How Bolt helped Buy Insulation Products remove fraud from the equation
True to their namesake, Buy Insulation Products (est. 2007) was one of the first companies that allowed consumers to purchase insulation products online. Historically, these large, bulky items hadn’t been available for online purchase. By filling this hole in the market, Buy Insulation Products helped homeowners and contractors streamline their projects, all while offering unmatched customer support along the way.
The reason for the company’s sustained growth? Listening directly to customer feedback. Their customer service team continuously receives calls or emails from customers inquiring about new products or expressing interest in items that aren’t currently carried. The company prides itself on supporting its customers and one of the key ways they do this is by turning customer requests into newly stocked products.
The first exposure to fraud
As any company who has experienced rapid growth knows, quick expansion doesn’t come without its share of challenges. Buy Insulation Products found themselves not only trying to keep up with the high demand from customers, but also trying to keep up with their increased exposure to fraud. In the early days, they struggled confidently approving large orders due to the lack of a fraud solution. One key incident that resulted in a fraudulent credit card charge particularly felt risky. As their team recalls, “just typing the credit card number in doesn’t mean you’re actually going to get those funds. That was our first awakening on fraud.” Eventually, that first exposure turned into what felt like a sustained attack. “We were getting hit once a month for $500, $1000 in fraudulent charges here or there and we just kind of felt we were vulnerable and that’s not a good feeling.”
“Bolt is like that warm blanket that makes everything feel better.”
Prior to finding Bolt, the burden of manual reviews fell entirely on the shoulders of the staff. The team looked at anything they could to verify the legitimacy of transactions and often found themselves going as far as looking at property tax records to check if the bill to and ship to information matched. However, that level of attention to detail not only wasn’t scalable, but it also wasn’t always effective. When the team wasn’t able to obtain all of the information they needed to verify the transaction, they would still release the order and wait nervously hoping that the transaction wasn’t disputed. As a company who is in control of all facets of their business — from advertising to shipping — it was important to Buy Insulation Products to take control of their exposure to fraud.
Bolt was able to eliminate fraud headaches for good. Instead of spending Saturday nights manually reviewing every order that came through, the team could spend time focusing on other facets of their business. “Now, I have Bolt to tell me ‘hey, this is good, that’s bad’ and I can focus on other things,” says one executive. “I have to worry about fulfilling the order, I don’t have to worry about ‘hey, do I need to look this up to see if this guy is legit or if he’s scamming me.’ It really allows us to do what we’re supposed to do and you guys, with your algorithm, you guys know. You’ve got me covered on that end.” With Bolt, not only was Buy Insulation Products able to reduce their manual review time from countless hours a week down to 0 hours per week, but they confidently approved more orders with a 98.5% order approval rate.
More than a fraud solution
Although Buy Insulation Products initially turned to Bolt for a fraud solution, they quickly realized the need to update their checkout process. Customer centricity is at the core of their business and their current checkout was creating unnecessary fiction for good customers and stood in the way of placing orders. They received several phone calls from customers trying to place orders that were unable to complete their purchases due to their current checkout. As the company recalls, “we would lose orders, sometimes big orders, and that’s disappeared. Those calls have stopped 100%.” Bolt’s approach of ensuring good customers have streamlined checkout experiences while ensuring fraudsters can’t place orders really resonated with the company.
“I’d rather pay a little more just for the ease, just for the comfort, just for that nice feeling,” says Buy Insulation Products. “Bolt is like that warm blanket that makes everything feel better.” Without having to worry about the legitimacy of an order, the team at Buy Insulation Products can now spend 100% of their resources on order fulfillment.