The model for handling chargebacks is broken –Chargebacks911 is the solution

“Chargebacks911 has worked to mitigate chargeback risk and eliminate fraud for more than a decade. In fact, we were the very first global company dedicated to tackling the problem of chargebacks, which represents more than $200 billion in annual liability to the market. With a laser focus on this goal, we have developed the most effective strategies for minimising the impact of chargebacks, helping businesses streamline processes and optimise data insights to reduce loss.”

The opening words of Monica Eaton, founder of Chargebacks911, encapsulate not only the size of the chargebacks issue for companies but the dedication and focus that has led Chargebacks911 to become the first global company fully dedicated to helping merchants combat post-transactional fraud.

The origin of Chargebacks911 was not rooted in banking or payments. In fact, Monica wasn’t in the financial sector at all. She was a merchant that had poured years into building up an online business only to see its success and revenue eaten away by customer disputes.

She needed a fast and reliable solution, one that prevented chargebacks, recovered lost revenue, and equipped her business for sustainable growth. After trying just about every available provider, she reached a frustrating conclusion: there simply wasn’t an effective, merchant-centric solution available — so she created one.

Over a decade later, Chargebacks911’s exclusive datadriven platform provides true end-to-end chargeback prevention and remediation technology that safeguards more than 2.4 billion online transactions every year, representing clients in 87 different countries.

Helping merchants identify the root of chargebacks

With more people buying online than ever before, there will be a greater number of mistakes, especially from new and inexperienced online users. Additionally, with more money being spent through ecommerce, there is more incentive for fraud. Both of these factors are going to increase the number of chargebacks initiated by consumers, and that’s bad news for any business selling online.

Chargebacks aren’t just another way to get a refund –they cost merchants significantly more when factoring in admin fees and the potential for card schemes to raise fees or assess penalties. It becomes a particular problem when you look at how many chargebacks aren’t legitimate but are in fact examples of “friendly fraud”.

At one end, friendly fraud can be the result of simple mistakes – not recognising a transaction on a bank statement or not checking if a package is running late. We are increasingly finding that chargeback claims are more likely to be fraudulent than not, perhaps as high as 86 percent.

Most merchants don’t know how to distinguish friendly fraud from genuine chargebacks, or how to effectively respond. To combat the issue, retailers must implement a multi-layered fraud solution composed of both pre- and post-transaction elements to identify the root cause of chargebacks. Enter Chargebacks911.

Fi911: providing financial institutions with chargeback technology

Having built success, trust, and results with its merchant customers via its Chargebacks911 brand, the leadership team launched its revolutionary new brand, Fi911, to provide financial institutions with a suite of next-generation chargeback and merchant lifecycle management technology.

Developed by Chargebacks911’s experts in collaboration with some of the world’s largest institutions and payments processors, Fi911 empowers financial institutions with APIs and innovative quick launch components to help deliver speed-to-market capabilities for managing chargebacks and related activities. Its tools are built for the challenges that financial institutions face today in the midst of the global growth in card payments and double-digit, yearover-year growth in chargeback volumes – such as its proprietary DisputeLab™. This solution helps make resolving chargeback disputes faster and more efficient by optimising each step in the dispute cycle. In addition, as part of its AI-driven platform, Fi911 offers merchant onboarding, post-transaction monitoring, lifecycle management and reconciliation services.

Chargebacks911 and Fi911: collaborative innovation for businesses built from the ground up

The company is proud of the unique and comprehensive suite of solutions it has developed to help safeguard transactions for industry stakeholders. Its products are developed to serve financial institutions and merchants, with varied implementation options to fit virtually any budget and size. Its clients are either merchants, served by the Chargebacks911 brand and product suite, or banks, supplied by the Fi911 brand catered to acquirers and related financial service institutions.

It also works with many third-party vendors and suppliers, such as CRMs, gateways, fraud filters, processors, etc. The platform aggregates connections and data, driving efficiencies and reducing requirements for manual reviews.

Monica and her company have the capacity to bring on any business, large or small, that receives chargebacks and disputes. The company’s goal is to minimise the loss from post-transaction fraud and utilise data analytics to help prevent it from happening in the future – offering a one-stop shop for everything dispute related.

