Chargebacks reverberate throughout the payment stream, and now Chargebacks911 has released a tool that it says will help financial institutions better manage them.
Dubbed Fi911, the tool is meant to automate procedures and make them more efficient, Clearwater, Fla.-based Chargebacks911 says. The company says more chargeback inquiries are being directed to financial institutions rather than the online merchants.
A key attribute of the service is that it gives financial institutions access to more data, which can help fill the gap between acquirers and their customers, Chargebacks911 says. The service enables FIs to manage the chargeback process from the back end through to agents, partners, merchants, or third-party services. Fi911 supports traditional cards, alternative payment methods, loyalty programs, and other payment-related tools.
The platform also enables acquirers to remove redundant information and use other elements to streamline their merchant interaction, Chargebacks911 says.
“Tackling one of the industry’s fastest-growing pain points has been challenging,” Monica Eaton-Cardone, cofounder and chief operating officer, said in a statement. “One of our key goals—facilitated by AI and cloud-based architecture—was and is to provide solutions that work well and ensure sustainable growth while safeguarding the customer experience. Ultimately, the consumers should benefit—and are just as important as driving costs down and providing speed-to-market integrations.”