Fighting and preventing chargebacks to keep your MID healthy and durable is one of the most important aspect of one’s business. But how can you do that?
The old fashion way of solving chargebacks one by one manually is time consuming, inaccurate, and ineffective. The first step to correct this is to find a specialist, and by that, I mean a company that can handle the process of chargeback response and address them correctly. Chargeback response companies offer automated platforms for fighting and preventing chargebacks. Outsourcing to a reputable chargeback response vendor is the best way to attack this issue. Midigator is our preferred vendor for chargeback responses, alerts and reporting.
Using the reporting available in Midigator’s merchant dashboard, you can access a lot of useful information to diagnose chargebacks, such as the chargeback reason, affiliate IDs responsible for chargebacks and the most common BINs for chargebacks. One big plus of the platforms is that it connects with your CRM and processor so they can automatically send chargeback notifications and match them with the merchant orders.
CRM software offers information about the customer order, the customer service notes, shipping information, digital usage information, previous order information, SKU information. This information is sent from the CRM to your chargeback response team’s platform. Also, the merchant account portal sends information like chargeback reason codes, card information, transaction details, transaction price and data. By combining these two processes in the Midigator platform, the merchant obtains key insights to fight and prevent chargebacks.
Chargebacks are breakdown by reason code, marketing source, country, product type, price point, BIN, etc. The merchant can review this compact information and decide what action to take to reduce the chargeback ratio. For example, a merchant finds that when advertising on a specific social media platform he has a higher chargeback rate. He can decide not to advertise there any more or to change the products that he is trying to sell on that social media stream in order to reduce the number of disputes.
This information offers the merchant in-depth analytics by affiliate, BIN number, product, price point, reason code, chargeback lag time, country, and subscription cycle. Using this system, in coordination with outsourcing chargeback responses and alerts to a chargeback representment vendor results in higher win rates for chargebacks, comprehensive chargeback prevention and ROI-driven intelligent dispute responses.