Choosing a Chargeback Management Software ProviderNot All Software is Created Equal. Here Are the Questions to Ask to Ensure You Choose Wisely.
10 Questions to Ask Before Choosing a Chargeback Management Software Provider
Shopping for chargeback management software isn’t easy, especially if you aren’t already a payments industry expert.
Every chargeback automation and solution provider promises the highest win rates and the most advanced fraud detection AI. But, critical differences in functionality, integration, and support can be far more difficult to spot.
The stakes are high. Choosing the wrong platform can cost you thousands of dollars while leaving you just as vulnerable as you were before. That’s why you need a clear set of buying criteria to help you cut through the noise and help you pick the right chargeback management software provider.
In this article, we outline some key features to look for in a software provider so that you can choose the right solution for your business.
Chargeback Management Software
In this guide, we take a look at what chargeback management software does and what types of solutions exist in the market. We’ll also talk about how to choose the right solution, what to expect during implementation, and whether a software-based approach is enough.
How to Decide Which Solution is Right for You? 10 Essential Questions to Ask
Is the point to catch disputes before they progress to the chargeback phase, or proactively stop them from happening? Both are valid approaches. But, one function may be more useful depending on your situation.
Knowing the chargeback reason code tied to a claim is not the same as knowing why it happened in the first place. Look for a tool that can accurately separate chargebacks based on their true source; not just the reason code.
Will this solution guarantee a high net win rate within a reasonable amount of time? Is the guarantee based on actual performance?
How smart is the solution? Does it employ AI and machine learning? Does it treat all chargebacks equally, or can it differentiate between valid chargebacks and friendly fraud disputes?
Is this tool agnostic in regards to hardware, software, and processors? Will it integrate it into your existing workflow? Or, will it require extensive retooling to meet your needs?
What happens when your business grows? Is the solution flexible and intelligent enough to keep pace, or will you need to look for a different tool once your business reaches a certain scale?
Given the tight timeframes of the representment process, there’s little time to manually pull data. You need dispute software that can aggregate data for you and generate reports in real time. Speed of implementation is also something to consider.
Will the software’s reporting capabilities meet your needs, including performance and ROI tracking? Are reports clear, concise, and easily read, or simply data dumps with no context? Is it possible to create custom reports?
Does the solution require multiple dashboards and sign-ins? Can it consolidate both its own features and third-party offerings into a single dashboard?
Will this tool save you money? If not, it’s too expensive at any price. Is there a monthly service charge, a one-time cost, or a case-by-case payment structure? Also, be sure to check for hidden fees.
Of course, that’s a shortlist of basic questions for potential solution providers. Again, the best provider for your specific situation depends on you and your business. The above list, while not comprehensive, is a good place to start.
