Chargebacks have become a huge threat, costing businesses over $100 billion per year. The good news is that there are a variety of tools you can use to prevent and fight chargebacks. Unfortunately, however, there are so many tools that simply managing the tools themselves can feel overwhelming.
That’s where chargeback management platforms come in. These platforms allow you to bring a variety of tools and services, such as chargeback alerts from different companies, under one roof. Let’s take a closer look at chargeback management platforms. Of course, if you have any specific questions or concerns, you can always reach out to our team of chargeback industry professionals.
Make Managing Chargeback Disputes Easier
Chargeback management platforms can help you manage chargeback disputes, and more specifically, the representment process. When you dispute a chargeback, you’ll be given an opportunity to argue that a charge was legitimate, and thus the chargeback should be denied.
Disputing chargebacks is often wise. However, you need to manage the process and make sure you hit deadlines or you’ll lose the dispute. A chargeback management platform can help you track and hit deadlines.
Prevent Chargebacks Outright
Chargeback alerts allow businesses to resolve disputes before a chargeback is filed. This can prevent chargeback fees and protect your chargeback ratio, among other things. There are several chargeback alert providers and it’s often a good idea to set up a few services.
Managing alerts, especially from multiple providers, can be a hassle but with a chargeback management platform, you can manage them all from one user-friendly dashboard. You can also use services like Ethoca Consumer Clarity to share data with customers and banks. Doing so can clear up confusion, like forgotten or unrecognized purchases.
Reduce Spent Labor
Labor is a major cost for businesses, and many companies have struggled to maintain full staffing levels in recent years. As such, you’ll want to make sure that labor power is as well spent as possible. Chargeback management platforms can make your employees more productive.
The right tools can also make training easier. You’ll probably find that it’s a lot easier to train new employees to use a user-friendly chargeback management platform rather than teaching them how to handle everything manually.
Protect Your Brand
If fraudsters know your business is unlikely to dispute chargebacks, they may target you. By using effective chargeback tools, you can build up a reputation for taking the fight against fraud proactively. Further, disputes with legitimate customers can hurt your brand. By clearing up confusion and otherwise preventing disputes, you can help increase customer satisfaction.
Key Take-Away: Protect Your Business and Bottom Line
First-party fraud will remain a threat for the foreseeable future. While new tools will continue to enter the market, empowering businesses and making it easier to reduce chargebacks, managing these tools may prove difficult. A chargeback management platform like ChargebackHelp can provide a lot of help and convenience. This will allow you to protect your bottom line and thus your business.
Want to learn more about how a chargeback management platform could boost your company? Reach out to the ChargebackHelp team today and get the help you need.