The upgrade of the chargeback dispute resolution platform can intuitively increase the winning rate of chargeback defense by up to 35%;
With scaled gateways and AI integrations, merchants are empowered to provide a one-stop solution and confidence to automate large-scale chargebacks.
Shanghai, China – Riskified, a leading global provider of e-commerce fraud and risk intelligence solutions, today announced the expansion of its chargeback dispute resolution platform to help merchants expedite chargeback resolution processing. With the extension gateway and artificial intelligence integration, it automatically compiles and formats strong defense evidence for each chargeback defense, helping merchants save time in order processing and handle the surge of chargeback orders more efficiently and at scale.
Credit card chargebacks are devastating to e-commerce merchants. A chargeback is a process in which a cardholder disputes a purchase directly with the issuing bank, which can force the merchant to reverse the transaction or issue a refund. Consumers may abuse this process and falsely claim to have been compromised or fraudulent in order to get a refund after making a normal credit card purchase. To combat this, merchants need to manually collect strong evidence to confirm the authenticity of the claim. However, it is common for merchants to manually process chargeback orders manually, which is tedious and time-consuming. In addition, because merchants tend to accept multiple forms of payment, the required evidence of defense is scattered across multiple payment channels, resulting in a very low revenue recovery rate for merchants' chargeback orders. According to Riskified's research, most merchants recover less than half of the loss of chargeback orders.
Designed to simplify and accelerate revenue recovery, the upgraded Dispute Resolve platform enables merchants to centrally manage all chargeback disputes, leverage automation to minimize manual work, and customize workflows to enhance existing operations. The chargeback dispute resolution platform helps merchant teams optimize costs by integrating payment gateways and artificial intelligence technology to automatically assemble and adaptively format evidence for each chargeback dispute. The platform streamlines the process of fund recovery, gives merchants the ability to centrally manage chargeback defenses, and reduces processing redundancy with automated processes to personalize workflows and improve operational efficiency.
Eido Gal, CEO and Co-Founder of Riskified, said: "As the e-commerce environment continues to grow, chargeback disputes are also on the rise, making them a significant challenge for merchants. Chargeback management systems are the focus of e-commerce's digital transformation in finance, but most business processes are extremely time-consuming and inefficient, hindering the efficiency of merchants in handling chargeback orders. We are committed to helping merchants streamline the process and improve efficiency through our chargeback dispute resolution platform. They can choose to automate specific steps or outsource the entire process, giving the team full control over the chargeback dispute management process. ”
D**id Hobbs, CEO of Hotelelogical, said: "Thanks to Riskified's chargeback dispute resolution system, our in-house analysts have achieved an excellent win rate in the defense of chargeback disputes. Through automated compilation and personalized integration of data, our team is able to focus 100% of our time, insight and expertise on revenue recovery. ”
By using Riskified's chargeback dispute resolution system, merchants can streamline the tedious process of managing and handling chargeback disputes. In addition, merchants can make personalized decisions based on consumers' purchase history and order details, monitor the status of dispute resolution in real time, and collect consumer usage data to organize counter-evidence. The data shows that merchants who choose to use the riskified "chargeback dispute resolution" platform can increase their defense win rate by up to 35%. At the same time, through personalized integrated system deployment, merchants can monitor all order status and consumer data content in real time, further achieving higher efficiency and economic benefits.
###About riskified
Riskified empowers businesses to increase e-commerce revenue and profits by reducing risk. Some of the world's largest merchants and leading brands have partnered with riskified on chargeback packages to combat large-scale fraud and policy abuse, and to deepen customer loyalty. Riskified has reviewed hundreds of millions of transactions and approved billions of dollars in revenue for many of the world's top brands and fast-growing companies across a wide range of industries, including Honor, Anker, Spring Airlines, Chow Sang Sang, Ctrip, TAG Heuer, Rotita, and more. Backed by a strong team of e-commerce risk analysts, data scientists, and researchers, the Riskified machine learning platform analyzes the individuals behind every interaction, providing real-time decision-making and powerful identity insights. The platform is based on data from our vast global merchant network and proprietary machine learning models to maximize revenue and minimize operational costs for e-commerce merchants.