Chargebacks are a serious hassle and can be a major source of fraud. Day in and day out, some merchants must confront an onslaught of chargebacks. Lost revenue, hefty fees, and rising payment processing costs can push merchants up to and over the edge. Fortunately, businesses can leverage powerful tools to manage and prevent disputes. Indeed, so many tools are available that merchants may feel overwhelmed. ChargebackHelp’s dispute management platform can be used to streamline chargeback management and to bring various tools under one roof, which can pave the way for better financial health and increased competitiveness.
Popular Chargeback Tools Every Merchant Should Consider
Card networks and other stakeholders have rolled out a variety of tools that financial institutions, merchants, and cardholders can use to manage chargebacks and disputes. We’ve outlined some of the most common tools below, but this list is not exhaustive.
-
Verifi RDR– An automated decisioning system automatically prevents and resolves chargebacks based on criteria set by the merchant. Works only with Visa transactions.
-
Verifi CDRN® Alerts– An alert is sent from the card issuing bank to the merchant, warning them of a pending chargeback. This affords the merchant an opportunity to resolve the dispute before the chargeback is filed. Works with multiple card networks.
-
Ethoca Alerts– The card issuing bank can send merchants an alert about a pending chargeback, allowing them to resolve it before it’s filed. Works with multiple card networks.
-
Mastercom Alerts– Alerts provided by Mastercard. Works only with Mastercard transactions.
-
Consumer Clarity– Provides additional transaction details to card issuers and cardholders. Works only with Mastercard transactions.
-
Order Insight– Also provides transaction details to cardholders and card issuers but only for Visa transactions.
As you may have noticed, some of the tools mentioned above are quite similar to one another. Whether offered by Verifi, Ethoca, or Mastercard, for example, alerts are useful for preventing chargebacks. Crucially, this will help you maintain lower chargeback ratios. If a merchant suffers high chargeback ratios, they may have to pay increased processing fees and other penalties. Still, it can be hard to juggle multiple disparate tools. Logging in and out, maintaining credentials, and understanding the nuance of each User Interface can be difficult.
The Benefits of Streamlining Multiple Chargeback and Dispute Management Tools
The chargeback tools mentioned above are certainly a boon for merchants big and small. That said, trying to manage multiple tools can become a hassle. Sometimes merchants simply rely on fewer tools, but this can lead to gaps in protection from chargebacks. Other times, merchants set up too many chargeback tools, creating redundancy and increasing costs. Fortunately, you can use ChargebackHelp’s dispute management platform to bring different tools together under one roof.
Train and Onboard Staff More Quickly
Generally speaking, the more disparate tools a merchant implements, the more time that needs to be spent training employees. This can become especially challenging when bringing new staff on board, doubly so if the staff is rapidly expanding or changing.
By gathering tools under one roof, automating processes, and streamlining workflows with a centralized chargeback management system, you can make it easier for new employees to get up to speed. At ChargebackHelp, training is a priority, and we offer a variety of resources and tutorials to make it easier for the merchant’s staff, new and old, to level up their skills.
If a merchant’s approach to chargeback prevention and resolution is too cumbersome, it may contribute to a disengaged workplace culture, at least as far as chargebacks and fraud are concerned. Pressed for time, employees may not dedicate enough effort to properly manage chargebacks, and many could slip through the cracks. On the other hand, using user-friendly, centralized platforms can improve engagement and outcomes.
Break Down Barriers and Silos
When tools and resources are segmented, knowledge and processes often get stuck in silos. Communication becomes more difficult and it’s harder to get a grasp of the big picture. This can reduce the effectiveness of data and disrupt communication and knowledge sharing between employees and teams. Using a centralized platform encourages knowledge sharing and makes the big picture more visible.
Reduce Duplication and Waste
Different services cover different card networks. For example, Verifi’s Rapid Dispute Resolution (RDR) covers only Visa transactions and Ethoca’s Consumer Clarity only works with Mastercard. In some cases, there is overlap.
Establish a Systematic Approach to Dispute Management
Our tools not only make it easier to manage chargeback alerts and similar services, they also make it easier to gather data from myriad sources. The right data may convince a card issuer that a pending chargeback claim isn’t legitimate or may clear up confusion with a customer. This can prevent chargebacks and thus chargeback fees and rising chargeback ratios.
Wrangling data manually can be time-consuming. Even if your staff is working hard to investigate claims and inform banks and cardholders, the issuers may be short on time and rushing to make a decision.
With ChargebackHelp’s dispute management platform, you can quickly gather and share transaction data. This makes it easier for both you and the issuer to spot fraud and misunderstandings, which in turn can shift liability from the merchant to the issuer. While Consumer Clarity works only with Mastercard transactions and Order Insight works only with Visa transactions, both can be managed via ChargebackHelp’s platform.
ChargebackHelp Can Support and Protect Your Business
As you can see, a variety of chargeback prevention and management tools are available. Of course, technology can only go so far and the human factor remains crucial. Our staff is highly trained, and we have years upon years of experience fighting and managing chargebacks. We partner closely with our clients to devise and implement strategies and systems that reduce chargebacks.
Our emphasis on clients and their needs also informs our design choices. Logging in and out of various systems with disparate interfaces and workflows can be a massive hassle. By bringing everything together and then emphasizing ease of use, we help our clients avoid headaches.
Ultimately, setting up the right suite of services could dramatically reduce chargebacks, thus protecting a merchant’s bottom line, inventory, and more. Merchants can also boost productivity and secure better results.
Establishing an optimal systematic approach to chargebacks and disputes can be tricky but our staff have already helped countless merchants dramatically reduce chargebacks. We stay up to date on the latest industry trends and work hard to ensure the best outcomes for our clients. New tools and solutions will come to the market and we will strive to stay ahead of developments. If you need assistance with chargebacks or have any questions, please get in touch.