account without analysing your business and therefore need to hold your funds for a week to mitigate against chargebacks and fraud.

Always happy to provide more information if needed!

Maclean