Removing Human Error in Stopping Chargebacks

So much of life is routine. On most days, many of us wake up at a set time to go to a job; we work a planned schedule; we commute a predetermined route both ways. On top of that, we program our morning coffee to brew at a certain time, set thermostats to turn on when we’re close to home after work, and even push a button to get our car to drive itself when possible. We have achieved this level of automation because doing so takes care of marginal tasks that are part of our daily routine, and we don’t want to think about them. But what if we could apply this kind of automation to a level of business where it really mattered? Verifi has taken this concept and applied it to transaction dispute resolution and chargeback management in the form of Rapid Dispute Resolution (RDR).

The Demand for Automated Chargeback Protection

In recent years, there have been many technological innovations to ensure customer convenience in digital payments, such as fraud protection for sellers and issuers. Tap-to-pay and contactless options enable frictionless purchasing experiences. EMV chips ensure reduction of fraud, benefitting customers, sellers, and issuers. Card networks have updated processes to provide transparency and a quicker response for customer return requests. Now, blockchain technology provides even more resistance from attack on digital purchases and more for greater protection against fraud. Dispute resolution technology has been due for a leap in evolution.
Verifi has led the payments industry with Cardholder Dispute Resolution Network™ (CDRN®), and collaboration services became the standard for protecting sellers and issuers from the costs associated with disputes and chargebacks. This robust solution enables issuers to collaborate with sellers to resolve disputes within 72 hours. The result is both parties are protected, and the customer receives a timely resolution – and chargebacks are prevented.
Now, Rapid Dispute Resolution (RDR) takes the chargeback management experience to the next level. RDR is built on technology developed by Visa and Verifi for real-time dispute resolution. Driven by Verifi’s decisioning engine, RDR enables sellers to automate dispute resolution by defining rules on how to resolve transaction challenges at the pre-dispute stage. The result is a touchless experience for the seller and seamless dispute resolution for the issuer with no demand on operations. Nearly all human error and manual effort is removed from the resolution process. As such, there is no other technology like RDR in the payments industry.

Resolution at the Pre-Dispute Stage

Resolving a dispute prior to the possibility of it becoming a chargeback is essential for the new age of automation. Only Verifi and Visa could provide the technological leap needed to ensure sellers and issuers can take the next step to automated dispute protection. We define this as resolving a transaction inquiry at the pre-dispute stage. As a function of the issuer dispute management platform, Visa Resolve Online (VROL), RDR will be activated for all Visa issuers on a global scale by April 19, 2021.
Establishing RDR rules and attributes for pre-dispute resolution is simple for sellers. For example, a seller can set a rule to accept liability on disputed transactions of $25 or less. In addition, sellers can customize rules with attributes to accept liability on transactions with unique purchase identifiers, currency types, dispute categories, and more. With 10 rules available per seller account and up to seven attributes that can be applied to each rule, sellers can maximize control over the real-time dispute resolution that is right for their business, in addition to providing a better customer experience. RDR allows sellers to set it and forget it; the decisioning engine does the work automatically.
RDR institutes a market-first product that is aligned with current technology trends and customer expectations for quick and efficient service. In short, RDR is a modern solution for modern needs.

Removing Human Limitations

Responding to disputes takes time, however quickly sellers respond to an alert or find themselves knee-deep in the chargeback process. Someone must manually review the pre-dispute, accept liability, and take action to refund the transaction. That person might make a mistake, take too long, or simply not be available due to a furlough or layoff. RDR remedies all of those concerns.
Taking advantage of RDR is simplicity itself for issuers and sellers. This new automated solution is built directly into VROL, so Visa issuers only need to make the choice to add RDR in their regular process. Once participating sellers choose to get on board, they need only to define their rules and attributes. Verifi specialists then upload and activate the rules, and the decisioning engine does the rest. The chance of human error is effectively removed from the experience.

Automated Dispute Resolution on the Visa Network

Combining Verifi’s ingenuity and Visa’s well-established vast data resources and excellence in secure and successful payments, RDR answers the call for automated dispute resolution. And it’s all on a worldwide scale, as Visa is the largest global provider of powerful seller, issuer, and customer payments solutions. As a Visa company, Verifi is in the ideal position to deliver automated dispute resolution with a reach like never before, in real time, and with virtually no vulnerability to human error.
To learn more about how RDR can benefit your business, contact us today.