Let’s face it – in today’s world, the threat of fraud looms large for every merchant who processes credit card transactions, and that usually means money out of a business owner’s pocket. Identity theft, stolen credit cards, consumers disputing legitimate transactions and even buyers’ remorse can all result in a dispute and a chargeback issued for a transaction. While it is good to keep consumers protected from genuine fraud, the chargeback process can often impact your business in more ways than simply a refund being issued. Dealing with chargebacks takes time, but that time is better spent on growing your business.
Enter Bankcard Brokers’ partner of choice, Verifi, a company with an award winning chargeback management solution that helps businesses reduce chargebacks and avoid wasting time chasing losses. Verifi’s Cardholder Dispute Resolution Network™ (CDRN) is a great tool for businesses looking to reduce the time and money involved in dealing with chargebacks.
When a consumer disputes a charge directly with the card issuer, or bank, it is often too late for a business to prevent a chargeback. Verifi’s solution works to reduce the number of chargebacks by redirecting a consumer’s dispute to you, the business owner, instead of to the bank that issues the card. This allows you to work directly with the consumer to solve any issues. You may choose to issue a refund, replace an item or proceed however it wants in handling the issue. By rerouting the dispute, you now have the power to control the situation in the manner it chooses. This often saves money and it most definitely saves you time – no one wants to spend hours tracking down consumers with disputes only to find out that they have already been issued a chargeback by their bank!
The Cardholder Dispute Resolution Network provides many benefits. They have an incredible network of the top card issuers that they work with directly, and are continuing to add to the network. In addition, real time notification is available for transactions – this allows for a business to stop fulfillment of any goods and services that may have been ordered but are now in the chargeback process, which prevents further losses. In addition to identifying when legitimate transactions are disputed the software also prevents typical fraud transactions such as identity theft.
There are a couple of different ways a business can get started with Verifi as its chargeback management solution. There is a managed service option, where Verifi is the primary resource for chargeback work. This is a full service solution and requires some integration with current business systems. Another option is a self-service portal, which requires very little set up. With this solution, a business receives emails when a chargeback case is open on Verifi’s merchant portal. This option also provides a business with the most flexibility and control in handling customer disputes. One particularly great benefit to Verifi is their “zero defect guarantee.” If a case using CDRN is successfully resolved but then later on filed as a chargeback, the transaction is free.
A chargeback management solution such as Verifi is a great tool in today’s technology driven world. It’s easier than ever for consumers to dispute transactions, even legitimate ones. Having a means to prevent chargebacks saves your business time and money in the long run.
If your business is a high risk industry or works on an international level the CDRN network can prove to be an exceptionally valuable tool to save your business not only time and money but protect your right to accept credit cards and lower rates by reducing your chargeback ratio. Please contact us here at Bankcard Brokers to sign up for the Verifi CDRN program.