DisputeLab: Equipping brands with the insights they need to mitigate fraud and chargebacks

Disputing high volumes of chargeback claims would be extremely difficult with the limited information that card schemes give merchants about chargebacks, which is usually not much more than a generic reason code. Merchants need a way to get the information that they need to challenge disputes and win, and Chargebacks911’s solutions solve this problem.

Its unique solutions system was built from the ground up by industry experts, taking into account the breadth of experience gathered at Chargebacks911 and its wide-reaching network. When paired witrealtime management solutions for the acquirer and their merchants so they can reduce chargebacks and prevent related issues going forward.

Through DisputeLab, acquirers and their partners can face the growing levels of first-party fraud and chargebacks knowing they have the tools that will protect them against any fast-paced or dynamic events that give rise to chargebacks and potentially devastate bottom lines. Overall, the system mends an archaic chargeback management process that was not meant for today’s digital world. It allows acquirers to scale their business and operate more efficiently. It can also protect their merchants if paired with Chargebacks911’s merchant portal.

DisputeLab’s effectiveness when protecting financial institutions and merchants against damages associated with chargebacks hasn’t been seen anywhere else in the acquiring chargeback management space. As such, a number of global acquirers have chosen this solution for its key features and benefit from:

1. Reducing human error: Automating the chargeback management process and equipping acquirers with an intuitive user interface significantly reduces staff training time for ‘chargeback competence.’ DisputeLab also enables acquirers to deploy full-time equivalent (FTE) on value-adding tasks rather than relying on manual processing.

2. Operating with an in-built rules engine: This ensures that an acquirer’s now-automated chargeback management system is kept entirely up to date with the latest card scheme rules. These can be configured to business’ bespoke rules at any time. Keeping in line with scheme rules is complex and time-consuming when done manually. Through DisputeLab, acquirers are protected against costly penalties from not meeting rules or deadlines.

3. Handling dynamic or fast-moving business events: It can reorganise or ring-fence chargebacks in real time, so acquirers can immediately locate, isolate, and treat associated transactions differently to suit the business’s requirements when managing a crisis event.

4. Flexibility: The cloud-based system can be easily integrated with almost any end point, file type or system without the need for anyone to visit a business’s premises, making onboarding swift and simple.

5. Competitive advantage: Merchants are more likely to opt for an acquirer who can protect them from the huge profit loss to chargebacks, making DisputeLab a competitive differentiator for acquirers.

Making a real impact

Chargebacks911’s operations have grown significantly over the last year. It now services more than 45,000 merchants across 87 countries and 27 verticals, working closely with some of the largest merchants and financial institutions in the world. Through its chargeback remediation platform, which has the broadest coverage and supports virtually all payment methods that have chargebacks, it has protected over 10 billion transactions and recovered more than £1 billion in falsely disputed and stolen revenue to date. Fi911 is the technology platform provider for 40 financial institutions, supporting many of the world’s largest Tier 1 acquirers. It has provided a reduction in churn and attrition by over five percent for acquirers, and merchants have reported an increase in processing sustainability and growth by over 12 percent.

Through consistent rules adherence, chargeback monitoring, merchant communication, and responsible deadlines, Chargebacks911’s technology promotes significant industry-wide savings and helps acquirers, and their merchants, tackle the ever-growing issue of chargebacks head-on. Chargebacks are a problem that isn’t going away anytime soon. Shopping habits have been forever changed. So, going forward, Chargebacks911 and its sister brand Fi911 will be investing further to help all entities fight unnecessary chargebacks, enabling them to efficiently and effectively mitigate friendly fraud and lost profit.

About Chargebacks911

Chargebacks911® drives profitability for online merchants by decreasing payment disputes and recovering revenue lost to chargeback fraud. Through a proprietary suite of software and service offerings, the company delivers transparent, end-to-end chargeback management solutions backed by the industry’s only performance-based ROI guarantee.

Phone: 877.634.9808

Email: info@chargebacks911.com

Website: chargebacks911.com

Address: 18167 US Highway 19 N. Clearwater, FL 33764