In today’s world, there are so many facets to being a business owner. No matter how hard you try to provide a powerful product and services, there are always going to be those who don’t have your best interests at heart.
A growing issue for numerous brands is that buyers can easily claim there is a problem with a product, that he/she didn’t purchase it in the first place, or make assertions that he was wrongly charged in one way or another. While sometimes their claims are in fact true and correct, there are also numerous examples of consumers wrongly requesting a chargeback.
If a consumer takes advantage of this, it is considered “friendly fraud.” History has shown that if a customer gets away with it the first time, he is more likely to do it again and again.
Fighting friendly fraud isn’t a walk in the park for any brand, which is why it’s important for brands to have all their ducks in a row and systems in place to prove a charge was in fact warranted and correct.
This includes making sure you can provide as much evidence as possible to refute wrongly initiated chargebacks. Thankfully, there are measures you can take in solving an issue before a customer’s bank is contacted and you’re dinged with a chargeback.
This is where Ethoca Eliminator can come into the picture. It’s a service that covers multiple credit card transactions and aims to reduce friendly fraud.
Ethoca Eliminator helps tackle the problem of friendly fraud and false declines. It does this by making the process a digital experience that connects issuers to the merchant order and account history in real time.
It can solve disputes over purchasing operations in two ways:
#1 – It enables customers to verify the merchants’ data via a banking app on their computer or mobile phone. This includes digital purchase receipts with full details, an account record, a summary of the actions taken by the merchant, refund status, and specified details about the purchase.
#2 – A bank representative can use the service to review merchant data when the customer is on the phone with a complaint and solve it on the spot.
When a customer calls and reports an issue, the bank’s customer service rep can access key information and ask questions that will help them determine if a chargeback claim should be escalated or not. Based on the customer’s responses, the chargeback process will either move forward or the charge will remain as is.
#1 – A cardholder contacts his/her issuer to dispute a charge.
#2 – The issuer agent logs into Ethoca Eliminatorand asks for key merchant info, including detailed digital receipt, purchase history, account history, and more.
#3 – Ethoca digitally pulls the information for that specific merchant and makes it available for the agent.
#4 – The agent can walk through all of the information while on the phone with the customer.
#5 – If the customer is provided enough information to help them realize they are wrongly requesting a chargeback, he/she can admit they’ve made a mistake. Likewise, if the charge was incorrect, steps can be taken to escalate the issue.
The service also gives cardholders access to the in-depth information as well via the mobile banking app, tablet, or desktop computer.
As demonstrated above, the defined benefit for merchants is helping to streamline processes surrounding chargebacks and have the support you need to reduce chances of friendly fraud. You can also rest easier knowing that an organization and dynamic technology has your back as you focus on what matters most for your business.
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