TAMPA BAY, Fla. Global loss prevention and dispute expert, Chargebacks911, has integrated its comprehensive chargeback services into the internal CRM and existing payment processing infrastructure of a “Top 100” online retailer. This retailer has over 200 million customers and sells to 190 countries, with worldwide sales of nearly $3 billion. Chargebacks911 was brought in after a no-obligation risk assessment isolated a vast number of friendly fraud cases from criminal fraud – a task that 58 percent of merchants struggle to do alone.
Monica Eaton-Cardone, COO and co-founder of Chargebacks911, commented: “A considerable percentage of this company’s sales were lost to deliberate acts of friendly fraud. This resulted in a significant amount of revenue lost unnecessarily. Unfortunately, this company is not alone; many businesses end-up taking on those expenses, worried about the costs and effort of representment.
“Part of what we do is build a knowledge base for our clients to help them challenge the right disputes effectively. Our technology identifies friendly fraud, while our experienced human forensics team handles the reporting, and the results speak for themselves: Within 60 days, we secured a representment win-rate of 72 percent, more than triple the industry average – representing $400,000 in recovered revenue.”
Chargebacks911’s tactical representment strategies have already resulted in thousands of dollars saved for the “Top 100” retailer – with no increase in headcount or time wasted on fraud prevention and representment.
The retailer’s Director of Risk and Compliance noted: “Chargebacks911 is making a tough job much easier by identifying and resolving friendly fraud cases that are difficult to spot by nature.
“It has gone above and beyond the call of duty by providing proactive guidance to help our merchants avoid disputes in the future, positively impacting cardholder behavior – and we’ve also seen a change in bank behavior. The investment is worth its weight in gold.”
High chargeback rates are expected for international online businesses, but as consumer behavior evolves online, the number of false chargeback claims has risen dramatically, too – particularly so when offerings include repeat monthly subscriptions, re-bills, and upsell models.
Chargebacks911’s recent study into the current state of chargebacks found that merchants selling digital goods or services have the biggest battle with disputes. 30 percent of digital merchants report chargeback rates above the industry-standard maximum of one percent, compared with 21 percent of those selling tangible goods online.
In order to end ongoing negative consumer behavior towards digital merchants, Chargebacks911 is working closely with banks and global retailers to ensure the strongest dispute models are in place for a prosperous ecommerce environment.
About Chargebacks911:
Chargebacks911, also known as The Chargeback Company, safeguards over 2.4 billion online transactions every year, representing clients in 87 different countries. As industry-leading innovators, Chargebacks911 is credited with developing the most effective strategies for helping businesses maximise revenue and reduce loss in a variety of industries and sectors within the payments space. It is the first global company fully dedicated to mitigating chargeback risk and eliminating chargeback fraud. As well as being named the 2018 Retail Security Initiative of the Year at the Retail Systems’ Awards, Chargebacks911 has also taken home the Customer Choice Award for Best Chargeback Management Solution at the CardNotPresent Awards for three years in succession.
https://chargebacks911.com/.