Chargeback mitigation is the process of preventing chargebacks and challenging illegitimate transactions. Whether you are taking mobile payments or accepting online payments, chargebacks are a fact of life. When a customer disputes a charge with their bank (or issues a chargeback) they are reimbursed almost immediately. The burden of proof then rests on your shoulders. It is now your job to fight to get your money back by proving the transaction was valid.
The primary goal for risk analysts is to detect and prevent fraudulent online transactions from being fulfilled. In order to do so, an analyst is attempting to discover whether the order was placed by the authorized cardholder, or a fraudster who’s using the legitimate cardholder’s information. Seems straightforward, right?
With chargeback mitigation, fraud prevention is step one, but what about friendly fraud. Friendly fraud costs businesses billions of dollars every year. TrueAccord offers a machine learning solution that recovers lost funds without alienating customers.
Credit card chargebacks (also called “reversals”) are harmful to all businesses, regardless of their size or industry. That’s why Choice Merchant Solutions created the CB Dispute chargeback mitigationservice. It ensures that your company collects all of the revenue it has rightfully earned, and at the same time eliminates the …