Choosing the Right Chargeback Management Software
Today, on the Internet, every business or company can find many online tools or software that help automate business processes as well as improve them.
You can find CRM systems, marketing tools, communication and collaboration apps, and more. At the same time, users can find a dozen alternatives for each purpose that offer a different set of functions.
As for chargeback management software, businesses are also not limited in their choice. There are many of them, and each of them helps sellers reduce losses and prevent attacks by scammers. However, each of them offers a certain number of features, which may vary.
Depending on your business as well as your needs, you can explore the best deals available on the market today. The only problem may be that finding a truly effective tool can be quite challenging.
Reading the descriptions of each software, you will notice only pluses that vendors will want to tell you about. However, everything has its drawbacks. Having made the wrong investment, you can simply spend your money without getting the desired result.
Thus, we want to advise you on what you should look for in chargeback prevention software. Using our recommendations, you can make the right choice, ideal for your business.
Seven factors to pay attention to
Ease of use
No one wants to deal with the steep learning curve that some tools may offer. If you are suffering from an increasing number of chargebacks, then the time spent learning how to use the software will cost you a pretty penny.
If you understand what functionality the selected software will be able to offer you at the initial stage, you will want to immediately get to work. It can be difficult to understand whether it is convenient and easy to use the software from its description. Thus, you may want to draw your attention to those tools that offer a free trial period.
Usually, you can use the tool for seven days. This time will be enough for you to understand whether this software suits you or not. Otherwise, you may overpay for a tool.
In general, almost all chargeback management solutions offer a similar feature set. However, some of them may also offer advanced features that will be beneficial to your business. It includes monitoring your rate, fraud screening and fraud scoring, preservation of evidence, history analysis, and many more.
In addition, some tools are ideal for businesses in certain industries. Thus, you should carefully study the feature set offered by each service provider.
Access to support team
If you have never used such software before, then you will need the help of a support team that will help you quickly understand all the intricacies of the software. Disputes with buyers can arise at any time of the day or night. If you fail to prevent chargeback promptly, your profit will decrease.
As such, you need to study the reviews of other users to understand how easy it is to contact the support team. Some providers may provide 24/7 support via chatbots, email, and phone calls. Be sure to clarify this issue when talking with the service provider.
The percentage of successful cases
Having a big business, you can have thousands of disputes that you must deal with. Some cases may be successful, while other cases may end in failure for you. Effective software offers tools that help increase the number of successful cases in the long run.
It is also important whether your chosen software offers the so-called win rate. Thanks to this indicator, you can see the percentage of cases won in relation to the total number of disputes. If this indicator increases during the use of the tool, then you have made the right choice. Such a tool will help you reduce losses.
However, if you observe that this indicator stands still or even decreases, the software you have chosen is wasted money. You need to see that the efficiency will improve every time.
Level of compatibility
At this stage, you may already notice that some chargeback management tools may be inferior to others in terms of functionality. In your work, you probably use several online tools, various applications, platforms, and other software that simplify your work. You probably know that some platforms can be integrated to achieve even greater efficiency.
This also applies to this type of software. If you can integrate it with the services or platforms you already use, then you will make your job much easier. For example, you can easily sync your customer data, transaction data, and more. Based on this, you can quickly customize the software for your needs.
Availability of smart functions
There are both scammers and buyers who commit friendly fraud. Good software should efficiently catch disputes so that the chargeback process does not start and the seller does not face costs.
However, good software can become an ideal one if it also alerts you in case of fraudulent attacks. Such software will effectively collect data on all transactions, analyze customer behavior, and quickly identify any out-of-the-ordinary signs.
You do not want to spend money on something that will not bring you any results. A reliable and efficient tool will help you prevent the loss of your business. You can use the saved profit to improve your other business processes.
The selected software must be of high quality and reliable. Expensive software doesn't always mean it's the best. Also, cheap software may not offer you the functionality that you need. That is why you should pay attention to user reviews. You can also ask your colleagues or business partners for advice if they have already found the perfect solution for their business.
In the world of multiple software solutions, making the right choice that will be the best for your business is difficult. Before investing in chargeback management software, you must do qualitative research on all available options. After studying each tool's functionality and user reviews, you can make the right decision. Using quality software, your business will no longer suffer huge losses from chargebacks.