The Road to Recovery
Our client is a leading car rental company in major airports like Arizona, Las Vegas, Los Angeles and others around the United States. They specialize in renting SUVs and passenger vans.
Challenges
This leading car rental company was facing chargebacks and fraud from customers on a regular basis and did not realize that they could actually recover their chargeback losses.
We never realized that we could recover our chargeback losses. We were considering that a cost of doing business.
When they came to the Gurus they were experiencing a chargeback rate of over 4.5%, resulting in losses of over $1.5 million dollars. Add to that they had a Cancellation & No-call, No-show rate of over 40%, and a customer satisfaction rating that had fallen below 2 on a 5-point scale.
Enter Chargeback Gurus
The Gurus stepped in and immediately began fighting chargebacks using our Smart Chargeback Representment. We also implemented our FPR-360 tool to help identify the root causes of chargebacks and put strategies into place to prevent them from happening.
We trained their customer service team about the card networks and their rules and protocols for storing card information and processing payments. Additionally, we reviewed and helped improve their customer service terms, as well as their refund terms & policies on customer notifications. Lastly, we recommended implementing a cloud portal to manage all web and phone orders moving forward.
Results
Chargeback Gurus has reduced the chargeback rate to under 2% and helped to recover $548,000 in lost revenue in 2016. True fraud chargebacks have been reduced by 79%, and the customer satisfaction rate that was once below 2 is now up to 3.5 and continues to rise. Implementation of the FPR-360 tool and other prevention strategies helped prevent 39% of chargebacks within the first 11 months. The Cancellation & No-Call, No-Show rate also dropped from 40% to 20%.
Thank you, Gurus, for an incredible job. Our chargebacks are low, we have less complaints, and most important, we don't have to worry about chargebacks anymore.
