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An article from
Sponsored


A STRATEGIC LOOK AT CHARGEBACKS WITH DATA FROM OVER 500 MERCHANTS

Published Sept. 11, 2023
By Roenen Ben-Ami, Justt co-founder
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Devrimb via Getty Images
Sponsored content
By Justt
SPONSORED CONTENT BY

The management of chargebacks has become increasingly complex, especially given
the growing popularity in this consumer behavior being accepted as a new norm.
At Justt, we make it our goal to properly equip industry professionals with a
data-driven approach to effectively navigate the future of chargebacks,
emphasizing the critical role of data analysis and strategic planning. At the
end of this article, be sure to download the full 2023 Merchant Survey from
Justt, for free.

THE RISE OF FRIENDLY FRAUD

Friendly fraud, a phenomenon where consumers dispute transactions with the
intention of retaining both the goods and the transaction amount, has emerged as
a significant concern in recent years. According to our recent survey of over
500 merchants with annual revenue over $50 million, a substantial 46% of
industry professionals find identifying friendly fraud to be extremely
challenging, with an additional 20% rating it as quite challenging. This data
underscores the necessity for a robust, data-driven approach to mitigate its
impact. By analyzing patterns and trends, organizations can develop strategies
to identify and prevent friendly fraud more effectively, thereby safeguarding
their interests.

FINANCIAL IMPLICATIONS OF CHARGEBACKS

It’s no secret that chargebacks have substantial financial implications,
affecting businesses of various scales. The data in our latest survey reveals
that organizations are experiencing a significant financial strain due to the
increasing volume of chargebacks. It is imperative for organizations to leverage
data to formulate strategies that can mitigate the financial risks associated
with chargebacks. This involves:

 * Analyzing Chargeback Sources: Conduct a detailed analysis of the origins of
   chargebacks by diving into your data to identify patterns and trends in
   chargeback cases. Segment the cases based on various parameters such as
   reasons cited, customer demographics, and transaction types to pinpoint
   specific areas requiring attention.
    
 * Implementing Preventive Measures: Develop strategies to prevent fraudulent
   transactions by enhancing verification processes, including multi-factor
   authentication, employing real-time fraud detection through AI and machine
   learning algorithms, and educating customers about transaction processes and
   security measures to diminish the amount of unwarranted chargebacks.
    
 * Streamlining Dispute Management: Minimize financial losses by establishing an
   efficient dispute management system that includes automated dispute
   resolution mechanisms to reduce time and resources spent on manual reviews.
   If you have the resources, try fostering collaboration with banks and credit
   card companies to develop more comprehensive strategies that prevent
   chargebacks and ensure a secure transaction environment.
    
 * Continuous Monitoring and Adaptation: Ensure the effectiveness of your
   strategies by continuously testing, monitoring, and adapting them to the
   dynamic elements of our industry. Be sure you’re consistently maintaining
   compliance with evolving regulations and industry standards to prevent legal
   complications as well as financial losses.

THREE KEY STEPS IN A PROACTIVE CHARGEBACKS STRATEGY

 1. Data Analysis
    
    * Leverage predictive analytics to forecast potential trends and patterns in
      chargebacks, allowing your team to stay a step ahead in mitigating risks.
    * Utilize customer segmentation to identify specific groups that might be
      more prone to initiating chargebacks, thereby enabling targeted
      interventions.

 2. Targeted Strategies
    
    * Craft customized interventions based on the insights derived from your
      data analysis, ensuring that each strategy is aligned with the unique
      needs and characteristics of your different customer segments.
    * Try to integrate feedback from various stakeholders, including customers
      and financial institutions, to fine-tune the strategies, ensuring a
      holistic approach to chargeback management.

 3. Internal Case Studies
    
    * Demonstrate real-world applications of these strategies, offering a
      glimpse into how your team can successfully navigate the complexities of
      chargebacks at the scale you need.
    * Highlight the lessons learned from these case studies, providing your
      broader team with the knowledge and insights to avoid potential pitfalls
      while crafting more effective strategies that appease the habits of your
      specific customer base.

WHERE IT’S ALL HEADED

The payments industry is guaranteed to see further changes, with new trends and
challenges always on the horizon. Continually adapting and innovating are
essential to stay ahead in this dynamic environment. Adopting a data-driven
approach can equip even the most knowledgeable industry professionals with the
tools and insights needed to navigate the growing complexities of chargebacks
effectively. This approach not only helps in identifying and preventing fraud
but also in formulating strategies that can safeguard the financial interests of
organizations.

As we conclude, we invite you to take a look at the comprehensive insights and
data presented in the merchant survey we just released this week. The study
encapsulates the responses from over 500 merchants in the US and Canada and
offers a wealth of knowledge that can help you understand the state of
chargebacks across the industry. We encourage you to download the full study for
free to explore the extensive findings and equip yourself with the knowledge to
navigate the future of chargebacks more effectively.

 

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Filed Under: Risk


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   By Lynne Marek • Aug. 1, 2022


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PAYMENTS DIVE NEWS DELIVERED TO YOUR INBOX

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   our Terms of Use and Privacy Policy. You can unsubscribe at anytime.

Sign up A valid email address is required. Please select at least one
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Editors’ picks
 * Explore the Trendline➔
   Olga Naumova via Getty Images
   Trendline
   
   
   RISING PAYMENTS FRAUD TRIGGERS NEW CYBER-SECURITY TOOLS
   
   As criminals advance their schemes for digital payments fraud, cyber-security
   firms are racing to keep up. In-person payments fraud hasn’t gone away
   either.
   
   By Payments Dive staff
 * Retrieved from Global Payments Spokesperson Matt Cochran on September 10,
   2021
   
   
   GLOBAL PAYMENTS BUYS EVO AT A PREMIUM
   
   Global Payments said it will pay $4 billion to buy Evo Payments as it sheds
   its Netspend consumer unit for $1 billion and takes a $1.5 billion investment
   from Silver Lake Partners.
   
   By Lynne Marek • Aug. 1, 2022

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