Chargeback dispute management specialist, Chargebacks911, today launches a new onboarding product for partners that allows merchants to connect to their technology platform through their existing service provider.
For nearly a decade Chargebacks911 has been focused on combatting the chargeback problem with innovative technology specifically developed to help identify and resolve instances of “friendly fraud” (an invalid transaction dispute or “chargeback” that mistakenly awards the consumer with a refund as a result of a bank error or malicious consumer intent). According to recent statistics provided by Ethoca, a Mastercard company, over 50% of all chargebacks in 2019 were the result of friendly fraud – and this statistic is growing at alarming rates.
Monica Eaton Cardone, Co-Founder of Chargebacks911, explains: “The main reason why friendly fraud exists, and is growing, is because there isn’t enough feedback provided to decision makers during the chargeback process. Banks are forced to make decisions without enough information, and merchants don’t have the time, connections, or expertise to defend themselves when friendly fraud occurs.”
With hundreds of plug-in connections to merchant data sources, global expertise, as well as multiple integrations with card brands and alternative payment methods, Chargebacks911’s platform provides a scalable method for merchants to exchange the missing information that banks require to identify invalid chargeback claims and thwart the growth of this negative trend. Third-party merchant service providers share a common interest when it comes to protecting their merchants, with many white-labelling or re-selling the Chargebacks911 software suite.
With growing industry demands and rising barriers to entry, Chargebacks911’s new Partner Onboarding App is positioned to further streamline Partner integrations, allowing third party service providers such as fraud filters, gateways, payment service providers and more, the ability to connect their merchants almost instantly, leveraging value-added services through white-labelled or co-branded options.
The Chargebacks911 platform offers a single connection point for virtually all payment methods and integrations. Being one of the first certified integrations for Visa’s VMPI, a product released as part of its VCR (Visa Claims Resolution) initiative, merchants connected to the Chargebacks911 platform can defend Visa transactions before a chargeback is actually raised. Mastercard’s equivalent, Eliminator; is quickly gaining traction as well; also an integration that can be leveraged through the platform.
Chargebacks911’s partners in pre-auth fraud technology, such as Kount (one of the first fully boarded resellers), ACI Payments, Ravelin, and Sift Science, to name a few, can now provide real-time dispute reporting to merchants as an added feature of the improved process.
Eric Deraspe, Head of Products at Chargebacks911, commented: “Delivering real-time chargeback data is a vital ingredient for success for any pre-auth fraud engine. However, identifying valid chargebacks from those that are friendly fraud is becoming even more important in the quest to protect authorization rates and reduce false positive declines. Now merchants can connect even faster with our new partner onboarding app. It’s a genuine ‘win-win’ for all parties.”
Rules that govern the chargeback management process are becoming even more complex and challenging to manage, with over 150 changes cited in 2019 alone. Technology evolution coupled with changes in consumer behaviour have created the perfect storm. The process is equally daunting for all stakeholders in the ecosystem.
The Chargebacks911 Partner Onboarding App aims to deliver scale and scope to all merchants and service providers in need, expanding more efficient connectivity options for multiple touch points, in an effort to reduce the negative effects of chargebacks and help make more informed, data driven decisions industrywide.