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Splitwise VS Riskified

Compare Splitwise VS Riskified and see what are their differences

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Contents:
  1. ยป Base Details
  2. ยป Videos
  3. ยป Reviews
  4. ยป Alternatives

Splitwise logo Splitwise

Splitwise is a free tool for friends and roommates to track bills and other shared expenses, so that everyone gets paid back. On the web, iPhone, and Android!

Riskified logo Riskified

eCommerce fraud prevention solution and chargeback protection guarantee for online merchants. Find out how we can help your company boost revenue from online sales using our machine-learning powered eCommerce fraud protection software.
  • Splitwise Landing page
    Landing page //
    2023-01-23
  • Riskified Landing page
    Landing page //
    2023-10-20

Splitwise

Website
splitwise.com
Pricing URL
-
Release Date
-
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Riskified

Website
riskified.com
Pricing URL
Official Riskified Pricing
Release Date
2012 January
Startup details
Country
United States
State
New York
City
New York
Founder(s)
Assaf Feldman
Employees
500 - 999
Edit details

Splitwise features and specs

  • User-Friendly Interface
    Splitwise provides an intuitive and easy-to-navigate interface, making it straightforward for users to add expenses, keep track of debts, and settle up.
  • Multi-Platform Availability
    Available on the web, iOS, and Android, Splitwise ensures users can access and manage their expenses from almost any device.
  • Expense Tracking
    The app allows users to easily log and categorize expenses, which can be particularly useful for group trips, shared households, or any shared financial responsibility.
  • Flexible Split Options
    Users can split expenses equally, by percentages, shares, or custom amounts, providing flexibility in how costs are divided among group members.
  • Currency Conversion
    Splitwise supports multiple currencies, which is handy for international travel or groups with members from different countries.
  • Bill Reminders
    The app sends reminders for outstanding balances, helping users to stay on top of their payments and avoid forgotten debts.
  • Integration with Payment Platforms
    Splitwise can integrate with payment platforms like PayPal and Venmo for easy settlement of balances.

Possible disadvantages of Splitwise

  • Privacy Concerns
    Since Splitwise involves sharing financial information with others, there could be privacy concerns for those unwilling to share detailed expense data.
  • Subscription-Based Features
    Some advanced features, such as expense exporting and additional integrations, require a Splitwise Pro subscription.
  • Manual Entry Requirement
    Splitwise requires users to manually enter expenses, which could be time-consuming and prone to errors if not done diligently.
  • Limited Automatic Reconciliation
    While Splitwise helps track who owes whom, it does not automatically reconcile or pay off balances, leaving users responsible for manual payment.
  • Dependency on Group Honesty
    The accuracy of the expense records relies on the honesty and diligence of all group members, which may not always be reliable.
  • Potential for Confusion
    The various options for splitting bills (equally, by shares, etc.) can sometimes lead to confusion or disputes among users over what is fair.

Riskified features and specs

  • Chargeback Guarantee
    Riskified offers a chargeback guarantee on approved transactions, meaning if a fraudulent transaction is approved by their system, Riskified will cover the cost of the chargeback, providing a financial safety net for merchants.
  • Increased Approval Rates
    Merchants often see increased approval rates because Riskified's advanced algorithms and machine learning models are tailored to accurately identify genuine customers, allowing more legitimate transactions to be approved.
  • Global Solution
    Riskified supports a wide range of payment methods and currencies, making it suitable for merchants with a global presence and varying customer demographics.
  • Seamless Integration
    The platform offers seamless integration with major e-commerce platforms and payment gateways, reducing the time and effort required for merchants to set up and begin protecting transactions.
  • Advanced Analytics
    Riskified provides merchants with detailed analytics and reporting tools, helping them understand transaction patterns, assess risk, and optimize their operations.

Possible disadvantages of Riskified

  • Cost
    The service can be relatively expensive for smaller businesses, especially those with thin margins, as the pricing model typically involves a fee per transaction or a percentage of the transaction value.
  • Complexity
    For businesses without a dedicated team for fraud prevention, understanding and leveraging all the features and data that Riskified provides can be complex and time-consuming.
  • Dependence on External Provider
    Relying on Riskified for fraud prevention places a critical aspect of the business's operations in the hands of an external provider. Any downtime or service issues with Riskified could directly impact transaction processing.
  • False Positives
    While Riskified aims to minimize false positives, there is always a risk that legitimate transactions may be wrongly declined, which can lead to customer dissatisfaction and potential loss of sales.
  • Customization Limits
    Some merchants may find that the level of customization available in Riskified's fraud prevention algorithms and workflows does not fully meet their unique business needs or preferences.

Analysis of Splitwise

Overall verdict

  • Splitwise is a highly effective tool for managing shared expenses, especially if frequent splitting of costs is involved. Its features make it easy to track who owes what, and its automatic calculations save time and reduce errors.

