A lot of merchants see chargebacks as an unavoidable cost of doing business. You may not realize it, but chargebacks can significantly impact your business if you're not paying attention. However, many chargebacks can be prevented if you have the right strategy. Good chargeback management incorporates chargeback prevention with battling illegitimate chargebacks while also taking steps to avoid future disputes. You can even reduce chargebacks by 40% or more with a few simple tweaks using the tools available to you as a merchant. In today's episode, we're going to talk about the tools that will help you reduce chargebacks, prevent losses, recover revenue, and protect your business. So let's dive in.
“Know your numbers.” - Maria Sparagis
Timestamps:
00:00 - Intro to chargeback management
01:35 - Two strategies you can test to manage chargebacks effectively
02:33 - 3DS is mandatory when doing business in Europe but also available in the US as an added layer of security
04:42 - Know what you can do at your gateway
05:04 - Use velocity check to identify customer's shopping history
06:24 - What you can do with Fraud AI/Transaction Scoring tool
08:34 - Set up order verification for high ticket transactions
12:17 - Stop chargebacks with ETHOCA/CDRN Alerts
14:08 - Get real-time fraud alerts with VMPI (Order Insights)
16:05 - Be well informed about the dispute process17:49 - Why reporting on fraud and knowing your numbers is critical for managing chargebacks
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