High chargeback numbers are detrimental to any business, and it is hard to fight the issue on your own. Fortunately, Maxpay and the RDR solution are here to significantly reduce unwanted chargebacks and prevent merchants’ chargeback ratio from going overboard.
What is Visa Rapid Dispute Resolution?
Created by Verifi in collaboration with Visa, Rapid Dispute Resolution (RDR) is a tool that allows merchants to respond to disputes with automatic refunds instead of going through a complicated chargeback process and losing funds because of it. RDR provides real-time resolution for disputes without the involvement of banks.
What are RDR automatic refunds?
A refund is a process when a business returns the client’s money that they paid for a merchandise or service. At the same time, the company does not have to pay additional fees for the return, in contrast with chargebacks, when merchants are also charged for banks’ services as well as Card Schemes Fees. Visa Rapid Dispute Resolution makes such refunds automatic - every time there is a dispute, it returns the money back to the client that requested it, preventing chargebacks.
Real-time resolution with RDR is available to all Maxpay users that have a merchant account. To enable Rapid Dispute Resolution, the client only needs to describe the conditions for an automatic refund issuing to our manager - for instance, the maximum transaction amount. Once it is done, our team sends the request to Verifi on the merchant's behalf. The online business doesn't have to do anything. We will be sending you reports on all the Rapid Dispute Resolution refunds made each month.
Maxpay is PCI DSS, GDPR, ISO 27001, and PSD2 compliant, as the security of our platform and customers is our top priority. And keeping merchants’ chargeback scores as low as possible is a part of this strategy. Thus, we make sure our clients have easy access to Rapid Dispute Resolution services, as well as reports connected to it. And RDR is not the only advantage of using our payment gateway service provider.
Get startedMultiple merchant accounts
Start as many merchant accounts as your company requires as we offer quick online onboarding. Accept payments from Europe, the UK, the USA, and other parts of the world with 140 payment methods available.
Conversion tools and analytics
Access all the financial metrics for your business on one ultimate dashboard. Oversee transaction volumes and balance, make payouts, use conversion tools to grow sales conversion, and analyze the company’s performance with reports.
Chargeback protection
On top of Visa Rapid Dispute Resolution, Maxpay offers additional merchant services for real-time resolution and more. Among these are Verifi’s Order Insight, Ethoca Alerts, VMPI solution, and Covery anti-fraud platform.
To accept payments, as well as utilize a plethora of chargeback and fraud prevention tools, along with extensive merchant services to grow your business, you need a merchant account at Maxpay. Our support team is ready to answer all your questions.
Feel free to contact us at start@maxpay.com if you have further questions regarding Maxpay’s chargeback prevention solutions or other services
The RDR definition is the following: it stands for Rapid Dispute Resolution, a product created by Verifi in collaboration with Visa. RDR is a solution developed for merchants to help them prevent chargebacks.Rapid Dispute Resolution allows online businesses to issue automated refunds to customers that want their money back instead of chargebacks.
Visa Rapid Dispute Resolution is one of the tools to reduce the number of chargebacks merchants get. Mainly, RDR allows making automatic refunds based on the company's set rules instead of dealing with chargebacks. Thus, merchants can save the funds they lose on disputes and keep their chargeback score in check.
There is no definite answer. It is usually between 60 to 90 days, and sometimes even longer. All because the bank should carry out the dispute investigation within two complete billing cycles, which is two months. So, this is another good reason to use RDR for the real-time resolution of disputes.
It depends on the card network they deal with and/or the payment system they use. Usually, a company has about a month (30 days) to respond. But, if a merchant uses RDR, they don’t have to endure Visa chargebacks or take part in the process at all!
Visa Rapid Dispute Resolution is fairly easy to use. A merchant needs to provide the criteria for disputes that will fall under the automatic refund process. Then they need to send said information to Verifi to enable RDR. With Maxpay, the process is even simpler, as merchants detail the dispute conditions to our managers, and we then take care of all the rest - we formalize your request and send it to Verifi. And our clients can get reports on all the automatic refunds issued when they need to.
Order Insight is another Verifi-Visa solution for chargeback protection. The service informs the merchant about the client's pending dispute, giving the company an opportunity to provide the card-issuing bank with all the relevant transaction data. It allows the issuer to obtain more information on a transaction and decline the client's request, thus helping the merchant to avoid the chargeback. Maxpay provides its clients with the Order Insight solution via its anti-fraud platform Covery, along with other crucial merchant services.