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Read the full article: https://www.midmetrics.io/blog/chargeback-representment-a-successful-recipe-for-fighting-chargebacks

The process of fighting chargebacks, known as chargeback representment, involves many variables. A key aspect of any successful chargeback representment involves compiling the right compelling evidence. The right or compelling evidence will depend on the cardholder’s specific claims and the reason code the issuing bank assigned.

For retail chargebacks, you would be well served if you can prove you verified the customer’s identity at checkout time. When you sell a big-ticket item, it’s a good idea to ask if you can make a copy of the customer’s ID so you can keep it on file if they ever file a chargeback.

For physical goods, signed proof of delivery is the best evidence against “product not received” chargebacks. You can get creative by submitting evidence such as photos showing the cardholder using or wearing the product.

While proving your case can be difficult when intangible digital goods are involved, customer IP addresses, geolocation, login info, and usage logs provide substantial proof the cardholder received and used the services.

Merchants in transportation, hospitality, ticketing, and related industries can fight false claims of fraud with records of AVS and CVV matching for online orders and voice authorization for phone orders. Brokers may be able to obtain check-in information and other evidence from the hotels and airlines with whom they have business relationships.

A mountain of evidence will amount to nothing if you are unable to put it in the right context for the person reviewing it. Every representment must include a clear and concise rebuttal letter that lays out your case and explains why the chargeback is invalid.

Use your rebuttal letter to make a brief and easy-to-understand case that the reviewer will easily digest. Keep the explanation to a single page, write short paragraphs, use bullet points, highlight your key points, and provide attachments that prove each point on the first page.

Having a recipe for success for fighting chargebacks can make a massive difference for merchants. Still, it won’t be useful if you aren’t able to modify and adapt it as you learn new information about where your chargebacks are coming from and what isn’t working in representment.

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Read the full article: https://www.midmetrics.io/blog/3-ways-to-simplify-your-chargeback-accounting

Chargebacks present unique challenges for proper accounting principles. Thankfully, there are tactics that can simplify efforts to account for chargebacks.

Chargebacks are irregular. Deposits and checks are fairly predictable—most businesses have a rough idea of how many they should expect each week. Yet when it comes to chargebacks, it's common to receive a flood of disputes one week followed by no chargebacks for weeks on end.

The chargeback dispute process takes time. With so many payable amounts pending that may not ever be returned, all with their own separate timeframes, chargeback accounting requires a keen eye for detail and a long memory.

There are multiple expenses to track. Every time a customer files a chargeback, it's an extra fee to account for.

The process involves seemingly countless variables, and the worst part is that every processor, bank, and piece of accounting software has a slightly different way of recording them.

Even the correct way to document a chargeback differs depending on the banks and payment processors involved.

It's not hard to see that things can go seriously wrong unless firms take steps to ensure accuracy and efficiency. For full accuracy, a chargeback management solution is essential. Key tools included in this software solution are management dashboards, analytics, and real-time reporting.

A management dashboard simplifies this process, using APIs from the merchant's gateway, payment solution, and more to pull relevant chargeback data and information. This allows merchants to monitor and track their active chargeback cases, the real-time chargeback rate, and chargeback alerts across various accounts—all in one place.

Although analyzing chargeback data is a complex and time-consuming task, analytics tools make it as simple as possible. The software can sort the data to find relevant information, create reports for the accounting team to analyze, and break everything down into an intuitive picture of what's happening.

There is tremendous value in using a chargeback management software solution with a reliable real-time reporting feature, which automates this process to give merchants the answers they need. With a few clicks of a button, teams can convert raw data into an accessible, informative report that everyone in the company can understand and analyze, even if they don't have an accounting background.

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Read the full article: www.midmetrics.io/blog/vmpi-is-now…ht-for-merchants

Since 2017, Visa has provided a tool for effective, network-level dispute prevention called Visa Merchant Purchase Inquiry, or VMPI for short. In September 2019, Visa purchased Verifi, paving the way for a new iteration of dispute prevention technology.

Verifi Order Insight improves efficiency for all parties in a payment ecosystem. By facilitating a more natural exchange of information, Order Insight makes it less likely that banks will issue chargebacks, harming the merchant for circumstances beyond their control.

Order Insight’s platform integrates with top credit card issuers’ systems and allows all parties to access the relevant order details, resolving disputes before they become chargebacks. The information that Order Insight collects includes the date of purchase, the device used to process the purchase, merchant name and contact info, and details and descriptors for the purchased item or service.

When the customer elects to call their card issuer, Order Insight provides the issuer’s representatives with the information they need to identify instances of potential fraud, flag suspicious cardholders, or resolve cases of legitimate confusion before the dispute becomes a chargeback.

Order Insight helps merchants reduce the literal costs, time, and effort spent on dispute resolution, and brand damage of unnecessary chargebacks. It also helps card issuers operate more efficiently, provide better service to their customers, and reduce instances of “friendly fraud” by unscrupulous customers. Well-meaning and upstanding cardholders benefit from the transparent and efficient exchange of information that Order Insight provides.

Some of the key benefits of Order Insight for merchants include the way it equips issuers to prevent disputes at customer inquiry; the way that it allows issuers to identify and prevent friendly and true fraud; and the fact that it can reduce fines and fees associated with chargebacks.

Order Insight offers merchants portfolio protection from high-risk monitoring programs and multiple card-brand dispute prevention. It enables customers to clarify transaction confusion themselves and extends customer service and brand equity.

Order Insight works in the following fashion: Step 1. The customer contacts the issuer with a transaction dispute. Step 2. The issuer sends a request for order information. Step 3. Order Insight processes and sends a request to the seller. Step 4. The seller sends order data to Order Insight. Step 5. Order Insight provides the issuer with order details. Step 6. The issuer reviews information with the customer and attempts to resolve the dispute.