Signifyd, a fraud protection solution provider, has launched Signifyd Chargeback Recovery to help retailers address multiple types of chargeback. The software taps a data network of more than 10,000 merchants and harnesses AI to identify how best to address individual chargebacks in milliseconds.
The solution can recognize legitimate shoppers and prevent them from being treated like a fraudster, while also identifying actual abusive consumers and compiling relevant data for customized evidence letters.
Signifyd also works to reduce the number of chargebacks that need to be disputed in the first place by offering regular reviews with the solution provider’s team of experts. These consultants can help retailers optimize their processes, return policies, knowledge base articles and any other part of their setup to reduce the number of chargebacks shoppers submit.
Reduction is the key to fighting chargebacks: 38.2% of shoppers said they would give a retailer just one more chance after a bad experience before taking their business elsewhere, according to a survey by Signifyd. Additionally, 15% said they would leave after a single bad experience, which could consist of a single unwarranted chargeback dispute.