While everyone talks about consumers’ rights for chargebacks and the need for banks to protect themselves from fraud, it seems like the merchants are the ones getting stuck with the bill. Merchants do have rights when it comes to fighting chargebacks, but you may not always be aware of them, so we’ll tell you about them.
Preventing and reducing chargebacks is always a problem for merchants. Keeping your chargeback-to-transaction ratio below 1% is an ongoing problem as well. And keeping up with the potential problems is enough to keep anyone up at night.
Merchants are being hit with more and more chargebacks thanks to the COVID-19 pandemic, which means a lot of new merchants are learning what a chargeback ratio is.
Are you ready for the RDR? Do you know what it is? Verifi, in collaboration with Visa, has launched a new dispute resolution AI system called Rapid Dispute Resolution (RDR).
Every merchant knows the frustration of being hit with chargebacks, and you’re probably tired of the delay in dealing with that 20 – 30-day resolution cycle, especially since you only have five days to respond to any chargebacks. The rest of the time you spend waiting for the bank to respond and bring this matter to a close.