We want you to know what we know. This is why we want you to download and read our free white paper: How Merchants & Issuers Can Fight Credit Card Fraud Together: Creating Order with the Right Information and Collaboration.
“The current chargeback process is broken,” Julie Conroy, Research Director at Aite Group said. “Issuers and merchants need an alternate set of rails that can help bridge the communication gap. If each side has more data about the transaction at their disposal, better decisions can be made and everybody wins.”
This quote by Julie Conroy essentially sums up the key lesson we want you to learn. Take advantage of the tools available to you to enable you to work with one another to protect your business interests, while ensuring consumers are educated and protected.
This isn’t rocket science. It’s the way business needs to be done. We are no longer in 1997, with mobile payments, card not present transactions, online sales, virtual terminals, and chip card technology – the way you communicate with your merchants, issuers, and consumers must change.
The Problem is Obvious
Chargebacks and fraud damage profitability. Worse still, many of these chargebacks are avoidable. But because there are very few mechanisms for issuers and merchants to collaborate and share vital information, there are huge barriers to stopping unnecessary escalating debit card fraud, chargebacks, and so-called friendly fraud.
Along with open communication lines between the issuer and merchant, the other missing link is consumer education. By reducing cardholder confusion and by being better equipped to substantiate legitimate sales, both groups can streamline operations, reduce costs, and retain customers.
The Struggle to Fight Credit and Debit Card Fraud is Real: Merchants
For merchants the problems come with the way consumers expect to be able to buy goods and services. With a move to more purely ecommerce-based businesses, we are seeing an increase in the levels of friendly fraud, chargeback fraud, credit card fraud, and debit card fraud. Unfortunately, the current payments ecosystem is not designed in a way that lets merchants and issuers collaborate and communicate efficiently. It is this lack of communication that leads to costly information silos with unnecessary operational costs and fraud losses.
- An antiquated system that results in an overall communication disconnect.
- Fraud of all types is on the rise.
- Lost customers and brand reputation damage.
- False positives as a result of too-strict rules.
- Inefficiency due to the manual processing and oversight required.
- Lost goods and services.
- Penalties and fines as a result of chargeback disputes.
The Struggle to Fight Credit and Debit Card Fraud is Real: Issuers
Issuers don’t have it easy. With the increased operational costs that come with manually processing disputes, the process becomes inefficient, time-consuming, and error-prone. This puts a tremendous drain on already limited resources and ultimately has a negative impact on the bottom line.
- Waste of time and money to resolve these transaction disputes.
- Unmanageable pend queues due to limited resources and documentation.
- Unhappy customers.
- Compliance costs and increased risk that come with inadequate technology.
Get the full details and facts in our white paper: How Merchants & Issuers Can Fight Credit Card Fraud Together: Creating Order with the Right Information and Collaboration.
Collaboration and Teamwork For Real Success
Verifi believes that by working together, merchants and issuers can dramatically improve the quality of the customer experience and reduce the revenue loss and chargeback risks that result from these gaps in the process.
Real collaboration through an information-sharing platform can quickly resolve billing confusion and disputes that lead to false fraud claims, unnecessary chargebacks, and lost profits in near real-time.
There are solutions available that work for both the merchant and issuer. Allowing for open communication channels, data and information sharing, real-time information processing, and the ability to track and record the communication process. The key is in taking advantage of the solutions available to you.
Our white paper details how this collaboration can make business better and easier for issuers and merchants. We want you to download it, read it, share it with your colleagues, and then pick up the phone and get connected with your merchants or issuer. Take the action you need to make your business more cost effective, efficient, and healthier. Don’t be like your competitors who believe that chargeback fraud, credit card fraud, online theft, and debit card fraud are simply the costs of doing business. Differentiate yourself with the advanced technology that will keep you thriving and growing.
We believe so strongly in this issue that we’ve got more white papers, videos, and other resources all available to you for free. Education and understanding is the first step towards ensuring that collaboration happens. Browse our Resources, search our Knowledge Base, to learn all you can about this issue and Verifi.
Verifi processes more than $20 billion in transactions each year and manages more than 25,000 accounts worldwide. The Verifi Difference consistently protects merchants and boosts profits for the entire transaction ecosystem. Contact us to find out how we can help you.
Keep your profits safe and growing with collaboration and Verifi.