Riskified, an eCommerce fraud and risk intelligence vendor, has declared a further expansion to its Dispute Resolve platform. The development aims to assist Australian merchants grappling with the post-holiday surge in chargebacks by streamlining their chargeback operations. The advanced platform utilises heightened gateway and AI integrations to automatically compile and format persuasive evidence for every chargeback, saving time and enabling teams to contest a larger number of chargebacks.
A credit card chargeback occurs when a cardholder disputes a purchase with their issuer, potentially leading the merchant to reverse the transaction. This process could be manipulated by a shopper who makes a valid purchase but then deceitfully alleges harm or fraud to secure a refund. In order to recover the revenue, chargeback managers must assess the credibility of a chargeback and challenge the fraudulent statement by presenting convincing evidence.
The process of amassing persuasive evidence and disputing chargebacks is often a laborious, manual task spread across numerous platforms. The eventual outcome is that most traders recover less than half of chargebacks, as suggested by an upcoming Riskified study. Dispute Resolve is designed to streamline and quicken revenue recovery, equipping merchants to centralise and manage all chargebacks, employ automation to reduce manual labour, and modify workflows to boost existing operations.
Riskified CEO and Co-founder Eido Gal states, "The broader eCommerce environment continues to brighten and grow, but with that comes the opportunity for increased chargebacks. Chargeback management is another financial centre that's primed for digital transformation, since today much of the process is terribly manual, time-consuming, and hinders teams from disputing as many chargebacks as they can. With Dispute Resolve, merchants have full control over their chargeback dispute operations. They can choose to automate specific segments or outsource the entire dispute process."
In a testimonial, Hotelogical CEO David Hobbs, voiced, "Hotelogical's in-house analyst produces outstanding win rates, and Riskified’s Dispute Resolve enabled her to maintain and scale that performance as we grew. Consolidating data and automating menial tasks allowed her to focus her time, insights, and expertise 100% on revenue recovery."
By adopting Riskified’s Dispute Resolve platform, Australian merchants can efficiently manage typically manual processes associated with the chargeback dispute procedure. For instance, Aussie merchants can automatically collect information about a person's purchasing history and order details before deciding which chargebacks to challenge. After building their case, traders can automatically submit their dispute to issuing banks and monitor the status of the disputed transactions in real-time. Besides, merchants can utilise customised and optimised compelling evidence letters for their disputes. Preliminary findings denote that merchants may be able to boost chargeback win rates by as much as 35% by switching to Riskified. Along with the capacity to view all their data and results on a single consolidated dashboard, merchants using Dispute Resolve can achieve superior performance and savings.