Chargeback automation is an important strategy for businesses to manage and recover lost revenue from chargebacks. By automating the chargeback management process, businesses can significantly reduce the time and resources devoted to handling chargebacks, leading to cost savings and improved profitability.
This automation not only saves vendors valuable time but also enhances dispute outcomes, making it a lifeline for businesses facing the traditionally time-consuming process of managing chargebacks.
Problems with Chargeback Management
- Reduced Profit Margins: Inefficient chargeback management can reduce profit margins as large retailers require claim and documentation uploads, which is a meticulous and time-intensive endeavor. This usually involves training personnel to collect, evaluate, and manually upload claims to retailer portals.
- Resource Wasted: The traditional chargeback management process often involves manual handling, which increases man-hours, hinders operational efficiency, leads to increased costs, and lowers deduction recovery rates.
- Cashflow Deficiency: Chargebacks directly impact cash flow, as processing chargebacks and recovering funds often involve lengthy processes, resulting in delays and burdening the accounts receivable department.
- Tight Schedules: Averagely trained employees take around 5 to 8 minutes for organization and 5 to 7 minutes for portal uploads with manual processes. It not only increases the likelihood of errors but also prolongs resolution times and risks compliance. Vendors often deal with hundreds or thousands of claims monthly, resulting in 15 minutes or more per claim.
Benefits of Chargeback Automation
- Reduced Time and Resources: Automating chargeback management can save businesses valuable time and resources, allowing them to focus on other areas of their operations.
- See how we helped our client reduce the team managing Walmart Deduction from 40 to a handful.
- Cost-Effectiveness: Automated solutions are designed to be cost-effective, making them suitable for businesses with lean profit margins.
- Improved Efficiency: Automating the chargeback management process can lead to increased efficiency, allowing businesses to focus on core operations.
- Enhanced Dispute Outcomes: Automation can help businesses manage chargebacks more effectively, leading to better dispute outcomes and the recovery of lost revenue.
- So many of our clients were troubled by complex Walmart Deduction Codes, but with automation its now easier than ever to dispute deductions.
- Prevention of Future Chargebacks: Automated Chargeback Management can help businesses identify and prevent future chargebacks, reducing the likelihood of similar disputes occurring in the future.
How iNymbus Revolutionized Chargeback Management:
iNymbus has revolutionized chargeback management through its Deduction Management Software, which streamlines processes, reduces manual efforts, and saves time and resources. By automating these tasks, iNymbus has reduced resolution times, cut direct costs, and optimized staff allocation, turning a once tedious task into a hands-free, efficient operation.
The company has helped various organizations, including retail giants, movie and game distributors, and book distributors, overcome challenges related to chargeback management and deduction processing.
Conclusion:
In conclusion, implementing chargeback automation can bring significant benefits to businesses, such as saving time and resources, improving dispute outcomes, and preventing future chargebacks. With iNymbus, businesses can now streamline their chargeback management and enjoy an efficient and cost-effective way of managing chargebacks.
