With Ethoca Alert, merchants receive a 48-72 hour window before a chargeback occurs, during which they can manually inform Ethoca of their intent to refund the case. This manual refund process is designed to preemptively halt the chargeback process. Alerts aid merchants in remaining below the chargeback limits set by card schemes, preventing them from being categorized as high-risk.
Ethoca Consumer Clarity, much like Verifi's Order Insight, empowers merchants by offering a swift 3-second response time to provide data points when alerted to potential chargebacks. This enables issuers to make more informed decisions about whether to proceed with chargebacks, ultimately aiding merchants in avoiding high-risk status and preserving revenue.
Similar to Ethoca Alerts, with Verifi's Cardholder Dispute Resolution Network (CDRN) merchants are granted a 48-72 hour timeframe prior to a chargeback's initiation, within which they can manually notify Verifi about their intention to refund the case. This manual refund action is intended to proactively prevent the chargeback from progressing further. Verifi CDRN aids merchants in remaining below the chargeback limits set by card schemes, preventing them from being categorized as high-risk.
Verifi's Rapid Dispute Resolution (RDR) operates in a manner similar to CDRN, but with a more automated approach, specifically focusing on a significant portion of Visa card transactions. With RDR, merchants have the flexibility to establish their own rules regarding the dollar amount at which cases are automatically refunded, a strategic move aimed at thwarting chargebacks.
Verifi's Order Insight provides merchants with a 3-second window to respond with data points to the issuer to help the issuer decide against submitting a chargeback against the merchant in the first place. If the information convinces issuers not to proceed, the chargeback is avoided. This quick and data-driven approach helps merchants stay below card scheme chargeback limits, avoiding high-risk status, and enables them to save money that would have been lost to chargebacks, akin to "winning a" chargeback.
Verifi's Order Insight CE 3.0, an extension of Verifi's Order Insight, aligns with the new Visa CE 3.0 regulations. Cases falling under these rules automatically forfeit the issuer's rights to initiate a chargeback. This ensures expedited resolution and minimizes the risk of chargebacks and fraud alerts for qualifying cases.
You have a chargeback problem. Your chargeback ratio is too high, and the amount of money you are losing from handling payment reversals is significant. What are you going to do? Call ghostbusters? No, but seriously, you should consider the early warning services operated by the two largest card networks, Visa-owned Verifi and the MasterCard-controlled Ethoca...
Chargebacks don’t just entail payment reversals for merchants, but also additional fees levied by acquirers to cover the costs of managing the chargeback process