Find the Right Chargeback Solution With These 7 Smart Questions

Chargebacks costs merchants close to $150 billion every year. That’s right: Billions of dollars are lost trying to navigate the chargeback process. And, no matter the amount of effort merchants put in, the process never seems to get easier.

But, then again, you already know that. After all, that’s why you’re looking for a chargeback solution.

In this article, we're going to talk about the three basic approaches you can take to managing chargebacks. We'll look at the solutions available, and reveal seven smart questions you should ask when evaluating any chargeback management option.

3 Basic Responses to Chargebacks

Chargebacks gobble up time, money, and other resources. Staff get diverted to deal with the dispute. As a result, they’re focused on recovering lost revenue rather than on generating new revenue. Struggling against chargebacks can feel like a no-win situation...but what else can you do?

Well, you have three fundamental options when it comes to your chargeback response:

#1 | Do Nothing

#2 | Do it Yourself

#3 | Invest in a Solution

So Which Chargeback Solution is Best?

You're already reading this article, so it's safe to assume you know that doing nothing is not a real option.

But, is it better to handle chargebacks in-house? Or should you utilize a third-party solution? What’s the right strategy? It’s simple: the best chargeback solution is the one that works for your business.

A “one-size-fits-all” approach won’t work for every merchant. In many cases, your best bet is to combine built-in prevention and management systems with a third-party chargeback solution provider.

According to a case study from Chargebacks911®, one retailer saw an 18% reduction in chargeback issuances, and a 200% increase in chargeback recovery, after just 30 days of third-party assistance.

7 Smart Questions to Ask a Solution Provider

As you might expect, not all chargeback solutions are created equal. So it’s important to know what benefits you should expect from a reliable chargeback solution provider:

You’re on the receiving end of more and more chargebacks every month. You don’t have to put up with the headache of trying to manage chargebacks any longer, though. The solution is right in front of you.

3 Types of Chargeback Solutions

So, what solutions are available and how do you decide which option is right for you?

Fully-Managed Solutions

A fully-managed solution is a "hands-free" option. Dispute prevention and representment are handled entirely by a third party. This option is best for companies that experience a steady volume of chargebacks every month. A fully managed solution allows you to maximize revenue without having to hire chargeback experts or manage an internal team.

Self-Service Solutions

Self-service options blend external management tools and software with your internal systems. You are still responsible for your chargeback management, as well as any prevention solutions. But, a self-service platform will provide reporting as well as a variety of tools to manage your process. This option is best for smaller companies that are dealing with only a few chargebacks per month.

Dispute Prevention Solutions

There are a variety of tools that let you intercept payment disputes and resolve them before they turn into chargebacks. These can either be implemented alone or as part of a larger chargeback management solution. They are particularly valuable tools for businesses with higher-than-average chargeback risk.

The Right Solution for You

It doesn’t matter if you need a fully-managed chargeback solution, or just some help here and there. Chargebacks911 has you covered. We challenge the status quo by proving how effective comprehensive chargeback management can be. Chargebacks911 offers:

We offer highly scalable chargeback solutions customized for any business, of any size, in any industry. Call us today and claim your free demo.

Chargeback Solution

Find the Right Chargeback Solution With These 7 Smart Questions