Dispute resolution firm Chargebacks911 added over £300,000 to Top 100 Online Retailer’s bottom line in just 60 days
London, UK. 14 August 2018: Global loss prevention and dispute expert, Chargebacks911, has integrated its comprehensive chargeback services into the internal CRM and existing payment processing infrastructure of online marketplace, ClickBank.
As a Top 100 Internet Retailer with over 200 million customers and selling to 190 countries, ClickBank was experiencing a high volume of chargebacks. Chargebacks911 was brought in after a no-obligation risk assessment isolated a vast number of friendly fraud cases from criminal fraud – a task that 58 per cent of merchants struggle to do alone.
Monica Eaton-Cardone, COO and co-founder of Chargebacks911, commented: “With a chunk of its £2.3 billion sales being lost to deliberate acts of friendly fraud, ClickBank and its entrepreneurs all over the world were losing a significant amount of revenue unnecessarily. They’re not alone, many businesses end up taking on those expenses, worried about the costs and effort of representment.
“Part of what we do is build a knowledge base for our clients to help them challenge the right disputes effectively. Our technology identifies friendly fraud while our experienced human forensics team handles the reporting, and the results speak for themselves. Within 60 days, we secured a representment win rate of 72 per cent, more than triple the industry average – representing over £300,000 in recovered revenue.”
Chargebacks911’s tactical representment strategies have resulted in thousands of pounds saved for ClickBank – with no increase in headcount or time wasted on fraud prevention and representment.
Jennifer Johannsen, ClickBank’s Director of Risk and Compliance, added: “Chargebacks911 is making a tough job much easier by identifying and resolving friendly fraud cases that are difficult to spot by nature.
“It has gone above and beyond the call of duty by providing proactive guidance to help our merchants avoid disputes in the future, positively impacting cardholder behaviour – and we’ve also seen a change in bank behaviour. The investment is worth its weight in gold.”
High chargeback rates are expected for international online businesses, but as consumer behaviour evolves online, the number of false chargeback claims has risen dramatically, too – particularly so when offerings include repeat monthly subscriptions, re-bills, and upsell models such as ClickBank’s.
Chargebacks911’s recent study into the current state of chargebacks found that merchants selling digital goods or services have the biggest battle with disputes. 30 per cent of digital merchants report chargeback rates above the industry-standard maximum of one per cent, compared with 21 per cent of those selling tangible goods online.
In order to end ongoing negative consumer behaviour towards digital merchants, Chargebacks911 is working closely with banks and global retailers, such as ClickBank, to ensure the strongest dispute models are in place for a prosperous ecommerce environment.
Chargebacks911, also known as The Chargeback Company, safeguards over 2.4 billion online transactions every year, representing clients in 87 different countries. As industry-leading innovators, Chargebacks911 is credited with developing the most effective strategies for helping businesses maximise revenue and reduce loss in a variety of industries and sectors within the payments space. It is the first global company fully dedicated to mitigating chargeback risk and eliminating chargeback fraud. As well as being named the 2018 Retail Security Initiative of the Year at the Retail Systems’ Awards, Chargebacks911 has also taken home the Customer Choice Award for Best Chargeback Management Solution at the CardNotPresent Awards for three years in succession.
Founded in 1998, ClickBank is a secure online retail outlet for more than 70,000 digital product vendors and 110,000 active affiliate marketers. ClickBank makes a sale somewhere in the world every three seconds, safely processing approximately 30,000 digital transactions a day. ClickBank serves more than 200 countries, and is consistently ranked as one of the most highly trafficked sites on the web.