Issue 8 2023

24 | Acquisition International, Issue 8 2023 Challenging the Status Quo echnology needs to work for us – Seamless and ethical, endeavouring to better our lives and serve our interests. Technology is also moving very quickly, often far faster than regulation or legal and ethical concerns can keep apace. Miss-steps happen, considerations misplaced. In the wake of seamless payment options, and a drive to keep buyers safe, there’s been a rise in fraudulent claims, in sellers and creators being left empty-handed by people with less than stellar motives. It’s up to companies then, to help bridge that gap. To help consumers navigate this world with the confidence that they won’t be dealt a poor hand. Founded in 2011, Chargebacks911 is the first global fintech company fully dedicated to mitigating chargebacks and eliminate a prominent issue on the online, international marketplace. As true innovators in this environment, the company is driving towards effective solutions that help tackle unfortunately too prevalent crimes. As it stands, many payment operators side with the buyer in disputes – regardless of the strength of evidence. It makes sense from an initial standing, naturally, you give the person back their money. It’s the safer conclusion, the easiest path to a resolution. But this bias has swiftly become an endemic of its own, growing colossal and massive in the now-multibillion-pound environment. Justin tells us, “As industry-leading innovators, Chargebacks911 is credited with developing the most effective strategies for helping businesses manage disputes and reduce loss in various industries and sectors within the payments space. Chargebacks911 provides comprehensive SaaS solutions that are highly scalable for managing chargebacks, handling services, and fraud strategy management. “The company helps decrease the negative impact of chargebacks and provides real-time API connectivity and insights, thereby improving revenue retention using data-driven technology to help ensure sustainable growth for every member of the payment channel. Chargebacks911’s unparalleled category experience and patented Intelligence Source Detection (ISD™) technology identifies the true source of chargebacks, automatically remediates fraudulently filed disputes, safeguards reputations, monitors feedback 24/7, and provides insight to proactively prevent future fraud.” Defined by a passion to advocate for much-needed change, and to protect honest transactions, Chargebacks911 aims to challenge the status quo in transaction dispute mitigation. “As a company providing chargeback management solutions to businesses and banks across the globe, we have a unique insight and opportunity to work with all entities in the transaction process, which gives us a platform to unify the payments industry’s approach to tackling fraud, as well as mitigating fraudulent or illegitimate chargebacks,” Justin adds. “Our company will benefit in this award inclusion because it will help word spread of the groundbreaking work we have accomplished and shine light on the goals we have established that, if accomplished, will improve the overall payments ecosystem.” Ultimately, Chargebacks911 believes fervently in a simple premise: chargebacks should not be the cost of doing business. This informs every action and development that the company makes, and it originates from the top down, as Justin moves on to discuss. “Our leadership believes in fairness and balance when it comes to both consumer and merchant rights and is at the heart of our mission to create a level playing field for buyers and sellers.” Chargebacks911 utilises the latest technology to keep apace of the wildly developing landscape of payment solutions. As Justin comments, the company operates on a two-pronged approach that hinges on the latest technological developments in the space, with automated intervention to ensure that it remains proactive in its offerings and chargeback solutions. “Through our comprehensive platform, merchants gain access to cutting-edge data analytics, real-time fraud detection, and personalised dispute management strategies. With our innovative solutions, businesses can reduce chargebacks, recover lost revenue, and protect their bottom line. Our commitment to excellence and our relentless pursuit of innovation set us apart, making Chargebacks911 the trusted partner for businesses seeking effective chargeback prevention and mitigation. Justin goes on to say, “In the payments industry, we must constantly be on the lookout for updates in network rule changes, compelling evidence criteria, and a myriad of other ever-evolving factors. Not only must we stay on top of recent developments as a fintech company, we must find the appropriate methods to implement these changes into the solutions we offer our customers. This involves nearly every department in the company, from marketing to development to sales.” Unfortunately, as the online marketplace matures and explodes uncontrollably, so too does the number of disputes, making Chargebacks911 a truly crucial entity and organisation, endeavouring to move towards fair consumption in the industry. This flavours the company’s approach, as it looks – always – towards organic growth, expansion, and development of its own fintechoriented solutions to match pace with the greater landscape. In his closing comments, Justin offers more insight into the company’s next steps. “Disputes are continuing to grow by approximately 20% year-over-year. Not only will disputes become more common, but it will be a tool instituted across all payment mechanisms. I believe over the next five years the chargeback process will evolve into a mechanism that protects the rights of both consumers and merchants to ensure there is an even balance and level playing field. For example, one of the negative impacts of this current imbalance is the penalty and fines merchants incur with overturned chargebacks. “If a merchant represents evidence that shows a transaction was valid and the issuing bank rules in favour of the merchant, that retailer still must pay the chargeback penalty and the chargeback will still be assessed to the merchant’s account, which negatively impacts their chargeback rate and could lead to higher processing fees or even terminate their merchant account. As the industry evolves to recognise that chargeback fraud and misuse is an ongoing issue, I believe these unfair rules within the payments system will be rectified. As a fintech company working between the entities involved in any given transaction, we must provide our insight and direction, as well as propose viable solutions that incorporate that insight. We must press for change and be ready to pivot our products and services once that change is made.” Company Name: Chargebacks911 Contact Name: Justin Clements, Director of PR and Media Relations Address: 18167 US Highway 19 N Clearwater, FL 33764 Socials: Web Address: Contact Email: Telephone Number: 877.634.9808 As an innovator in the chargeback management and chargeback solutions space, Chargeback911 has cultivated a rich reputation for helping fight in the corner for those dealing with fraud in an online space. We spoke with Justin Clements, Director of PR and Media Relations, to find out more in light of it being named Best Chargeback Prevention Specialists 2023 – USA. T Jun23006