Riskified Announces Expanded Chargeback Management System to Soothe the Chargeback Holiday Hangover and Maximize Revenue Recovery
Dispute Resolve can improve win rates by as high as 35%; platform enhancements empower merchant teams with the flexibility to automate disputes at scale, providing a one-stop solution for chargeback management
NEW YORK, JAN. 11, 2024 – Riskified (NYSE: RSKD), a leader in ecommerce fraud and risk intelligence, today announced further expansion of its Dispute Resolve platform that streamlines chargeback operations for merchant teams, particularly as they face the typical surge in chargebacks after the holidays. The solution leverages expanded gateway and artificial intelligence integrations to auto-compile and format compelling evidence for every chargeback, saving teams time and enabling them to dispute more chargebacks.
A credit card chargeback is a process by which a card owner contests a purchase directly with their issuer, which can force a merchant to reverse the transaction. This process can be abused by a consumer who makes a legitimate purchase, but then falsely claims harm or fraud in order to obtain a refund. To recover the revenue, chargeback managers must evaluate the legitimacy of a chargeback, and dispute the false claim by gathering and submitting “compelling evidence”. However, the process for compiling compelling evidence and disputing chargebacks is often a manual, time-consuming process, fragmented over several platforms. The result is that the majority of merchants recover less than half of chargebacks, according to a forthcoming study by Riskified. Built to streamline and speed up revenue recovery, Dispute Resolve empowers merchants to centralize and manage all chargebacks, harness automation to minimize manual effort, and customize workflows to enhance existing operations.
“The broader ecommerce environment continues to brighten and grow, but with that comes the opportunity for increased chargebacks. Chargeback management is another financial center that’s primed for digital transformation, since today much of the process is terribly manual, time-consuming, and hinders teams from disputing as many chargebacks as they can. With Dispute Resolve, merchants have full control over their chargeback dispute operations. They can choose to automate specific segments or outsource the entire dispute process,” said Eido Gal, CEO and Co-founder of Riskified.
“Hotelogical’s in-house analyst produces outstanding win rates, and Riskified’s Dispute Resolve enabled her to maintain and scale that performance as we grew. Consolidating data and automating menial tasks allowed her to focus her time, insights, and expertise 100% on revenue recovery,” said David Hobbs, CEO of Hotelogical.
Using Riskfied’s Dispute Resolve platform, merchants can efficiently manage many of the manual processes that are typically associated with the chargeback dispute process. For example, merchants can automatically gather intelligence about the individual’s purchase history and their order details before deciding which chargebacks to dispute. After building their case, merchants can submit their dispute to issuing banks automatically and monitor the status of those disputed transactions in real time. Additionally, merchants can leverage customized and optimized compelling evidence letters for their disputes. Early results show that merchants may be able to boost chargeback win rates by as much as 35% by switching to Riskified. Along with the ability to view all of their data and results in one consolidated dashboard, merchants using Dispute Resolve can achieve superior performance and savings.
For a demo video of the value Dispute Resolve delivers to chargeback operations teams, click here.
Sign up to pre-register for Riskified’s upcoming research on the state of chargeback management (coming early 2024).
