Chargeback Armour

The #1 payments issue of most high risk merchants, is managing chargebacks. That’s why having an easy system to minimize fraud, resolve customer issues and effectively respond to chargebacks is vital to keeping chargebacks low and keep your processing account from getting shut down. That’s why we created Soar Payments’ Chargeback Armour Services, a suite of simple to use effective industry leading chargeback mitigation services, exclusively for our high risk merchants. Specifically, we offer…

Our proprietary 'Chargeback Armour' is a simple way for merchants to lower their chargeback ratio by 72%.

Our proprietary ‘Chargeback Armour’ package is a simple way for merchants to lower their chargeback ratio by 72%.

Chargeback Alerts

Receiving chargeback alerts is literally the easiest thing a high risk business owner can do to lower their chargeback ratio by 20-40%, and ensure that dissatisfied customers are made happy.

How does it work…

Chargeback Alerts

The Chargeback Alerts program powered by Chargeback is an easy way for high-risk merchants to cut their chargebacks by 20-40%. The entire process automatic, and is available as a default option for Soar Payments’ high risk merchants

Potential chargeback alerts are simply that, an email alert sent to a business owner informing them that an unhappy customer has initiated a chargeback, and giving the business owner 72 hours to issue a refund. If a refund is issued, the chargeback never occurs, keeping the business’ chargeback ratio low.

The Potential Chargeback Alerts with Integrated Handling Service, takes this one step further, by allowing the business owner to set up rules under which they will or will not issue a refund. Then, when a chargeback alert is received, the rules are automatically implemented without the business owner having to do anything.

Using the Chargeback Alerts Program lowers, on average, the chargeback ratio of a business by 25%.

Here’s How it Works…

When you sign up for the service, you will be setup with the following:

  • a unique payment descriptor
  • enrolling your payment descriptor with participating issuing banks
  • creating a refund access login to your payment gateway to enable refunds

Why You Should Use It…

High-risk merchants must keep their chargeback ratio below 2% in order to not run the risk of getting their account shut down. Using the Chargeback Alerts Program means that the rules regarding refunds will be followed automatically, saving you the hassle of manually issuing refunds within the 72 hour window.

By using Potential Chargeback Alerts in conjunction with the other Chargeback Armour suite of chargeback mitigation services, Soar Payments merchants typically see a reduction of 72% in their chargebacks. That means lower rates, fewer chargeback fees, fewer unhappy customers and fewer merchant accounts shut down, and more time to focus on growing your business.

Pricing:

Chargeback Alerts costs $25 per chargeback alert, plus $15 per refund action taken.

Even better, our average merchant actually saves money by using this service. Why? Because by enabling Potential Chargeback Alerts, they have far fewer chargebacks and chargeback fees (for which merchant’s typically pay $45 each), merchants avoid having to create representment packets (usually timely and expensive), and save on staffing by not having to dedicate as much time to fighting chargebacks. In fact, our average high-risk merchant ends up saving, over $250 per month by using our service, and keeps their merchant account more stable because of a lower chargeback ratio.

How to Sign Up:

If you have a high-risk merchant account with Soar Payments, you’ll be presented with an agreement to sign up for the Chargeback Alerts Program when you apply for your merchant account. If you’re an existing Soar Payments merchant, and would like to sign up, please contact us.
 

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Chargeback Representments

Even with chargeback alerts enabled and an aggressive fraud filter in place, high risk businesses will eventually face chargebacks. Illegitimate chargebacks, (such as those created by fraudsters seeking free services, or customers attempting to obtain a refund outside the company’s refund policy) are incredibly expensive from a time and dollar perspective. Moreover, responding to and fighting illegitimate chargebacks through the chargeback representment process is a technical time-sensitive process that many small and mid-sized businesses do not manage well, which leads to the business losing tens of thousands of dollars in lost revenue.

