Leader in ecommerce fraud and risk intelligence, Riskified is expanding its Dispute Resolve platform that streamlines chargeback operations for Australian merchants.
The solution leverages expanded gateway and AI integrations to auto-compile and format evidence for every chargeback, saving time and enabling teams to dispute more chargebacks.
A credit card chargeback happens when a card owner contests a purchase directly with their issuer, which can force a merchant to reverse the transaction. This process can be abused by consumers who make a legitimate purchase but then falsely claim fraud to obtain a refund.
To recover the revenue, chargeback managers must evaluate the legitimacy of a chargeback, and dispute the false claim by gathering and submitting “compelling evidence”.
This process is often manual, time-consuming and fragmented over several platforms. As a result, most merchants recover less than half of chargebacks, according to a Riskified study.
Built to streamline and speed up revenue recovery, Dispute Resolve empowers merchants to centralise and manage chargebacks, harness automation to minimise manual effort, and customise workflows to enhance existing operations.
“The broader ecommerce environment continues to brighten and grow, but with that comes the opportunity for increased chargebacks,” Riskified CEO and co-founder, Eido Gal said.
“Chargeback management is another financial centre primed for digital transformation, since much of the process is manual, time-consuming, and hinders teams from disputing as many chargebacks as they can. With Dispute Resolve, merchants have full control over their chargeback dispute operations. They can choose to automate specific segments or outsource the entire dispute process.”
Using Riskfied’s Dispute Resolve platform, Australian merchants can manage many of the manual processes typically associated with the chargeback dispute process. For example, automatically gather intelligence about the individual’s purchase history and order details before deciding which chargebacks to dispute.
After building their case, merchants can submit their dispute to issuing banks automatically and monitor the status in real-time. Merchants can also leverage customised and optimised evidence letters for their disputes.
Early results show that merchants can boost chargeback win rates by as much as 35% by switching to Riskified.