Blog

How to fight chargebacks. Part 2

How to fight chargebacks. Part 2
Business Development Specialist
Yuliia Mamonova

In our previous article, we showed you six great tools that help customers fight chargebacks. As we promised, in this one we will take a look at other nine.

So, if chargeback prevention is something of great interest to you, read on: you are about to discover something truly powerful.

9 tools to help you prevent chargebacks

  1. Riskified.
    Riskified offers its clients a 100% chargeback guarantee. They say that every order in their system can enjoy this guarantee when card-not-present operations take place. This way the company strives to protect its users from fraudulent activity and unauthorized usage of a particular card. Such a solution brings customers a peace of mind given that they don’t have to worry about fraud and all the financial loss it can bring. All in all, these guys strive to make payment processing chargeback-free to help merchants grow their businesses safely.
  2. Charge Advisor.
    A solution developed by Ikajo International is another alternative chargeback prevention tool on our list. It aims to identify particular events in the feed of customers’ transactions.  The software does it to minimize and eliminate fraud and chargebacks. Besides, it optimizes traffic performance and other payment processing aspects.

    How does it work? Its creators state that the system analyzes lots of different parameters related to the transaction, evaluates and compares them, assigns scores to each significant parameter and blocks transaction that can potentially be fraudulent.

    Besides, the tool is built with machine learning tools meaning that it keeps growing its database and sharpens its ability to prevent chargebacks better each day.
  3. Fidelity.
    Fraudwatch by Fidelity is a solution that allows merchants to pay only for the transactions he considers to be high-risk. This means that the merchant chooses specific characteristics that based on his or the chargeback prevention service provider can be a sign of potentially fraudulent activities and chargebacks.

    Every such transaction will be monitored by the Fraudwatch solution. Finally, the results of such an action will be formed in a report and sent to the merchant.
  4. Kount.
    Kount has been developing their fraud and chargeback prevention system for more than twenty years now. As a result of all the efforts invested in the process, a reliable and fully customizable system came into being.

    A goal of their chargeback prevention is in simplifying the process as much as possible so that the customers do not feel any friction at the checkout.

    The system which is extremely easy to integrate and simple in day-to-day usage not only saves merchants’ time and effort but also increases sales rates and boosts conversions, since clients happy with the level of services delivered are more likely to stay and turn into lifetime paying customers.
  5. Signifyd.
    The uniqueness of this system that otherwise is just another great chargeback prevention tool is that the merchant can submit claims to get full reimbursement for eligible chargebacks the system had not prevented.

    The claim will be studied by the company, and in case of an approval, your funds will be returned back to your account within 48 hours. Sounds incredible, don’t you think?

    Surely, you will feel confident about your costs and transactions made within the system.
  6. Chargebacks911.
    To make sure you understand the danger of chargebacks, these folks have added a special calculator that helps you realize your total average chargeback cost based on the average number of chargeback per month, average transaction value, chargeback and admin fees, and cost of goods and shipping. Of course, the result will really open your eyes to the reality if you never understood how costly chargebacks could be to your business.

    So, the solution offered is 100% customizable to the needs of every individual merchant, fast, and science-backed. They work with numerous currencies and across various verticals. Besides, their testimonials speak loud for them!
  7. FraudlabsPRO.
    FraudlabsPRO aims to assist merchants in their fight against chargebacks by analyzes every transaction before its approval. The payment is looked at from different aspects. In case any potential can be in place, it is blocked right away.

    It is automatically to the blacklist to help other merchants in the global merchant network.

    Therefore, fine-tune the solution to your needs, and have it save your business from drowning in the devastating chargeback effect.
  8. Chargeback defense.
    Their motto “Eliminate chargebacks before you fight them” says a lot about the motivation of the company.

    A list of services related to chargeback prevention process is quite lengthy and includes encrypted evidence, chargeback eraser, lost chargeback recovery, real-time dispute response, and compliance/regulation.

    They have it all covered so that neither you nor your customers worry about financial loss related to fraudulent transactions.
  9. Fraud.net.
    Having more than 432,000 fraudulent events caught, the solution in question can help you indeed keep your pockets full.

    The system strives to identify potential fraudsters and see what customers are most likely to file a chargeback in the future. As a result, such clients are blocked by the system.

    Besides, the system allows you to approve good orders, target fraudsters, and prevent data breaches which makes it an all-in-one solution for every e-commerce merchant.

Over to you

So, chargeback isn’t your friend. And we guess there is no need to explain why. Therefore, you need to equip your business with essential chargeback prevention tools to eliminate risks before they strike you.

Do you know any other good chargeback prevention services that we didn’t list above? Do not hesitate to share them in the comments!

Moreover, stay tuned: next week we’ll talk about common online payments mistakes that can kill your conversion rates.

1 COMMENTS

  1. Guest

    7 face-melting travel payment trends of 2018 | Ikajo International

    […] today merchants of all sizes and from all niches can afford to use artificial intelligence to fight fraud and chargebacks. With it, they make travel payments personalized and straightforward, and reduce the number of […]

LEAVE A REPLY