Fintech companies know the dangers of chargebacks. With high-ticket services, fintech companies can find themselves underwater dealing with costs and time.
At CB-ALERT, we work with fintech companies to deploy methods of chargeback prevention, and our chargeback management services are unmatched.
Using state-of-the-art technology, we have created the most efficient way to monitor chargeback prevention alerts, RDR, Verifi alerts, and Ethoca alerts.
We are proud to offer chargeback management services that drastically reduce our client’s chargebacks,
- Fintech companies must be vigilant about customer disputes and fraud prevention, as customers may assume fraud and file disputes, and friendly fraud can occur.
- Chargeback management companies can greatly reduce your chargebacks.
- Visa RDR is one of the best ways to lower your chargebacks.
Below, you’ll find the details we need to kickstart the process with CB-ALERT:
- Company name
- Official business address
- Descriptor for your merchant account
- Merchant account number issued by your payment processor
- Access to your sales system for refunds/alert resolutions on your behalf
The more information you provide, the better we can help you fight chargebacks.
What Are Fintech Chargebacks
Fintech chargebacks occur when customers dispute transactions or report unauthorized activity within a specified time period after the transaction. This can happen when customers forget about purchases or don’t recognize billing descriptors, leading them to assume fraud and file a dispute.
Why Do They Occur?
Fintech chargebacks can happen for several reasons. One common cause is customer disputes and fraud prevention. Customers may forget about purchases or not recognize billing descriptors, leading them to assume fraud and file a dispute.
They are often extremely costly as well due to the following:
- Time spent investigating and disputing chargebacks
- Resources allocated to prevent future chargebacks
- Loss of revenue from refunded transactions
- Penalties and fees imposed by your bank
How To Prevent Fintech Chargebacks?
To prevent chargebacks in the fintech industry, we recommend the following:
- Deploy Robust Fraud Prevention Tools: Strengthen defenses with advanced tools like 3DS2 authentication, RDR, and Ethoca/Verifi alerts.
- Effective billing descriptors: Enhance recognition with an accurate descriptor matching your online storefront name, reducing confusion and chargeback likelihood.
- Partner With CB-ALERT: Collaborate to eliminate fraud and prevent chargebacks proactively.
- Ensure Transparent Transaction Details: Communicate purchase details, pricing, and fees to minimize misunderstandings and chargebacks.
- Prioritize Refunds Over Chargebacks: Offer cost-effective refunds to retain customer loyalty.
- Customer Support: Provide exceptional service to prevent disputes from escalating to chargebacks.
- Use Clear Billing Descriptors: Ensure easy comprehension of credit card statements to reduce confusion and chargebacks.
- Maintain Accurate Records: Keep detailed transaction records for valuable documentation in chargeback disputes.
- Employ Chargeback Monitoring Systems: Utilize alert systems for prompt dispute management.
- Scrutinize Irregular Orders: Investigate unusual transactions to ensure accuracy and security, especially those from unfamiliar locations or involving significant amounts.
Below, you will find a quick summary of what makes CB-ALERT so special:
- Chargeback Prevention Alerts:
- Stay ahead of potential issues with proactive alerts to prevent chargebacks.
- 24/7 Customer Service:
- Access round-the-clock customer support to address any concerns promptly.
- Transparent Pricing:
- Benefit from clear and straightforward pricing structures for enhanced financial visibility.
- Rapid Dispute Resolution (RDR):
- Swiftly resolve disputes with CB-ALERT’s Rapid Dispute Resolution feature.
- Visa Compelling Evidence 3.0:
- Leverage the latest tools, such as Visa Compelling Evidence 3.0, to strengthen your case.
- Gateway/CRM Agnostic Approach:
- Enjoy compatibility with various gateways and CRMs, providing flexibility in your operations.
Chargeback Management For Fintech Companies
Chargeback management is essential for fintech companies. When dealing with high tickets and, sometimes, recurring billing, it’s an absolute must.
CB-ALERT can be a significant partner when it comes to growing your business and lowering your chargeback ratio:
- Alerts in real-time Ethoca and Verifi
- 24/7 customer service
- Transparent pricing
- Gateway/CRM agnostic
- Order Insight
Please apply below if you want to invest in lower chargebacks and grow your company to its full potential.