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Source: Forter
Forter, the Trust Platform for digital commerce, today announced the launch of Smart Claims, a new product offering designed to help businesses manage chargebacks more effectively.
By connecting order and claims data across different payment systems into a single, consolidated view, Smart Claims enables merchants to resolve chargeback disputes more intelligently and efficiently, improve win rates and recover lost revenue.
The surge and continued growth of online shopping have led to a sharp rise in chargebacks, with the average merchant reporting a 25% year-over-year increase in chargeback issuances in 2021, according to Versapay. Chargebacks cost digital commerce businesses billions of dollars every year. Fighting chargebacks has historically presented operational challenges and has been a time-consuming, costly, and risky process for merchants.
The fraud landscape has evolved, and merchants are no longer only battling fraudsters but they’re also tackling changes in consumer behaviour. By 2023, an estimated 61% of all chargebacks filed will come from friendly fraud, in which a consumer claims a legitimate transaction is a fraudulent charge. The unpredictable nature of friendly fraud means merchants are looking for more efficient, effective, and streamlined ways to dispute select chargebacks and recover lost revenue.
Smart Claims represents a powerful application of Forter’s platform and identity graph that helps merchants in four ways:
1. Link: Automatically links claims to transaction data for a consolidated view of all information relating to each claim. This saves time and a chargeback analyst from having to pull data from multiple disparate systems (Payments, Order Management, CRM, etc.).
2. Recommend: Provides actionable insights with recommendations – dispute, do not dispute or investigate – on how to address new and existing claims.
3. Dispute: Determines which evidence is most applicable to represent a particular claim, provides pre-populated templates with relevant information to support the case and sends representments directly from the tool to the processor.
4. Track: Allows merchants to monitor claims and receive insights on claim status, win rate and other metrics through downloadable reports.
“Driving better business outcomes is what Forter is all about. We’re helping businesses focus their resources to address their most pressing challenges, including friendly fraud. Smart Claims will help merchants tackle the rise in chargebacks head-on and improve their win rates with much greater speed and efficiency,” said Eran Vanounou, chief technology officer, Forter.
Financial Services
