Payment card chargebacks are a major cost and sales inhibitor for merchants around the world. Javelin research shows that: 

• Consumers bypass merchants, going to issuers with fraud-related disputes 76% of the time
• 63% of customers decreased merchant patronage due to associated chargeback problems
• Combined issuer liability for payment card chargebacks accounted for more than USD $7B in 2017 – over 60% of total issuer chargeback costs 
• Chargebacks cost merchants a fortune:
  • Merchants are burdened with two-thirds of total costs related to chargebacks
  • 60% of merchant chargeback costs are in management expenses
  • For every $1 disputed, merchants AND issuers incur USD $1.50 in additional costs
  • More than $19 billion in 2018 alone in lost profits, employee time, company resources, and associated fees and penalties.

Self-Service Chargeback Representment service

In March 2019 Verifi, Inc. launched a new service for merchants to take control and fight chargebacks with in-house dispute management. Self-Service Chargeback Representment is built on 13 years of Verifi expertise to help merchants efficiently and effectively reclaim profits lost to disputes. It is a single web-based solution that empowers merchants’ chargeback management teams with instant access to the critical information needed to represent a chargeback.

Self-Service Chargeback Representment is available for merchants as a SaaS, single login platform. Features of Self-Service Chargeback Representment include:

• Single Portal which enables quick and thorough management of disputes from multiple dispute sources and acquirers via the new Verifi | One ™ portal, eliminating the need for manual tracking
• Identification and recommendation of the required data elements for each dispute, ensuring that merchants efficiently and correctly compile their dispute response and comply with each card brand’s rules regarding disputes and chargebacks
• Case Management: Review and updating of all elements of each case across your team, and ensure user efficiency with case guidance tips
• Prioritization: platform prioritizes each case, enabling on-time responses and maximizing win rates
• Robust Analytics: User-friendly dashboards and reporting to track dispute team progress and identify real-time process improvement opportunities, without neglecting cases.

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CTMfile take: Payment card chargebacks are a profit destroyer in any business, the Self-Service Chargeback Representment service could be very good news.