Automation of Merchant Risk Monitoring is Essential

Vinodh Poyyapakkam

February 6, 2023

Coris acts as an early warning signal whenever a small business in your portfolio might be in trouble.

We provide a high-fidelity signal (with limited false positives along the way) that enables you to take action before you’re pulled into their trouble as well.

For instance, if our clients find out a month or two before a portfolio business is going to fold, they can hold money or reserve funds to mitigate losses.

Instead of a major six-figure loss, it may be closer to a $10,000 or $15,000 loss.

That is a massive reduction in terms of potential quantum loss.

Enter Coris: How We Support Early Detection & Alerts

To set up monitoring, Coris undergoes a straightforward client process.

  1. Integrate — We upload the businesses they want monitoredeither through our developer-first APIs or our user-friendly portal.
  2. Setparameters —They specify what they want monitored depending on each business (i.e., Yelp,BBB, Google, Facebook, HomeAdvisor reviews, Website, News Articles).
  3. Scourthe web —We can track licensing statuses (if that’s crucial to the type of business) orchanges in news media, online review patterns, keyword searches, etc.
  4. Sendalerts according to preferences —We send alerts on a daily, weekly, or on-demand basis so clients can browse anynotable changes and take swift action if necessary.

We also tailor this workflow when it comes to eCommerce spaces.

While a single review might not impact an eCom brand, the brand’s website itself, the types of products on the site, and their shipping policies can absolutely harm demand.

For instance, a supply chain disruption may change shipping times from two to six weeks, which could signal a major customer base departure or elevated risk of disputes from customers that already paid.

We monitor these sorts of developments so the brand can appropriately approach their customers about the change.

How Coris Automates Tasks & Drives Savings

Coris also becomes crucial because we automate away the headaches of manual work.

  • Risk of error — Humans bring subjectivity to risk analysis, which leaves room for error.
  • Manual monitoring is a time suck — Companies have thousands of businesses in their portfolios that they onboard each day. Checking each business against five or six different sources for a variety of risk vectors can easily take at least 20 minutes.
  • Skyrocketing labor costs — Human costs are especially unmanageable in current markets. Every business is under pressure to keep operational costs low. Here, manual review is just throwing wasted labor at an issue they ultimately can’t solve.

Automation is simply the only painless way to get through keeping an eye on your entire portfolio.

Most importantly, it frees up your skilled risk analysts to handle the few cases that exceptionally matter to your business.

Reliable Risk Monitoring in Unreliable Market Conditions

Given current market conditions, businesses are being forced to make serious decisions about whether or not to close their doors.

That’s why Vertical SaaS companies, Payment processors and Fintech companies need to know which businesses are in trouble.

Coris can help with that. Don’t waste your engineering team’s time and resources trying to build a solution that we already offer — ready-to-go and reliable with visible results.

“Coris adds an early-warning, high-fidelity signal to any business in your portfolio so you can take action whenever it might be in trouble.”

Onboarding with Coris: Demystify Risk from Day One

The first step we take with a new client is identifying their top losses.

They’ll fill us in on valuable details like:

  • Which merchants cost them the most
  • Where they assume conditions went south
  • How much money they lost

With that info, we can indicate where we would’ve detected and cut from that problematic merchant at least a few weeks or a month earlier.

From there, we can calculate how much money the client would have saved through Coris.

This exercise clarifies the huge loss reduction our monitoring system represents.

It’s also helpful on our end. We get a sampling of the merchants our clients take on so we can prepare the right types of monitoring for them.

What Key Signals Does Coris Track?

For every source, whether it’s a Google review or the Better Business Bureau, Coris identifies any triggers (major trigger words would be something like “fraud” or “scam”) that may indicate when a business is in trouble.

Our software also combs digital news.

One of our clients once lost nearly $100,000 when a high risk business was sold to a foreign company, which was later found out as a scam.

They would’ve loved a resource like Coris, which could have picked up on the conversations online outing that buyer as a pyramid scheme.

That’s just another example of the value of automation. Manually tracking those breadcrumbs, which Coris finds near-instantly, would be time-consuming and difficult for your employees.

Making Risk Monitoring Effortless with Coris

Before automated solutions like Coris, risk monitoring was essentially a shot in the dark.

Teams monitored internal data as much as possible and flagged detectable spikes in trends. They also had to accept the big losses that came with catching flaws too late.

This meant they’d often only deliver information on losses — not actual risk prevention.

In comparison, Coris basically functions like a CCTV on your portfolio businesses at all times.

There’s no effort necessary on the client’s part until Coris flags a potential risk.

Plus, once the client onboards their portfolio and we set up their preferences, they can easily consume Coris alerts through our API and integrate it with their own internal tooling.

In other words: Our findings land directly in front of the people who need to see them, and they can act accordingly ASAP.

Just take it from current Coris clients. Utilizing Coris minimizes nearly 80% of risk exposure.

“For each of those high-loss merchants, Coris could’ve flagged them at least a few weeks or even a couple of months in advance. That could have saved those clients a lot of money.”
Wrapping Up

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