Larger companies have greater resources available to them, which often means they will have a person or a team handling chargebacks. But what about smaller companies?
Small or medium-sized companies (SMEs) may look at outsourcing chargeback management as a solution.
Chargeback management software helps merchants tackle payment disputes and friendly fraud. It does not matter your company's size because chargeback management software helps streamline the payment dispute process by automating processes that reduce the number of disputes.
Please read our article: Tips for fighting chargebacks.
Technology is perfectly placed to help you achieve better outcomes, and there is an excellent return on the (small) investment you will make.
Highly effective chargeback management software can undertake numerous tasks, such as creating chargeback alerts, chargeback to original order matching, blacklisting repeat offenders, producing chargeback responses, cancelling future bills, alerting vendors, and creating refund prevention alerts.
The bottom line is there will be less work for you to do, reducing the demands on your time. The most significant benefit, aside from saving the value of chargebacks, is you can put more time and resources into running your business and achieving your goals.
The main reason you might want to outsource chargeback management is to spend less time on handling customer service issues. You will not need to bring in people with specialist skills or handle tasks you do not understand. Automating your dispute management with technology and software means that things are much simpler for you and your business.
Besides preventing and fighting chargebacks, your software choice can offer full integration with online eCommerce systems and face-to-face point-of-sale systems. The management software will integrate with the most popular payment solutions, such as Paypal and Stripe.
You can delve deeper and gain new insights from relevant historical and real-time data. Chargeback management software is also highly intelligent and can automate the decision of which payment disputes should be fought and those that should not. After all, you do not want to spend time and resources fighting disputes where there is no chance to win or where the cost to dispute a chargeback exceeds the amount you might recover.
In the last quarter of 2020, we helped reduce client dispute rates by 39% and lowered the dispute-count by 75%.