DataCash, the UK’s leading bank independent payment services provider, has partnered with TriRidium, the payment card dispute automation company, to provide credit card chargeback support and fraud protection to retailers trading online and in-store. TransTrack from TriRidium integrates seamlessly with DataCash’s payment gateway to address unnecessary payment card write-offs, chargebacks and fraud.
Although improvements have been made in recent years, chargebacks and fraud continue to plague retailers. And as the Chip and PIN initiative continues to gather momentum across the UK, fraudsters are increasingly turning their attention to ‘card not present’ (CNP) transactions where the card is not present at the time of the purchase. The latest statistics from APACS (Association for Payment Clearing Services) show a reduction in credit card fraud from £426.4 million in 2002 to £402.4 million in 2003. CNP, however, reached a peak in 2003 at £116.4 million.
The partnership between DataCash and TriRidium is designed to address a further problem for retailers. “As merchants continue their fight against fraud, we are now helping them to fight a hidden and sizeable cost,” explains Gavin Breeze, Business Development Director for DataCash. “One of the major problems facing merchants is the amount of time, effort and money that goes into processing and resolving chargebacks. By automating the process, not only does it reduce the amount of time involved, it also cuts down substantially on the resources needed as part of that process.”
Already providing TransTrack to retailing giants such as Argos, Woolworths and Homebase, TriRidium fully automates back office in-store and head office processes using email, workflow and Internet technologies. Such processes are typically clerically intensive, cumbersome and prone to error. TransTrack manages payment card disputes centrally and is also used to screen for various types of fraud.
Nigel Eades, Managing Director of TriRidium, comments: “Our aim is to provide DataCash’s customers with an additional service that protects their business and also saves them time and money. DataCash has an excellent reputation for investing in its customers to provide them with the very best support and TransTrack is another string to their bow.”
Retailers face operational issues with the fulfilment of Copy Voucher (‘CV’s) and Chargeback Supporting Documentation (‘CSD’) requests made by Acquirers as a result of customer disputes. This is particularly true for companies with many retail outlets where sales vouchers are stored and for those that deal with significant numbers of CNP transactions. Consequently retailers bear significant annual costs in unnecessary chargebacks and write-offs. These can be due to the deadlines laid down by the Payment Card Schemes being missed, CV or CSD documentation not being found, or because the operational cost of retrieval is uneconomical.
Most acquiring banks send retailers retrieval requests as letters – one per dispute. The acquiring bank then expects a paper copy, or at best a fax back from the retailer. This reliance on paperwork and lack of automation makes the process cumbersome for the retailer and fuels the perception amongst them that dispute management is not an issue Acquirers give serious attention to – preferring instead to leave this as a problem for the retailers to solve.
Using TransTrack, the turnaround time for a request can be reduced from weeks to literally minutes. Additionally, TransTrack’s Intelligent Reporting Suite (‘IRS’) provides Retailers with management information relating to disputes, which ultimately assists in the detection of different types of card fraud.
In summary, TransTrack:
•Fully automates the Dispute Management Process
•Reduces the turnaround time for resolving disputes from days to hours
•Reduces unnecessary chargebacks and write-offs due to missed deadlines
•Provides instantaneous access to all information
•Provides a consistent process for the handling of all disputes
•Provides full end-to-end accountability and audit control
•Offers comprehensive Management Information, aiding fraud detection
For further press information, please contact:
Tel: 01483 811234
Mob: 07812 766338
Tel: 0208 360 2442
Mob: 07974 161179
For information about DataCash, please contact:
Tel: 0207 421 9282
Mob: 07739 777106
For information about TriRidium, please contact:
Tel: +44 (0) 121 698 8689
Fax: +44 (0) 121 698 8600
DataCash is the only quoted payment solution provider in Europe and provides outsourced solutions for the authorisation, settlement and fraud management of credit and debit cards as well as direct debits, direct credits and cheques. All transactions are accessible to merchants through a real-time MIS Reporting Suite. DataCash's fraud management solutions support industry initiatives such as AVS/CV2 and 3-D Secure's Verified by Visa and MasterCard SecureCode as well as traditional, rules-based, fraud screening. DataCash's solutions are suitable for merchants selling through any channel including High Street Point of Sale, the Web, Interactive TV, Kiosk, Call Centre and Interactive Voice Response ('IVR').
About TriRidium and TransTrack
TriRidium was formed to address the fact that retailers are losing millions of pounds each year through unnecessary payment card chargebacks and write-offs. TriRidium is the first company to recognise the problem and to develop a solution that specifically addresses the payment card dispute needs of retailers, TransTrack.
TransTrack is a powerful Dispute Automation and Case Management System. TransTrack takes an electronic feed of retrieval requests and chargebacks from major UK Acquirers via email using encrypted XML. Built around a comprehensive database, TransTrack provides retailers with access to over 60 standard reports, detailing for the first time all aspects of payment card dispute automation.
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