Chargeback management software has changed the way merchants handle this type of scenario. It helps identify and resolve disputes in a timely manner, leading to a reduction of revenue loss from chargebacks.
When assessing what type of chargeback management software to use, there are certain factors that you need to keep in mind to help make the best decision for you. Let's dive into what to look for in the best chargeback management software.Its Win Rate
Most chargeback management systems provide a win rate.
This is a metric that determines the percentage of successful cases out of the total number of cases that are fought. For example, let's assume that your chargeback software deals with 1000 cases and wins 600 of them. It would have a win rate of 60%.
The higher the win rate, the more money you will save by using the software. If your win rate isn't high enough, then you may want to consider switching to another company as this indicates that the system is not doing its job correctly.
One very important aspect that you need to look for in chargeback management software is its customer service. Since you will be constantly communicating with them, it's essential that the support team is prompt and reliable.
If your case isn't resolved quickly enough, then this can lead to further consequences. This could even include an increase in the total number of chargebacks you receive.
Good software should also be easy to use and navigate. If it isn't, then merchants will find themselves spending too much time trying to figure out how to use the system properly.
This can often lead to mistakes, and can also prevent you from taking full advantage of the available features. So, it's essential for you to choose software that has a sleek, intuitive interface.
Another important factor to look for is how easily you can integrate the software with your current platforms.
This is especially true if you already have a website that has been in use for a while, as it often wouldn't make sense to migrate solely to incorporate chargeback software. Be sure that you reach out to your potential software provider and inquire about its level of compatibility.
Last but not least, you will want to consider how affordable a chargeback management software is.
This will help save on money and ensure that your business does not overspend on unnecessary services. However, it's also worth noting that you often get what you pay for. Purchasing the cheapest software will likely give you lackluster results.
When assessing a chargeback management software, the above factors are essential to keep in mind. This way, you can find the best option for your business and ensure that you save as much money as possible.
You don't have to worry about chargebacks with Vesta's Payment Guarantee solution — we take on the liability for every approved transaction. This will give you valuable peace of mind and allow you to minimize the complications you encounter.
Want to learn more about what we have to offer? Feel free to get in touch with us today and see how we can help.
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