22nd June, 2022
Chargeback management demands a timely response to any dispute, avoiding whatever make the process a complicated and time-consuming affair. Travel merchants acknowledge the same, considering the associated fees, regulations and chargeback rules, and constant monitoring.
Discussing the same during the recently held ATPS in London, Jet2’s Liz Holloway and Accertify’s Ronan Le Mestre referred to the significance of stopping chargebacks before they begin. Aspects like dispute deflection, chargeback alerts, real-time responses etc. were discussed. Time is of essence. For instance, resolving disputes as soon as customers contact their issuing banks or counting on transaction data that can help shoppers identify their buys is important. In case of friendly fraud, send issuers evidence that ties purchases to the cardholder, before they issue a chargeback. A key goal is to cut down on manual reviews, staff’s time and also to counter bank authorization rates or declining of transactions.
Data is vital as well. It can play a significant part, including in refining policies within an entity’s anti-fraud solution.
In addition to this Liz and Ronan also recommended what can done on an ongoing basis to be prepared for chargeback management:
- Adapt your response: In terms of preparedness, a merchant can focus on the profitability while evaluating a dispute, and also check whether the team equipped with relevant details for the same. Also, look at the requisite representment documentation based on a specific industry and bank partner’s best practices.
- Monitor performance: Evaluate what is resulting in chargebacks, the win rate, dispute trends etc.
- Be flexible: Do keep with the evolving customer behavior as well as the regulatory environment. Can you quickly adjust to regulation and technology changes? Do you have insights to changing customer behavior? Are your policies optimal for your operational processes?
By Ritesh Gupta, Ai Events
