Chargebacks911® Offers the Cardholder Dispute Resolution Network From Verifi
Chargebacks are a pain. That doesn’t mean you have to write them off as just another “cost of doing business,” though.
At Chargebacks911, we offer the industry’s widest alerts system. We draw on our own chargeback detection network, as well as third-party platforms like the Cardholder Dispute Resolution Network (CDRN) from Verifi, to ensure you never get caught off guard by another chargeback.
What is the CDRN?
The Cardholder Dispute Resolution Network is a patented, award-winning chargeback management program from Verifi.
The platform is one of several alerts networks designed to intercept chargebacks on your behalf. These tools give you the opportunity to resolve disputes before they become chargebacks.
Like other alert products, Verifi CDRN detects cardholder disputes initiated by participating issuers. CDRN works with these banks as an intermediary in the dispute process. Rather than progressing to a chargeback, the tool picks up on the pending dispute and notifies you before it’s too late.
How Do Alerts Help Prevent Chargebacks?
Let’s say one of your customers has a problem with a recent purchase. Rather than attempt to contact you for a refund, though, your customer goes straight to the issuing bank to dispute the charge. The bank then takes the cardholder’s claim at face value and initiates a dispute.
At this point, you’re about to get hit with a chargeback…unless you’ve got chargeback alerts in place.
If the bank is a member of the Cardholder Dispute Resolution Network, the pending dispute will ping the network before the bank submits the chargeback. You then receive a CDRN notification, informing you that a dispute is in progress.
CDRN notifications give you the opportunity to contact the customer and either refund the transaction or try to resolve the dispute on your own within 72 hours. A refund is not ideal, but it lets you avoid the costly fees, fines, and penalties associated with chargebacks. It also protects your business against the potential loss of processing privileges resulting from elevated chargeback issuances.
Make Chargebacks History.
Talk to one of our chargeback experts today and learn how you can eliminate chargebacks and recovery revenue.
Additional Benefits From CDRN Alerts
Deploying chargeback alerts to avoid disputes protects your revenue, as well as your relationship with your acquirer. These are both vital benefits. However, there are also other reasons to enroll in the Cardholder Dispute Resolution Network:
- Avoid False Positives: All disputes that generate an alert are pending chargebacks. There’s no risk of accidentally flagging transactions in which no chargeback was already in progress.
- Real-Time Loss Prevention: You can prevent subsequent disputes resulting from additional billings and avoid losses from fulfillment of goods and services.
- Allocate Staff More Effectively: With alerts, you can take the burden of watching for pending chargebacks off your staff, allowing them to refocus their energy on growing your business.
Is CDRN the Solution for Chargebacks?
The Cardholder Dispute Resolution Network is a great stop-gap measure to reduce chargeback issuances in a short period of time. Of course, that doesn’t mean it’s necessarily right in every circumstance. It’s also not an affective long-term strategy: chargeback alerts can block chargebacks, but they don’t address the sources of those chargebacks. They also do nothing to curtail lost sales revenue and merchandise.
In addition, while CDRN offers broad coverage, not every financial institution is part of the network. To get comprehensive coverage, you’d need to enroll in multiple alerts networks. And certain disputes will still advance to the chargeback stage. All of this can cause unanticipated problems, such as duplicate alerts, which lead to redundancy, less-accurate reporting, and potentially double payments.
So, how do you get the most out of the CDRN and other alerts products? By seeking out the benefits of chargeback alerts all in one place.
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The Industry’s Premier Provider for Chargeback Alerts
The Chargeback Alerts Management Platform from Chargebacks911 combines both the Verifi CDRN and Ethoca Alerts, as well as our own proprietary network. This enables us to offer the broadest chargeback alerts network on the market.
- Easy Setup: Working with Verifi CDRN and other alert products through Chargebacks911 is a no-hassle process. You can be live—and protected—within a matter of hours.
- Customizable Notifications: Receive alerts for specific criteria. Enable automatic refunding of transactions based on parameters you set.
- Better Reporting: Reduce the risk of duplicate alerts across multiple networks. This allows for better reporting and clearer insight regarding chargeback sources.
- Ongoing Support: Our internal team provides ongoing, round-the-clock support regardless of your service level or business scale.
- Consulting or Full Management: You can choose between a consultation service, or a fully managed solution that handles every aspect of the alerts—freeing up internal resources.
Whether you refund charges, stop order fulfillment, or take no action at all…the decision is in your hands.
Click below to speak with one of our Chargeback Experts and learn how much you stand to save with chargeback alerts from Chargebacks911.