Customer Experience Is Customer Retention
A positive customer experience should be a goal for every transaction and interaction, especially when it comes to disputes. Every dispute is an opportunity to retain a loyal customer or create a new one. Sellers can capitalize on that opportunity by providing a fair and speedy dispute resolution. Doing so can foster a positive customer interaction with lasting rewards.
In a recent survey on customer experience, 73% of all customers rate customer service as an important factor in purchasing decisions. Additionally, 32% of customers said they will never do business with a company again after just one negative experience. Disputes, while adversarial in nature, can be turned into examples of excellent customer service with the right tools and know-how. Doing so just might save a relationship.
Verifi’s Customer-first Services
With the proper technology, managing a transaction inquiry at the pre-dispute stage is an opportunity for sellers to provide excellent customer service. According to a recent survey, 64% of consumers and 80% of business buyers expect “real-time” responses and interactions; and 80% of consumers said that an immediate response influences their loyalty to a brand. Fortunately, Verifi’s solutions are uniquely positioned to deliver this vital response time to consumers when it comes to pre-disputes.
Since 2005, Verifi® has been at the forefront of nimble, collaborative dispute management. Verifi realized that customers often file disputes because they did not recognize a transaction due to unclear billing descriptors or a lapse in memory. Verifi’s PREVENT solution, featuring Order Insight®, allows sellers to extend their customer service into issuer call centers by providing transaction details at the point of inquiry, immediately alleviating customers’ concerns and giving them peace of mind. As a result, Verifi’s PREVENT solution deflects up to 42% of pre-disputes by clarifying confusion around transaction details.
Rapid Dispute Resolution – Real-time Dispute Management
If a pre-dispute is not deflected by the PREVENT solution, it enters Verifi’s RESOLVE solution, which enables sellers to resolve pre-disputes before they escalate into a formal chargeback. The newest product in the RESOLVE suite is the soon-to-be-launched Rapid Dispute Resolution (RDR). Fulfilling the customer need for immediate response, RDR provides real-time resolution for pre-disputes according to rules defined by sellers.
Using RDR, sellers define the parameters for accepting or declining liability of pre-disputes. When an RDR-participating issuer submits a pre-dispute on the Visa Resolve Online platform for a transaction with an RDR-participating seller, that pre-dispute is auto-decisioned according to the seller’s rules. The outcome – either the acceptance or declining of liability – is communicated in real time to the issuer, along the Visa Network, which can provide an immediate response to the cardholder in turn.
Customers don’t like waiting, especially when it comes to customer service issues. In terms of disputes, RDR ensures that customers never have to wait for an answer.
Collaborative Dispute Management Solutions
Good customer service rarely exists in a vacuum. When it comes to disputes, it often takes multiple parties in the payments ecosystem working together to facilitate a positive customer experience. Issuers interface with cardholders to field the dispute inquiry. Sellers interface with issuers, providing feedback on the pre-dispute. And acquirers ensure that funds are moved in a timely manner when necessary. Verifi’s solutions have always prioritized collaboration among these groups, and Rapid Dispute Resolution will continue this tradition, taking full advantage of automation and real-time decisioning.
Treating Disputes as the Opportunities They Are
Disputes can present a turning point in the customer relationship when sellers and issuers treat disputes as opportunities for excellence in customer service. When that happens, the issuer’s card remains top of wallet, and the seller saves time and money and creates a stronger brand through customer loyalty. Ultimately, the payments ecosystem has one less friction point and one more satisfied customer.
Learn more about Rapid Dispute Resolution.