Can you believe that 13 million Americans were affected by credit card fraud last year?
Aside from victimizing the customers, there are also negative effects that make businesses suffer, too. With almost $10 billion in costs, it’s not hard to see how this issue can cause a business to close its virtual doors if nothing is done to stop it. The good news is that you can use RDR for chargebacks and get the protection you need.
Are you on the fence? Keep reading to learn about Rapid Dispute Resolution (RDR) and why you should incorporate it into your business.
Rapid Dispute Resolution is modern software that works wonders within the field of eCommerce. Instead of a manual process for each transaction, Rapid Dispute Resolution adds an element of automation. This can allow you to avoid getting into a traditional dispute and solve the issue during a pre-dispute stage, preventing any chargebacks.
There are several common reasons customers open a dispute in the hopes of a chargeback. One of the most common reasons is the claim that the services or products they paid for weren’t received. Yet another reason is due to the products either not being as described or being defective in some way.
As mentioned above, credit card fraud is rampant, so that’s another reason customers may want a chargeback. Another type of fraud is known as “friendly fraud,” and it refers to a customer who opens a dispute to receive a chargeback even though they received the goods and services that they paid for.
Are you still asking yourself, “How does Rapid Dispute Resolution work?”
RDR works based on various algorithmic rules that you can set up ahead of time. No two businesses are the exact same, so you’ll be glad to know that you can configure your RDR solution to fit your specific needs to a T. This can allow you to get the absolute most from your investment.
Now that you can answer the question, “What is RDR,” you might be wondering why it’s worth the investment in the first place. Managing disputes on a manual level can cost you managerial fees.
A few disputes once in a while might not weigh down an employee’s schedule, but you have to think in the long term. If you plan on growing your business and expanding your brand, then you’ll need to ensure that every facet of your operations has the ability to scale.
At a bigger level, your employees can end up overwhelmed by hundreds of disputes a week if not more than that. Aside from managerial fees, there’s also a large number of chargebacks you can avoid in the first place. If a chargeback isn’t legitimate, then it’s your responsibility to prevent it and avoid having to pay a friendly-fraud criminal.
Looking at it this way, RDR pays for itself in the long run because of the vast amount of savings your business will enjoy.
One of the greatest benefits of RDR is the amount of time it can save you with each dispute. Since RDR is automatic, it can handle hundreds of disputes or more without you having to lift a finger. That way, you can focus on the specific disputes that require a real person’s attention.
Not only does this save your business time that can be spent elsewhere but it’ll also save your customer’s time. A single dispute can end up taking a week, a month, or even longer, depending on the circumstances.
Implementing RDR is often more simple than some people think. Once you’ve signed up for it using an enrollment form and set your specific parameters, you can expect it to work like a charm right away. If you’re not sure what parameters would work best with your business, then the provider can help by assessing your business type and making suggestions.
You can change the parameters at any time so don’t worry about them being locked in the first time.
Sometimes a customer will buy something that didn’t fit their needs or satisfy them in some way. Depending on your return policy, it’s within their rights to send the product back. By ensuring that the customer gets their money as fast as possible, you can leave them with a positive impression.
The goal of every business should involve attracting the customer not just once but as many times as possible. There’s no denying that return customers are the best kind, but they only return if they’ve had a positive experience. Whether there was an issue with the product itself or there was an error in the bill, you shouldn’t force your customers to wait longer than necessary.
This is not only a source of irritation for them but it can also cause their trust in your brand to nosedive. Since reputation is everything in business, you can’t afford to not invest in Rapid Dispute Resolution.
Of course, if the customer was attempting friendly fraud, then they won’t be happy that their criminal activity wasn’t successful. Either way, this isn’t the type of customer you want returning to your business.
Now that you’ve learned all about Rapid Dispute Resolution (RDR), you can reap the benefits and ensure that your business is running faster and more efficiently than ever before.
Zen Payments is proud to provide merchants with high-risk payment solutions they can count on. Whether your business is credit repair, CBD, nutraceuticals, firearms, or something else, we can help.
Our team of experts is ready and willing to answer your questions and address any concerns so feel free to contact us. We look forward to providing you with high-quality customer service.