Leading smart payments provider and merchant acquiring bank, Credorax, has announced it is upping the ante in the world of fraud protection and chargeback mitigation by launching a cutting-edge solution to preventing chargebacks.
Credorax’s Chargeback PREVENTION marks a landmark partnership with Ethoca (owned by Mastercard), the leading, global provider of collaboration-based technology, and Verifi (a Visa solution), the leading provider of transaction risk management services for card-not-present merchants.
Merchants can now take control of their chargebacks by preventing chargebacks before they are initiated. Credorax’s innovative service offers merchants the ability to create rules that automate refunds or issue a manual refund after receiving an alert - both stop disputes from escalating to chargebacks.
Chargeback PREVENTION is part of the Credorax Risk Management suite and protects merchants from fraud and chargebacks through every stage of the transaction lifecycle. Credorax’s unique solution seamlessly combines the ingenuity of machine learning intelligence and intuitive data analysis to continually improve its fraud detection algorithm. It can accurately detect legitimate and fraudulent transactions on a large scale.
Depending on individual merchant needs and risk preferences, thresholds and rules management can be changed as and when necessary, tailored to the merchant’s unique requirements. Credorax also provides dedicated training to help merchants become familiar with Credorax’s fraud and chargeback prevention tools and optimise them based on a merchant’s particular specifications.
Drawing upon data from the world’s biggest ecommerce brands, banks, and payments providers, with Credorax’s Chargeback PREVENTION, merchants can view dashboards where they can monitor transactions, specific transaction rules and view alerts, giving them a complete overview their transaction lifecycles.
Moshe Selfin, Chief Technology Officer for Credorax, commented: “Ecommerce is booming, which means fraud and chargebacks rates are also accelerating - shockingly, merchant losses to friendly fraud were estimated to amount to over $50 billion in 2020. While far from ideal, the current state of play is undoubtedly driving levels of innovation and solution like we’ve never seen before. The sheer demand for turnkey, preventative fraud management systems, like ours, coupled with the advances in AI and real-time detection has the ability to put merchants on the front foot when dealing with fraudsters - a position they’ve never really been in before.
“With access to broadest possible range of bank issuer coverage globally, merchants have never been in a stronger position to armour themselves against the high costs and reputational hits that come with such attacks.”
Credorax is a full-service payments processor and acquirer dedicated to helping merchants by using cutting-edge technology and insights to bring innovative solutions to the market. Its payment experts are available to explain in more detail how you can benefit from its chargeback management and representation services.
Moshe added: “Our vision at Credorax has always been to provide merchants with the technology they need to take advantage of the global opportunities available to them. All while being safe in the knowledge that there are proactive and preventative measures in place that will make cross-border trading a pleasure and not a pressure.
“With a robust onboarding process that allows for an ongoing customer management journey with our specialist teams all over the world and a deep understanding of the nuances of payment processing, this is an exciting milestone in our ambition to further enhance Credorax’s exciting suite of offerings.”