How does it work…

When your merchant account is enrolled in chargeback representment services, your merchant account will automatically be monitored for any incoming chargebacks. And when one appears, a packet of evidence to fight the chargeback will automatically be compiled from your payment gateway, CRM, eSignature software, receipts and any other sources of data you collect from customers. This data will be automatically compiled and presented in the format required by the card brands, and will be followed up on automatically. You can see the status of any chargeback disputes in process through your web dashboard, which is updated daily.

Why You Should Use It…

Fighting chargebacks is an incredibly tedious and technical process, which many businesses are ill-equipped to handle on their own. By using an integrated chargeback representment provider your chargebacks are automatically responded to by professionals, who guarantee a 40% win rate* and can achieve rates approaching 90% for some businesses.

Pricing:

Fighting chargebacks only costs $15 per representment, with no monthly fees.

Even better, our average merchant actually saves money by using this service. Why? Because fighting illegitimate chargebacks they end up recovering money they would have otherwise lost in amounts which dramatically outpace any fees. Plus, by winning illegitimate chargebacks they can reduce their chargeback ratio and better ensure that their high risk merchant account is not terminated due to excessive chargebacks.

How to Sign Up:

If you obtain a high risk merchant account via Soar Payments, you will be presented with a Chargeback Armour agreement (which includes representment services) in your sign up documents. Chargeback representments are provided through our partner Chargeback, and Soar Payment’s high risk merchants are automatically enrolled. So enabling chargeback representments for your business is as simple as signing the documentation included with your merchant account application.

If you have questions about chargeback representments please contact us.
 

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iSpyFraud Fraud Management

iSpyFraud allows you to setup rules to flag suspicious transactions.

iSpyFraud allows you to setup rules to flag suspicious transactions.


For e-commerce merchants, accepting payments without an active fraud filter is like flying blind, eventually you will get hit by a flurry of fraudulent transactions. So for any ecommerce merchant selling goods with a value of over $15, the key is to identify likely stolen credit cards or fraudulent transactions before you accept payment and ship goods.

iSpyFraud is an easy to use rule based fraud management tool that lets merchants configure filters to detect fraud, screen suspicious transactions, and block suspicious activity. iSpyFraud is fully integrated into the Soar Payments Payment Gateway, and examines your transactions both before and after processing, and depending on rules you establish can automatically decline or flag suspicious transactions.

How does it work…

iSpyFraud is fully integrated into the Soar Payments Gateway. So enabling iSpyFraud is as simple as selecting the option to enable it in your gateway. Once it is enabled, you can set up which rules you would like applied to your transactions.

Why You Should Use It…

eCommerce merchants selling goods above a certain ticket threshold, say $15, have already, or will face fraudulent transactions perpetrated by fraudsters looking to use stolen or fake credit card numbers in order to receive goods or services from your company. It’s only a matter of time.

Often these are not isolated fraud incidents but can be perpetrated by a ring of individuals (or what seem like different individuals) such that what appeared like a record sales day for your business is actually a pending disaster that can lead to cascading chargebacks and ultimately having your merchant account shut down.

Pricing:

iSpyFraud flags suspicious transactions and queues them for your daily review, to either reject or approve.

iSpyFraud flags suspicious transactions and queues them for your daily review, to either reject or approve.

Using iSpyFraud in the Soar Payments Gateway, only costs $8 per month, plus $0.05 per transaction.

Even better, our average eCommerce merchant actually saves money by using this service. Why? Because by enabling iSpyFraud they’re able to reduce their fraud chargebacks (for which they typically pay $45 each), and prevent shipping goods or providing services where ultimately they won’t get paid.

How to Sign Up:

If you have a merchant account using the Soar Payments Gateway, you can simply enable iSpyFraud in your payment gateway, when setting up your account. If you have questions about enabling or using iSpyFraud please contact us.
 

To Get Your Merchant Account:Apply Now

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*Conditions apply, see Chargeback terms and conditions for full details

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