You know that chargebacks can and will cost you. You know that the cost of fighting chargebacks requires not only money, but time, resources and experienced employees. All key business components that you likely don’t have to spare. This is why you need to work with experts, like Verifi, who specialize in revenue recovery.
The key to fighting chargebacks and preventing revenue loss is in acting quickly and efficiently. Of course, to do this most effectively, you also need to limit the drain and impact on your employees. This is where a proven solution that is easy to integrate and use is the best fix for your company and your bottom line.
You can fight chargebacks quickly and see revenue recovery without IT hassles
Before we dig too deep into revenue recovery, you need to understand how and why this is such an important component of your business success strategy.
What is a chargeback? When a customer decides to dispute a charge made to their credit or debit card, this is called a chargeback. The chargeback initially results in the debit or credit card charge being reversed and the funds you received for the payment being returned to the customer.
Chargebacks are a $40 billion problem that impact your bottom line. We are also seeing that consumers are more aware of how to commit chargeback fraud (or “friendly fraud”). Typically, these consumers bypass the merchant and go directly to the bank to dispute legitimate charges…leaving you to pay the price.
You know that you need to fight chargebacks, but how to do it effectively, efficiently, and without losing revenue? Is the question you are probably asking. You and every other merchant face the following challenges:
Fighting chargebacks in-house is time consuming and expensive and often results in the inefficient use of internal resources, costing your more time and money – while still dealing with the lost revenue from the chargeback.
You need to break away from the belief that chargebacks are simply a cost of doing business. Remember these are unnecessary costs that can result in additional losses related to excessive refunding or lost merchandise that never gets returned.
Knowing when and how to dispute the chargeback takes much knowledge. Navigating the complex and changing rules and reason codes takes deep understanding and insights to maximize results. You and your staff most likely do not have this knowledge and expertise specific to the representment process.