Chargebacks911, a dispute management specialist, announced today that it has formed a strategic collaboration with Vindicia, part of the Amdocs (NASDAQ: DOX) Media Division and a leader in business-to-consumer digital services monetization.
The collaboration comes at a time when chargebacks are increasing at an alarming rate. Largely driven by friendly fraud – when a customer files a chargeback instead of trying to first obtain a refund from the merchant – chargebacks have a destructive effect on a business’s ability to grow and retain revenue, and can increase the cost of payment services.
“When authorized cardholders dispute legitimate charges to their credit cards, it pushes the bank to force a refund back to the customer under the pretense that the merchant made an error,” said Monica Eaton-Cardone, COO and co-founder of Chargebacks911. “This behavior needs to be identified and corrected to prevent merchants suffering illegitimate losses. That’s why a partnership with a leader in subscription commerce monetization solutions like Vindicia is so important to the industry.”
The cost of this industry’s chargebacks is as much as $250 billion annually by some analysts’ estimations. These costs come in the form of fees and fines, false declines, return fraud, and many other expenditures throughout the entire transaction process – from the issuing bank to payment processors.
“Supporting a merchant’s robust subscription base must include a seamless acquisition experience for the subscriber as well as a transparent and easy to follow reconciliation process for merchants to resolve discrepancies,” said Darcy Antonellis, Head of Amdocs Media. “We’re pleased to collaborate with Chargebacks911 as they concentrate on helping merchants retain their revenue via our combined technologies which provide revenue discrepancy resolution.”
Reports also show that consumers who register a chargeback that goes unchallenged are 50% more likely to file another chargeback within 90 days. So, by helping to identify which disputes to challenge, Chargebacks911 will also help Vindicia’s merchants reduce future claims (and the associated costs).
Available immediately, chargeback management solutions include Visa Merchant Purchase Inquiry (VMPI), chargeback alerts, and dispute resolution. For more information, you can learn more here or contact a Vindicia representative.
For more about using chargeback data insights to grow your business with Chargebacks911, go to: chargebacks911.com
Vindicia, an Amdocs company, offers comprehensive subscription management solutions that help businesses acquire and retain more customers. Providing much more than just a billing and payments system, the company’s SaaS-based subscription management platform combines big data analysis, strategic consulting and proprietary retention technology. Vindicia provides its clients with more recurring revenue, more customer data, better insights, and greater value throughout the entire subscriber lifecycle. For more information, visit Vindicia at www.vindicia.com.
Amdocs’ purpose is to enrich lives and progress society, using creativity and technology to build a better connected world. Amdocs and its 27,000 employees partner with the leading players in the communications and media industry, enabling next-generation experiences in 85 countries. Our cloud-native, open and dynamic portfolio of digital solutions, platforms and services brings greater choice, faster time to market and flexibility, to better meet the evolving needs of our customers as they drive growth, transform and take their business to the cloud. Listed on the NASDAQ Global Select Market, Amdocs had revenue of $4.2 billion in fiscal 2020. For more information, visit Amdocs at www.amdocs.com.
Founded in 2011, Chargebacks911 is the first global company fully dedicated to mitigating chargeback risk and eliminating chargeback fraud. Its comprehensive and highly scalable solutions – such as Intelligence Source Detection™ (ISD) and Tactical Representment – provide chargeback compliance, handling services and fraud strategy management, working to uncover the true source of chargebacks; battle unjustified disputes; rescue lost revenue; safeguard reputations, and defend against relentless cyberthreats. For more information, visit chargebacks911.com
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