On the Hunt for Chargeback Management Software? We’ve Got You Covered.
Chargeback management software lets you recover revenue, save time, and see long-term chargeback reduction.
Of course, no single platform is the best solution for every business. What works for a sole proprietorship isn’t going to work for a Fortune 500 company. So, let’s look at the options and see what approach to chargeback software might be best for you.
What is Chargeback Management Software?
And sure, you could handle your chargebacks in-house without any chargeback software…at least in theory. That changes if you experience more than one or two chargebacks a month. The perks of a software solution will outpace any benefits of self-managing disputes. If properly deployed, your chargeback software will:
- Save you the time of combing through thousands of pages of complex industry rules.
- Allow you to free-up staff and better use resources.
- Track and store reporting information to gauge performance and adjust as needed.
- Watch transactions for potential chargeback triggers.
- Produce error-free, compliant dispute cases.
3 Key Approaches to Chargeback Management
So, there’s a clear benefit to tools and services aimed at chargeback management. The real question is whether you’d be better-served by a fully-managed solution, or one you need to manage.
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There are three basic approaches you can take:
SaaS (short for “software as a service”) options allow you to license software on a subscription basis. This tends to be the first option that a lot of businesses explore. That's especially true of small- to mid-size businesses hesitant about fully-managed options.
The SaaS option can provide flexibility and a lower price point than other options. However, relying more on self-management through software can mean inconsistent performance if you don’t have the expertise to use it.
A fully-managed service allows you to outsource your chargebacks to an expert solution provider. This approach allows you to focus on running your business and still trust you’re in good hands.
Fully-managed solutions are a reliable alternative to tackling chargebacks on your own. The only downside is that you don’t have as much direct insight in the process. You’ll need a service provider who offers detailed, relevant reporting to track performance and ROI.
Maybe you fall somewhere in the middle, though. Are you looking for the benefits of a fully-managed solution, but with the variability and oversight of a SaaS solution? This is possible by combining different elements of programs to fit your needs.
For example, you may opt for dispute management software to review transactions and decide which you want to dispute. You can then outsource to a managed dispute service. They'll build the case on your behalf and submit relevant information to the issuer.
Ask the Right Questions
Not sure where to start the search? Well, first you’ve got to know which questions to ask. When evaluating options for chargeback management software, ask whether the product:
- Intercepts or prevents chargebacks? Is the point to catch disputes before they progress to the chargeback phase, or to take preemptive action to stop them from happening?
- Identifies chargeback sources? Can the tool separate chargebacks based on their source and prescribe the best response of each individual case?
- Guarantees a win rate? Can the candidate guarantee a minimum win rate within a set timeframe? Is that backed by a guaranteed ROI?
- Fights all chargebacks (even when it shouldn’t)? Is the software or service smart enough to separate legitimate chargebacks from friendly fraud?
- Is agnostic? Does it integrate it into your existing framework, or need additional integrations?
- Works in real time? Do you need to wait to pull data manually, potentially costing you precious time in representment process? Or, does the tool aggregate data for you?
- Can provide relevant reporting? Does the tool allow you to track your performance and ROI with relevant metrics?
- Will save you money? Are there monthly service fees or a one-time cost? Is the price based on a case-by-case payment structure?
Of course, that’s a shortlist of basic questions for potential solution providers. You should already have an extensive list of questions to ask about any new product you consider. Exactly what you need to know depends on your product vertical, business model, clientele, and dozens of other factors.
Award-Winning Chargeback Management is Here
At Chargebacks911®, we take our own approach to chargeback management software.
Our innovative approach to chargeback mitigation starts with our Intelligent Source Detection® technology. This tool combines machine learning and human expertise to reveal chargeback sources—you’ll never need to guess about the source of your chargebacks again.
Once we pinpoint the source of your chargebacks, we can deploy a suite of technologies including:
With these and other proprietary technologies at your disposal, it’s no wonder Chargebacks911 was named “Best Chargeback Management Program” three years in a row. Ready to see what our award-winning chargeback management software can do for you? Click below to learn more.