Worldpay from FIS has extended its partnership with dispute technology provider Chargebacks911 introducing solutions to help merchants tackle chargebacks, lower costs and combat fraud.
Chargebacks are transaction disputes initiated by cardholders. Almost two-thirds of merchants have reported an increase in chargeback fraud this year, and defending them can be costly, complicated and time consuming.
According to Chargebacks911, chargebacks cost the payments industry in excess of $100billion in leakage/losses, while 40 per cent of consumers who commit friendly fraud – when a customer makes a purchase with a credit or debit card and then disputes the charge with their bank, despite the fact that they don’t have a legitimate reason to do so – will do it again within 60 days.
Worldpay from FIS has introduced a range of five chargeback and dispute avoidance products accessible through one integration called Disputes Deflector.
The architecture connects merchants to service providers through an open platform, where they can leverage consolidated post-transaction fraud management tools that are supported by multiple APIs.
“Changes in consumer preferences and merchant practices have retailers, card issuers and networks moving away from the manual dispute management processes,” said Vicky Bindra, chief product officer at FIS. “Open platforms and flexible architecture are now vital, allowing automated products that reduce the time and effort invested in managing and resolving dispute volume.
“We are delighted to further expand our partnership with Chargebacks911 to provide merchants with a comprehensive and innovative product that will help them fight costly chargebacks.”
Meanwhile, Monica Eaton-Cardone, COO and co-founder of Chargebacks911, says: “We’ve been very impressed by Worldpay identifying merchants’ need for automation in managing the increasing complexity of disputes.
“This consolidated approach will deliver much needed scale and efficiency as the world becomes more digital. And as the card brands continue to expand their offerings the task of managing disputes at all stages requires aggregation and expertise, best leveraged through a unified platform.”