It’s easy for chargebacks to go unnoticed. The problem with piling chargebacks is that it breaks the trust of banks. A high chargeback to transaction ratio can result in a high risk status or even the inability to open a merchant account.
Order Insight is a Visa tool that prevents chargebacks. There are multiple reasons why chargebacks happen. Most times, it’s due to fraud, “friendly” fraud, or customer misunderstanding. Order Insight helps merchants solve these disputes before they become formalized chargebacks.
Chargebacks are meant to clear up errors that businesses make, such as sending a package to the wrong address. Banks use chargebacks to incite businesses to minimize mistakes. Unfortunately, it’s difficult to pinpoint flaws when merchants are bombarded with disputes involving fraud and other causes.
Order Insight resolves these various problems. It can prevent disputes, inform of incoming disputes, and resolve disputes on behalf of a business. Merchants have found that incorporating the tool decreases the chances of a chargeback
What is Order Insight?
The Order Insight platform prevents chargebacks by tracking disputes against merchants. Businesses grant access to CRM information to make this possible.
Customer, transaction, and relevant data can clear up confusion. Businesses that use Order Insight can provide a cardholder’s bank with evidence against a dispute. It also lets the bank see complete information on a purchase and merchant. This solves complaints of clients not recognizing transaction descriptors on their statements.
How Order Insight Works
Order Insight inserts itself into dispute processes to resolve them. This means that it operates differently at each dispute resolution step.
Claims resolution is meant to prompt a business and issuing bank to present compelling evidence. This is where a business can prove that a dispute is not from a merchant error. An example would be showing proof of delivery when a customer claims they never received their order.
The ideal situation gives businesses time to respond. However, most disputes go through processes without the knowledge of the merchant. Keeping track of claims is manual and difficult.
Order Insight Before Dispute
Issuing banks can take a look at transactions and merchant information when businesses use Order Insight.
Customers who fail to recognize a recent transaction may go to their bank. The issuing bank can then see the full business name and the items purchased. This on-hand information can help customers identify familiar purchases.
The data Order Insight provides the issuer and the customer prevents a dispute without hassle. The issuing bank does not have to go through lengths to figure out if a transaction is legitimate. The effort is transferred to Order Insight. This saves a significant amount of time for all involved.
On the other hand, a customer may still not recognize a charge and conclude that somebody else must’ve made it. Order Insight can show the issuing bank whether the purchase was made from a familiar device or address, such as that of a family member’s.
The transfer of information to banks is hands-free and involves no effort on the part of the merchant. Unnecessary disputes are avoided by catching mix-ups. Order Insight notifies merchants of incoming disputes.
A cardholder will file with their bank, which then sends a notice to the selling merchant. These alerts correspond with Order Insight and Visa’s Rapid Dispute Resolution. This gives businesses time to respond to claims.
Businesses can refund if appropriate to resolve issues before they become chargebacks. The earlier, the better. They also have the time to send out evidence that a false transaction was not their fault.
Order Insight also has the power to send notice to banks when it detects a fraudulent transaction. It can then send a credit refund back to a client without skipping a beat.
Online Insight’s CRM access makes sending evidence to card issuers easy. Furthermore, the program will help a merchant respond as soon as possible to avoid a chargeback.
Taking care and tracking disputes can be messy and frustrating. It can be a distraction from the other important aspects of your business or left on the back burner.
It takes less work to receive a notification from Online Insight than trying to keep track of disputes without help. Additionally, the program’s analysis shows patterns in disputes and chargebacks.
Frequent instances of the same type of dispute can indicate where a change needs to happen. Order Insight can show merchants what type of disputes are most common and at what part of the process they’re caught.
A business with frequent fraud disputes may need to re-evaluate their fraud protection measures. Or, one with merchant error chargebacks can see that an error in their system causes deliveries to be sent to the wrong locations.
Order Insight is a multifaceted chargeback reduction measure that will save you time, money, and your business. If you are already a high risk merchant, then extra diligence in preventing chargebacks is even more important.
Revitpay takes care of setting up and integrating Order Insight as well as other tools to go with it. As a high risk merchant services provider, we offer the latest technology and systems that will save you revenue and time.
Need to up your chargeback reduction strategy? Contact us today to find out how Order Insight can work for you.