Chargebacks are a nightmare for eCommerce businesses. They happen when customers pay for their orders using credit cards but then dispute the charges after they receive their items. If you don’t handle chargebacks correctly, you risk losing sales and tarnishing your reputation.
A customer might dispute a transaction processed through their credit card because they didn’t get what was promised or the delivery was not done on time. Chargebacks cost you a lot of money, especially if unprepared for them.
That’s why choosing the best chargeback management software that offers features like chargeback tracking, fraud protection, and settlement services is essential. Here are the features to consider when choosing the best chargeback management software.
Table of Contents
1. Intelligent Dispute Responses
The best chargeback management software, thanks to its customized fight rules, enhances your dispute response. This allows you to get the highest return on investment in the dispute management market. Unfortunately, there is no single strategy to win every dispute. That’s why the best chargeback management software needs to be customizable. It should help you create the package with the highest probability of winning.
2. Chargeback Prevention Alerts
The best chargeback management software should provide prevention alert services to quickly resolve customer disputes before they affect your business goals. Prevention alerts allow you to address disputes before they progress to chargebacks.
3. Detailed Analytics
In-depth analytics provide data to make informed decisions that reduce chargebacks and minimize revenue loss. This data can also help you identify low-quality customers early enough before they affect your operations. In addition, it can help you identify unprofitable marketing strategies. It is advisable to discontinue such strategies and invest in those that reach your target audience.
4. Custom Notifications
The best chargeback management software should allow you to set a threshold of account activities you want to be informed about. When this threshold is reached, your set triggers send you notifications. This minimizes the need for logging into different portals or waiting for reports. In addition, you receive these notifications on time, allowing you to address disputes on time.
5. Real-Time Account Reporting
Your chargeback management software should provide transparency by merging transactions, order information, and chargeback activity within a single portal. This ensures that the information is uniform across different accounts. Your chargeback management software should have one sign-in for different accounts to avoid logging into multiple portals.
Real-time account reporting helps you stay in the loop of everything happening in your business anytime through easy interaction with real-time data. Real-time data provides vital insight into what is happening now and what to expect in the future. With this information, you can make smart business decisions.
The best chargeback management software can help you monitor monthly chargeback percentage fluctuations. In addition, it can help you identify when the chargeback count has skyrocketed to critical levels and when you reach high chargeback amounts that cause great revenue losses. Ideally, the software should make it easy to address customer disputes.