TrustPay, a European provider of acquiring services, has deepened the fight against fraud with the availability of its new auto-refund tool.
Designed to help merchants reduce their chargeback burden, the solution has already delivered a 31% reduction in chargebacks for one merchant customer involved in the pilot programme.
David Rintel, CEO of TrustPay, commented: “Chargebacks are a huge and costly problem for merchants. The time it takes to receive notification of fraud and the resources needed to proactively refund customers (before a chargeback comes in) is unmanageable for most merchants. Our auto-refund tool removes these challenges – reducing chargeback rates and fees, without the merchant having to take any direct action themselves.
“Looking at one particular merchant in the pilot programme, we saw their chargebacks rates drop 1.54% between September 2019 and September 2020, purely from the addition of the auto-refund tool” explains Rintel. “This equated to a 31% overall reduction in chargebacks rates, saving the merchant €60k in chargeback fees alone.”
The auto-refund tool delivers these benefits by proactively and automatically refunding a transaction which has been confirmed as fraud by the card scheme.
The growth comes after the success of the pilot programme, the TrustPay auto-refund tool is now available to all TrustPay merchants across Europe.