Rapid Dispute Resolution (RDR)
Rapid Dispute Resolution (RDR), This advanced system, supported by Visa and Verifi, allows merchants to resolve disputes before they become chargebacks. By doing so, they protect their Visa dispute ratio calculation and maintain their reputation while increasing the merchant’s win rate.
Ready to accept payments anytime, anywhere?
What is Rapid Dispute Resolution (RDR)?
Rapid Dispute Resolution (RDR) is a revolutionary pre-dispute resolution system built on the Visa network and Verifi platform. This new solution helps sellers solve fraudulent activity, suspicious activity, and non-fraud issues before they become disputes.
It prevents chargebacks and safeguards Visa’s dispute ratio calculation and monitoring programs. Rapid Dispute Resolution (RDR) sends immediate alerts to merchants when a dispute may occur. This allows them to quickly address the issue and communicate directly with the customer to find a resolution. The system also provides valuable insights and data analytics, helping merchants identify patterns and trends that could lead to future disputes.
Prevent Chargebacks and Avoid Fraud.
RDR can stop chargebacks and prevent the risk of fraud, which is a significant benefit. Chargebacks can be a major headache for merchants, resulting in financial losses and damaging their reputations. Merchants can use RDR to resolve issues, ensuring customer satisfaction and avoiding disputes proactively.
Furthermore, Visa and Verifi, two trusted names in the payment industry, support RDR. This chargeback management gives merchants peace of mind, knowing they utilize a reliable and secure automated dispute resolution. Visa and Verifi’s partnership offers merchants resources and support to effectively manage disputes and protect their business.
RDR Implementation for Merchants
Implementing RDR is a straightforward process for merchants. They have to add the internal controls system to their payment infrastructure and can benefit immediately. The user-friendly interface and intuitive design make it easy for merchants to navigate and utilize the system effectively.
Rapid Dispute Resolution (RDR) is a revolutionary solution for merchants to handle transactions and disputes and safeguard their business. By resolving issues before they escalate into chargebacks, merchants can maintain their reputation, reduce financial losses, and ensure customer satisfaction. With the support of Visa and Verifi, RDR provides a reliable and efficient solution that is easy to implement and use. It’s no wonder that this modern approach is gaining popularity among intelligent merchants.
How RDR Works
Imagine having a shield that protects your business from chargebacks before they even happen. This is the fantastic capability of RDR. When a cardholder is concerned about a transaction, RDR quickly acts before a dispute arises.
Using the specific rules the merchant sets, RDR quickly evaluates the situation. If the pre-dispute qualifies for the merchant’s predetermined criteria for automatic resolution, RDR halts the chargeback process. Instead of doing a chargeback, the system gives the customer a refund, which saves the merchant from dealing with chargeback issues.
Key Benefits of RDR
1.Evading Disputes and Chargebacks
With RDR by your side, disputes never stand a chance to escalate into chargebacks. The system’s proactiveness shields your business, preventing conflicts from becoming costly.
- Global Protection: Expanding Your Borders
Geographical constraints do not bind RDR. All global Visa issuers can benefit from its protection, ensuring merchants can harness its power no matter where their customers reside.
- Streamlined Operations: Embracing Automation
Bid farewell to manual dispute processing. RDR’s automated system helps merchants by reducing their workload so that they can concentrate on business growth instead of administrative duties.
- Insightful Analytics: Your Ally in Decision Making
RDR’s robust reporting and analytics provide merchants valuable insights into dispute trends and patterns. With this knowledge, merchants can make informed decisions to improve their fraud prevention strategies and enhance customer experiences.
Getting Started with RDR
Starting with RDR is simple. Merchants can contact their Relationship Manager or Customer Support representative to begin.
CDRN clients can add to their agreement, while Verifi clients can create a new contract for RDR. After completing the enrollment form, merchants provide their BIN/CAID(s) – unique acquirer identifiers. Once merchants define the decision rules and parameters, they activate RDR’s engine and successfully implement protection.
Combing RDR with CDRN
When merchants combine RDR with CDRN, they have a powerful way to protect themselves against chargebacks. If Visa disputes a transaction, RDR quickly resolves the issue without requiring the merchant to move funds manually. This type of automatic resolution doesn’t affect the merchant’s dispute ratio, which makes their chargeback protection even more robust.
Through the MyCDRN portal, merchants can easily see the impact of RDR on their cases. Auto-decision cases are awaiting review, and merchants receive daily summary email notifications customized to their preferences. Acquirers can identify RDR’s successes from confirmed disputes through specific RDR identifiers in Visa TC15 financial transactions. This results in a smooth reconciliation of transactions and a complete understanding of RDR’s capabilities.
Similar to any sturdy shield, there may be a small expense involved. Those who obtain it may incur a processing fee for settling pre-disputes using RDR. It’s vital to understand that this fee is solely for the processing part and does not cover the chargeback itself.
In terms of customization, merchants are in control. They can determine the parameters that work best for their business. This includes everything from the Issuer BIN to the Transaction Date, Amount, and more. Merchants can tailor the rules that align with their specific requirements.
The Evolution of Payments and Finances
As online payments and finance evolve, chargebacks can challenge businesses. However, there is a solution! Rapid Dispute Resolution (RDR) is here to help protect your business from disputes. Using RDR’s strength, you can avoid chargebacks and concentrate on expanding your business and keeping your customers happy.
To access RDR, speak to your Relationship Manager or Customer Support representative today. Safeguard your business, reduce the stress of chargebacks, and maintain a positive reputation in payments and finance. With RDR, you can confidently overcome challenges and be the winner in resolving disputes smoothly.
Mastering Automated Payment Plans in 2023Feb 26, 2024 | Payments Welcome to our comprehensive guide on Automated Payment Plans! Understanding the benefits of seamless payment automation is crucial in this digital age. Signature Payments, a leading payment solution provider, has crafted this guide to help you navigate automated payment plans…
Close More DealsFeb 26, 2024 | Payments, Sales Gone are the days of doing a statement analysis and placing a free terminal. To be successful as a merchant services sales rep and to truly HELP merchants succeed, the mentality must shift from “salesperson” to “business consultant”. To be successful, you…
Online Payment Processing for Educational InstitutionsFeb 23, 2024 | Payments In today's rapidly evolving digital landscape, online payment processing for educational institutions has become indispensable. Schools and universities use digital payments to simplify financial operations for students, parents, and administrators. This guide explores how schools facilitate online costs, the benefits…
Payment Acceptance Strategies for Small BusinessesFeb 21, 2024 | Payments Small businesses in today's world require simple and secure payment acceptance strategies to survive, grow, and attract more customers. Technology is advancing rapidly, making it necessary for these businesses to adapt to accept all preferred payment methods. It's essential to…
Modern RiskFeb 16, 2024 | Payments, Risk For years, merchant acquirers have, out of both necessity and routine, utilized fairly streamlined categories and criteria when determining how to assess the risk a new merchant possesses. Whether credit, fraud, or reputational risk, the requirements primarily revolve around business type or MCC…
Payment Processing for Restaurants Online OrderingFeb 16, 2024 | Payments In today's digital dining era, payment processing for restaurants has become an integral part of the dining experience. Now, restaurant owners rely on advanced POS systems tailored to meet restaurant-specific needs. This guide explains payment processing for restaurants, including monthly…