As you are probably already aware, chargebacks can turn into nightmares for business owners, regardless of how frequently you are faced with them. Not only can they lead to adverse sales and ROI, they can deeply impact your relationship with credit card companies and banks.
This is why you should do everything you can to make the chargeback process as seamless as possible. One such step you can take is using what’s known as Rapid Dispute Resolution, a prevention tool that allows for customer issues to be resolved before chargebacks are made official.
#1 – A customer requests a chargeback.
#2 – The Rapid Dispute Resolution (RDR) platform allows the acquirer to automatically issue a credit to the customer.
#3 – You then don’t have to worry about VISA, Mastercard, and other credit card disputes that could hurt your reputation. Also participation in the program shows your acquirer that you are 100% committed to being proactive about dispute resolution rather than letting things get out of control.
Thankfully, Rapid Dispute Resolution can be beneficial for a number of reasons:
First and foremost, it helps reduce chargeback rates. When you use Rapid Dispute Resolution, you’ll know within hours when there’s an issue that needs your attention rather than in days. You can then solve problems faster and potentially prevent future disputes.
You have the power to improve customer experience. The secret to your success is being as responsive and helpful as possible with your customers. Working to improve customer experience means less negative reviews and higher perceived value.
Ease of use. Rapid Dispute Resolution is extremely easy to set up and maintain. You’ll be amazed at how quickly you’ll see positive results by using it.
As you may already know, to be effective in your chargeback management protocol, using multiple tools at different stages is the best way to structure your setup.
We highly recommend using a combination of Rapid Dispute Resolution, Order Insight, and CDRN. They can be used one after the other or interchangeably as the process progresses.
#1 – Order Insight is often the first choice of issuers can use to resolve an issue. The bank can request the specifics and potentially “talk off” the problem. In this case, no credits or refunds aren’t yet given to the customer.
#2 – If for some reason Order Insight doesn’t work, the case then moves to Rapid Dispute Resolution. The platform works to automatically take money from your account and gives a refund to the customer.
#3 – If the issuer isn’t using Rapid Dispute Resolution or it’s not a VISA-related transaction, the CDRN network refunds the transaction.
You may also strongly consider using the following tools to protect yourself:
If you want to use Rapid Dispute Resolution, here are the steps you need to take:
As you’re going to decide whether or not to use Rapid Dispute Resolution, it’s important that you gain a full understanding of what is and what isn’t working. The more aware you are, the better decisions you can make!
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