Radial, the leader in omnichannel commerce technology and operations, today announced a new partnership with leading dispute mitigation and loss prevention firm, Chargebacks911, to help merchants reduce the cost of chargebacks and repair reputations with issuing banks.
A chargeback is a transaction reversal that serves as a form of consumer protection from fraudulent activity committed by both merchants and individuals. However, customer and fraudster behaviors have evolved quickly in the eCommerce era, causing merchants to lose more than $80 billion each year to chargebacks.
Along with short-term revenue loss, longer-term ramifications include: strained relations with influential industry members; damaged reputations that prevent future sales; an inability to generate sustainable growth; increased processing fees; and the loss of payment processing abilities.
The new partnership will see Radial integrate Chargebacks911’s proprietary technology into its commerce software to help detect, manage, and fight fraudulent chargebacks, including the rising threat of friendly fraud. Chargebacks911’s Intelligent Source Detection, a proprietary blend of patent-pending technologies and expert human analysis, will help Radial find the real source of every chargeback, while boosting its retailer’s bottom line and safeguarding their reputations with issuing banks.
“Fraudulent charges are a major strain for retailers challenged with maintaining margins into today’s competitive retail landscape,” said KC Fox, vice president, payments, tax and fraud, Radial. “Through our partnership with Chargebacks911, we are able to provide retailers with the safety net they need to maintain consumer trust and loyalty.”
"We are very excited to have finalized our partnership agreement with Radial and proud to have been chosen to deliver comprehensive chargeback management services to its expanding client base,” said Harlan Hutson, director of strategic partnerships & brands at Chargebacks911. “The combination of Radial’s Fraud Zero solution, which manages fraud and covers any losses, and our unique expertise in handling chargebacks will broaden the abilities of both companies to serve a range of retailers, financial institutions and partners alike. The unmatched expertise of this partnership is sure to bring very welcome results."
Chargebacks911, known as The Chargeback Company in Europe, safeguards over 2.4 billion online transactions every year, representing clients in 87 different countries. The company has won the Customer Choice Award for Best Chargeback Management Solution at the CardNotPresent Awards for two years in succession.
Contributed | what does this mean?