Why this product is good

  • Splitwise is popular because it simplifies sharing and tracking expenses among groups, making it ideal for roommates, friends on trips, or any group spendings.
  • It automatically calculates balances and reminds users about payments, reducing the awkwardness of asking others for money.
  • Offers a user-friendly interface both on web and mobile apps, which makes managing expenses convenient and accessible.
  • Supports multiple currencies, which is great for international travel groups.
  • Integration with payment platforms like PayPal and Venmo for easy settlement of debts.

Recommended for

  • Roommates who need to regularly split household bills and expenses.
  • Groups of friends or families who often travel together and need to manage shared travel costs.
  • Colleagues or classmates working on projects or events that require shared funding.
  • Anyone who wants to avoid the hassle of manually tracking and settling shared expenses.

Analysis of Riskified

Overall verdict

  • Riskified is generally considered a good solution for businesses looking to enhance their fraud detection and prevention capabilities. It is especially recommended for online retailers who wish to strike a balance between reducing fraud and maintaining a seamless customer experience.

Why this product is good

  • Riskified is a well-regarded eCommerce fraud prevention platform that leverages machine learning and big data to identify fraudulent transactions and boost conversion rates. It offers comprehensive solutions for chargeback protection, payment optimization, and account security. Many businesses appreciate its ease of integration, detailed analytics, and the ability to increase approval rates while minimizing fraud-related losses.

Recommended for

  • E-commerce companies
  • Online marketplaces
  • Retail businesses with significant online presence
  • Merchants dealing with high volumes of transactions
  • Businesses seeking advanced analytics for fraud insights

Splitwise videos

+ Add

Splitwise - iPhone App Review! [2020]

More videos:

  • Review - Tricount vs Splitwise - App comparison
  • Demo - Splitwise Demo

Riskified videos

+ Add

Riskified Educational Webinar: Automating The Fraud Review Process (Summer Boot Camp - 2nd Webinar)

More videos:

  • Review - Riskified Educational Webinar: Optimal Manual Review (Summer Boot Camp - 3rd Webinar)
  • Review - Riskified : Nanoleaf case study

Category Popularity

0-100% (relative to Splitwise and Riskified)

Splitwise

Riskified

Personal Finance
100 100%
Personal Finance
0% 0
eCommerce
0 0%
eCommerce
100% 100
Expense Tracking
100 100%
Expense Tracking
0% 0
Fraud Prevention
0 0%
Fraud Prevention
100% 100

User comments

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Reviews

These are some of the external sources and on-site user reviews we've used to compare Splitwise and Riskified

Splitwise Reviews

12 Best Bill Splitting Apps in 2023
Splitwise is among the most commonly used group payment apps that can easily keep a systematic record of all your informal debts including restaurant bills, travel expenses, cost of accommodation, and much more. With this expense sharing app, users can either create groups or split the bill privately among friends. Splitwise also registers and saves all the expenses and...
Source: www.mobileappdaily.com
6 Best Bill Splitting Apps for Hassle-Free Expense Sharing
Splitwise employs an intelligent algorithm to calculate the exact amount owed by each user. It shows who paid for what, how much amount was paid by each member, and any outstanding balances. Furthermore, the application also keeps everyone updated about their balances and recent transactions.
Source: www.how2shout.com
Best Bill-Splitting Apps
For example, shared items like appetizers would be split among the entire group or just a few people in the group. The app can handily accommodate large parties by allowing you to add up to 10 people to each group. Once youโ€™ve divided up the food among all the plates you can add in tax and tip. The app is made by the same company as Splitwise and is completely free. The only...
Source: www.thebalancemoney.com
7 Best Budgeting Tools and Apps for Personal Finance
This oneโ€™s not a complete budgeting app but itโ€™s still a handy one. Splitwise is a nifty app that helps people track how much they owe to friends and colleagues and vice versa. It makes sharing expenses on outings, meals, events, etc easy to track by logging in each transaction. It basically keeps a total over time, so that you can pay back the money in a large payment,...
Source: www.softwaresuggest.com

Riskified Reviews

We have no reviews of Riskified yet.
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What are some alternatives?

When comparing Splitwise and Riskified, you can also consider the following products

Tricount - Manage and share expenses with friends

Signifyd - Signifyd is a SaaS-based, enterprise-grade fraud technology solution for e-commerce stores.

Splid - Splid helps friends manage their money.

Kount - eCommerce fraud detection & prevention

Settle Up - SETTLE UP is an indispensable app for friends and flatmates who need to keep track of shared bills...

Sift - Digital Trust & Safety enables your business to grow, innovate, introduce new products, features, and business models โ€“ without increased risk.

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