Global Fintech Interview with Andy Tierney, VP Of Strategic Accounts at Chargebacks911

Hi, Andy, please tell us about your role and the functions you handle at Chargesback911

I specialize in expanding relationships with payment processors, gateways, acquiring banks and merchants, as well as increasing adoption-rates of Chargebacks911 platforms and helping to manage our rapid growth as a leading chargeback mitigation and dispute resolution specialist.

What is Chargesback911 and how it fits into the modern Fintech stack?

Chargebacks911 was the first company devoted entirely to preventing and successfully disputing chargebacks. Although we have been joined by several other companies and card schemes have improved their handling of chargebacks, we are still the market leader and still a vital part of any company’s Fintech stack. Every company knows that they need a top-tier shopping cart, payment systems and anti-fraud measures, and chargeback prevention is the missing piece that many companies don’t consider because they believe that chargebacks are a cost of doing business.

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Tell us more about your recent partnership with Nexio.

In short, by integrating our chargeback solutions into Nexio, we make sure that every one of their merchants has a complete end-to-end approach when it comes to tackling chargeback fraud. This gives every one of them a competitive advantage over companies who accept chargeback fraud and a faster path to revenue growth. For many companies being able to increase revenue by even a few percent could mean being able to reinvest in their products and marketing to increase growth – combined with Nexio’s own technology they should all be able to make significant savings on everyday expenses that other companies ignore.

How do you leverage technology for dispute management? What kind of data streams do you use to streamline customer experience management for your partners?

Our key innovation has always been data collection and analysis. There is a lot more to a chargeback claim than the information provided by acquirers, and by connecting the dots our technology can tell, for example, that one particular customer has made multiple chargeback claims across several different merchants. We also allow merchants to stop chargebacks before they happen, giving merchants the chance to offer a refund rather than go through the chargeback process. Most importantly, this can all take place with minimal to no input from merchants – once the system is set up it will start paying for itself.

Tell us more about the strategies for revenue recovery. How do these align with modern day B2C, E-commerce and DTC sectors?

A key point to make regarding revenue recovery is that with every undisputed chargeback a company is leaving money on the table. Every dollar of a chargeback costs a merchant $2.86 when all other costs are factored in, so it is very much in the interest of merchants to dispute as many chargebacks as they can. Because we have tailor-made our solutions on a sector-by-sector basis we can offer automated dispute resolution that works for the needs of different business models and different sectors.

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What are the key challenges in integration with other technologies? How do you solve these at Chargesback911?

When it comes to integration, we say you should improve upon whatever works, and drop whatever doesn’t. This means that when we work with businesses, they are able to safely integrate in-house best practices with intelligent, outsourced management solutions. This approach offers many of the same benefits as both in-house and outsourced solutions, but with the adaptability needed to deliver the best ROI possible.

Tell us more about your technology roadmap plan for 2022, and how you plan to use AI and automation to deliver superior services to customers?

As a business, we’re looking to expand our footprint and go-to market strategy, further aligning the business to meet the growing demand for back-office automation technology in disputes handling, merchant onboarding, and post transaction fraud management. 

More specifically, we recently announced that we’re working with Microsoft to launch a new fraud protection solution for financial institutions. Financial institutions now have the benefit of accessing our friendly fraud analytics in tandem with Microsoft’s adaptive artificial intelligence (AI) technology via the Microsoft Dynamics 365 Fraud Protection platform which also leverages the consortium data of both Microsoft and Chargebacks911. This innovative dual approach enables platform technology to identify and combat fraud with the use of integrated data and adaptive AI technology, which learns fraud patterns and helps merchants to optimize fraud controls, while automating feedback loops and resolving post transaction fraud (chargebacks and disputes).

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Your prediction for dispute management in 2022.

For businesses, choosing a dispute management system is a critical decision. Adopting the right tools and strategies can help them recover revenue, save time, and keep their business viable in the long term. With that said, no system is perfect in every situation. A small business catering to a limited niche has different needs than a mega-retailer with millions of customers. It’s a delicate process because deploying the wrong dispute management software or processes means wasting considerable resources.

Ultimately, the right dispute management system is the one that’s best adapted to an individual business’ unique needs. For instance, if you only have a small handful of chargebacks every month, you should be able to work with an entirely SaaS-based approach. If you see hundreds of disputes monthly, though, a full-service option would be the most efficient and effective way to maximize ROI.

Our prediction is that financial institutions will become a one-stop-shop solution for their customers – from processing to fraud and gateway services, to intelligent chargeback management. SaaS solutions with robust rule engines will enable scale and we will see dispute numbers grow as they continue to become more digital, but more and more be resolved prior to becoming a negative chargeback statistic. We believe chargeback management and post transaction fraud technology will become a competitive differentiator that will continue to drive adoption and innovation.

Thank you, Andy! That was fun and we hope to see you back on globalfintechseries.com soon.