Coris is building an integrated merchant risk platform for the world’s fastest growing SaaS and fintech companies. Today, we’re excited to announce our integration with Stripe Connect. For the first time, software platforms using Stripe Connect can combine their merchant data with other data sources (including Coris data) to automate their risk management.
Many of our SaaS customers use Stripe Connect Custom to offer embedded payments to small and medium-sized businesses (SMBs) around the world. Stripe Connect Custom provides limited merchant risk management support, and doesn’t offer much beyond merchant onboarding / KYB. SaaS teams can hit a ceiling with these risk capabilities pretty quickly.
For example, Stripe only analyzes data in a company’s Stripe instance, but SaaS platforms often combine Stripe data with other merchant data when making underwriting and risk decisions. Up until now, there hasn't been a system that allows platforms to review all of their merchant data in one place and manage risk comprehensively.
Instead, SaaS platforms have historically developed a piecemeal approach to managing merchant risk and fraud. Their tech stack primarily involves Google searches on individual merchants, spreadsheets for merchant analysis, and a CRM tool like Salesforce for case management. This is a labor-intensive process with plenty of opportunities for manual errors. Replicating this process beyond a handful of countries can quickly compound these issues.
Introducing our Stripe integration
Our Stripe integration plugs into the Coris Rule Engine and gives SaaS teams a holistic way to manage merchant risk and fraud. Payments and risk teams at SaaS companies can set up risk rules against specific Stripe Connect events to initiate a set of automated actions or manual reviews.
How it works:
SaaS customers provide Coris with a restricted key from Stripe. Customers can configure access to read-only or give Coris write permissions.
Customers choose an event, in the form of webhook alerts, that they want to monitor. We currently support over 40 Stripe webhooks events, from account updates to chargeback disputes and payouts.
Using Coris’s Rule Engine, customers can choose a rule to “check” in realtime. Customers can check for multiple rules, and rules can be associated with Stripe (such as elevated chargebacks or refunds), third-party data sources (Google, Yelp), or even internal platform data (e.g., past due subscription payments).
Customers can set up actions to occur if certain rules are met. If Coris has write permissions to the customer’s Stripe instance, it will execute this action on the Stripe end. Coris currently supports over 10 actions, including manual review alerts and automatic actions such as enabling payouts or stopping payouts outright.
Let’s walk through 2 common use cases: new merchant onboarding and merchant payouts.
New merchant onboarding: When a new account is created, platforms can set up rules checking against Coris’s SMB data or other data sources to perform their custom underwriting processes. If a merchant does not pass this automated underwriting, platforms can trigger actions such as manual reviews or blocking merchant payouts outright. This automated process can provide seamless experience to the merchants, save platforms significant time and increase their onboarding accuracy: platforms can funnel a minority of merchants for manual reviews, instead of reviewing each merchant manually.
Monitoring merchant payouts: When a payout gets initiated for a merchant, platforms can automatically check multiple data sources before deciding to release the payout. For example, they can check the chargeback history on Stripe, or whether the business is still open on Google or Yelp. If the merchant meets at least one of these conditions – say, they’ve exhibited elevated chargeback rates or reported a change in business status on Google/Yelp – platforms can automatically trigger a manual review for the merchant and / or stop the payout outright.
We’re actively building out the Coris platform to make it a one-stop-shop for merchant risk management. We’ll soon be releasing more exciting updates, including additional data integrations and associated features.
If you’d like to learn more about our Stripe integration or want to get started with Coris, contact us.