What you need to know about Chargeback Management Software in 2021
Table of Contents
- How does chargeback management work?
- What is chargeback management software?
- Is chargeback management software right for me?
- Is chargeback management software effective?
- What are the different approaches to chargeback software?
- What are the three types of chargeback software?
- What is the most efficient way to fight chargebacks?
- What is a chargeback tool?
- How do you track a chargeback?
For many merchants, especially those in eCommerce, chargebacks are a problem that keeps getting bigger and harder to manage with each passing day. With deliberate fraud in card-not-present environments and customer abuse of the chargeback process on the rise, chargebacks pose a growing threat to any business that accepts online payments.
Merchants can't afford to sit back and let chargebacks eat away at their revenue.
Chargebacks are a unique problem, and they require unique solutions. Dealing with them effectively takes a combination of expertise, strategy, and tools — and one of the most important tools in the fight against chargebacks is chargeback management software.
How does chargeback management work?
What is chargeback management software?
Is chargeback management software right for me?
The caveat is that chargebacks are too dynamic and diverse to be handled entirely by a piece of software.
Chargeback management software is only as effective as the person operating it and acting on the information it provides.
For merchants who don't have the time to make themselves chargeback experts, an increasingly common solution is to hire a chargeback management company to deal with the problem for them. These companies can handle all aspects of chargeback management while providing the merchant with tools that give them insight into the chargebacks they receive and the ROI of hiring professionals.
Is chargeback management software effective?
What are the different approaches to chargeback software?
What are the three types of chargeback software?
What is the most efficient way to fight chargebacks?
A professional chargeback management company will have expertise in preventing and fighting chargebacks well beyond that of any in-house team. They will also have access to the latest tools for both managing chargebacks and preventing fraud. While this expertise and experience doesn't come cheap, a good chargeback management company will give you ways to evaluate the ROI you're getting from their services in order to demonstrate their value.
At the end of the day, the best way to manage chargebacks is the one that produces the best results for your company. Weigh the pros and cons for each option, and find out the top reasons why businesses decide to hire a chargeback management company in our eGuide, 4 Reasons to Hire a Chargeback Management Company.