Signifyd’s recent move to manage and guarantee item-not-received chargebacks is the company’s latest effort to give merchants the tools they need to optimize their revenue while ensuring a better buying experience for their customers.
The just-released product add-on, called Signifyd INR Protection, allows merchants to extend Signifyd’s Guaranteed Fraud Protection to include Item-Not-Received (INR) chargebacks. The new INR add-on includes Signifyd Chargeback Recovery to address all chargeback types, providing merchants with an end-to-end solution for chargeback management.
“Based on feedback from merchants, there was a clear appetite for extended guaranteed coverage,” said Gayathri Somanath, director of product at Signifyd. “Merchants loved winning back their time rather than dealing with lengthy legal procedures to contest chargebacks, and the idea quickly emerged that it would be even more valuable to get paid back upfront for all INR chargebacks, the largest source of their consumer abuse losses. So, that’s what we’ve built next: instant payback for our customers that makes recovering INR chargeback losses entirely our responsibility.”
Finding innovative ways to fight chargebacks
While fraud fueled by cybercrime and data breaches needs to be foiled by detecting stolen identities, managing other chargebacks requires a thorough triage to differentiate between valid disputes coming from legitimate buyers and those coming from abusive consumers. Each case then needs to be followed up appropriately – an extremely time-consuming and complicated process.
That doesn’t make chargeback management any less essential for merchants. A June 2019 Payments Journal report points out the value of investing time, money, and expertise into fighting chargebacks. In five case studies, the ROI of fighting chargebacks ranged from 712% to a whopping 1,144%.
And then there is the return that is harder to quantify — ameliorating the damage chargebacks disputes can do to a merchant’s relationship with a customer. Signifyd’s first priority is to ensure that loyal customers are not negatively affected by overly aggressive chargeback dispute techniques, such as filing dispute cases for every chargeback with no questions asked.
Signifyd leverages our industry-leading data network of more than 10,000 merchants, supporting more than 250 million shoppers worldwide, and our advanced AI to identify how to best address each chargeback in milliseconds. Legitimate customers are recognized and are not treated like criminals.
Signifyd’s comprehensive chargeback management provides peace of mind
On the other hand, Signifyd challenges abusive consumers trying to get away with cyber shoplifting by producing customized evidence letters, designed by domain experts and powered by enriched data derived from the purchase transaction. Based on this intelligent targeting, Signifyd delivers the highest win rate on consumer abuse chargebacks in the industry. Signifyd is also the only chargeback management provider paying merchants upfront for fraud and INR chargebacks on orders that have been approved by its review engine.
Signifyd works side by side with merchants toward the same ultimate goal – to reduce the number of chargebacks that need to be managed in the first place. That’s why the overall solution includes regular business reviews with Signifyd domain experts. The consultants help optimize merchant processes, return policies, knowledgebase articles and any other part of the merchant’s setup that can be improved to reduce the number of chargebacks consumers have to submit in the first place.
Learn more about INR Protection
This extension of Signifyd’s Guaranteed Fraud Protection and Chargeback Recovery products addresses every type of chargeback and provides a 100 percent guaranteed protection against fraud and INR chargebacks. Retailers enjoy the certainty that the buying experience they’re providing consumers is protected with Signifyd’s customer-first, end-to-end solution – not just from fraud, but also from abuse, process issues and revenue loss.
To learn more, join us for our product launch webinar on August 14 at 8 am PST, hosted by director of product Gayathri Somanath.