How Chargeback Alerts Turn Losses into Preventable Refunds
Chargeback alert services like Ethoca and Verifi notify merchants about potential disputes as soon as a cardholder contacts the bank, generally giving them a window within 24 to 48 hours for a voluntary refund. The alerts consist of crucial information about the transaction amount, reason for dispute, and contact details of the cardholder, which allows merchants to pre-emptively deal with issues before formal chargebacks. This is very helpful for subscription businesses because it keeps disputes regarding recurring billing from morphing into merchant account closures. The alerts also establish trends such as products attracting high levels of “item not as described” claims, allowing merchants to tweak listings or improve quality control.
Maximizing the Value of Your Alert System
To truly maximize the potential of chargeback notifications, they ought to be linked up with customer relationship management (CRM) or helpdesk solutions to create automated workflows associated with high-priority chargeback disputes of high value. Alert notifications should thus be incorporated along with complete transaction histories that encompass IP addresses, device IDs, and customer service chats to detect instances of repeat offenses when it comes to friendly fraud. Some services support “collaborative resolution,” meaning that evidence can be submitted directly from merchants to the issuer before the chargeback is finalized. Ensure the chargeback alert provider can service the various regional card networks for international sales-for example, Cartes Bancaires in France or JCB in Japan. Over time, the analytics of these alerts allow your fraud filters to be improved so that future disputes can be pinpointed and stopped even at their source.
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