The upgrades to the Dispute Resolve platform, which helps simplify chargeback operations for merchant teams, come at a time when merchants face the typical surge in chargebacks after the holidays. The solution leverages expanded gateway and artificial intelligence integrations to auto-compile and format compelling evidence for each chargeback, helping teams save time and enabling them to dispute more chargebacks.
By making use of Riskified’s Dispute Resolve platform, merchants can efficiently manage a multitude of the manual processes typically associated with the chargeback dispute process. Exemplifying this, the announcement highlights that merchants can automatically gather intelligence regarding an individual’s purchase history and order details before deciding which chargebacks to dispute. Once their case is built, merchants can submit their disputes to issuing banks automatically and monitor the status of said disputed transactions in real-time.
What is more, merchants can leverage customised and optimised compelling evidence letters for their disputes, with early results showcasing that they could be able to increase their chargeback win rates by as much as 35%. Together with the ability to visualise their entire data and results in a single consolidated dashboard, merchants using the Dispute Resolve platform can further improve performance, as well as savings.
Per the press release, a credit card chargeback is a process through which a card owner directly contests a purchase with their issuer, which can force a merchant to reverse the transaction. The process can be abused by consumers who make legitimate purchases, but then falsely claim harm or fraud to obtain a refund.
To have the revenue recovered, chargeback managers are required to evaluate the legitimacy of a chargeback and dispute the false claim by gathering and submitting compelling evidence. Oftentimes, however, the process of compiling compelling evidence and disputing chargebacks is a manual, time-consuming one, fragmented over several platforms. This results in most merchants recovering less than half of chargebacks, as per a forthcoming Riskified study.
Built to simplify and expedite revenue recovery, Dispute Resolve looks to empower merchants to centralise and manage all chargebacks, leverage automation to minimise manual effort and customise workflows to enhance existing operations.
Commenting on the announcement, Riskified officials advised that as the broader ecommerce environment continues to expand, with it comes the opportunity for increased chargebacks. Chargeback management is an additional financial centre primed for digital transformation, as much of the current process is too manual, and time-consuming, hindering teams from disputing as many chargebacks as possible. Per their statement, Dispute Resolve enables merchants with complete control over their chargeback dispute operations, having the option to either automate specific segments or outsource the entire dispute process.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now