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The Green Sheet Online Edition

April 26, 2021 • Issue 21:04:02

New Products

Boost revenue, stem losses with fast chargeback response

Product: Dispute Responder
Company: IRIS CRM

IRIS CRM, a leading provider of customer relationship management solutions for the merchant services industry, added Dispute Responder to its technology suite. The solution combines real-time notifications with tools for responding to chargebacks and retrieval requests. These capabilities are available natively within IRIS CRM and as integrations with proprietary systems through an open API, according to Dimitri Akhrin, founder and president of IRIS CRM.

"When a merchant receives a chargeback, IRIS CRM will automatically notify the ISO by email, text or report within the portal," Akhrin said. "In addition, we will notify merchants who have an IRIS account, so that responses can begin to be crafted before the due date."

Akhrin went on to say that if no response is received, IRIS will send reminders seven days, three days and one day ahead of the due date to ensure that deadlines are met. In addition, the company will compile related documents, which may include attachments, invoices, and individual merchant responses and transmit all data to the payment processor.

Brandable, customizable

Describing Dispute Responder as a value-added service, Akhrin mentioned the solution is fully customizable and brandable, which enables it to seamlessly blend with other product and service offerings. IRIS CRM clients and partners can set alerts for each newly created chargeback/retrieval case for a set number of days as the dispute reply due date approaches; merchant customers can respond to the real-time alerts with just a few clicks, he added.

"For example, there are companies that focus on dispute management and enhancement services," Akhrin said. "These companies can actually integrate with IRIS CRM’s dispute responder API to help provide a concierge-type of chargeback management process."

The Dispute Responder tool can also be invaluable for merchants, many of whom don't always know how to properly respond to chargeback codes, Akhrin noted.

Companies that manage millions of disputes are knowledgeable about what it takes to win various dispute situations and can share this information with merchants through the Dispute Responder API, he added.

Enhance merchant portfolios

Dispute Responder is part of the IRIS CRM platform, which handles customer relationship management, electronic signature, merchant onboarding, help desk services, residual income calculations and reporting, along with an integrated phone system, Akhrin noted. From a data reporting perspective, IRIS CRM has deep processor integrations and diverse residual reporting coverage; for more than a decade, security, flexibility and customization have been the pillars of the IRIS CRM business management system, which is like Salesforce but specifically built for the payments industry, he added.

"Our system allows clients to track leads in a CRM, work with electronic signature documents to avoid double data entry and integrates with the major processors for onboarding merchants through our proprietary module called TurboApp," Akhrin said. "Today, IRIS serves more than 200 ISOs and provides reporting for more than 300,000 active merchants. With the recent uptick in card-present merchants, we expect these numbers to grow significantly in the coming months."

Ready-made infrastructure

As he considered the numerous payment tools available, Akhrin advised industry stakeholders to leverage existing technologies, stating that these tools can help entrepreneurs build and scale while focusing on high-value business priorities. Building capabilities from scratch can be an expensive proposition and may not be profitable in the end, he noted.

"For example, if your idea is a product or service that will be sold at $25 per month, you need to do your calculations down to a granular level based on how long it will take you to recoup your costs," Akhrin said. "Paying developers, quality assurance and compliance costs can be a huge undertaking; if a product can deliver what you need and add value through an integration, that's a path worth exploring." end of article

Website: www.iriscrm.com Contact: dimitri@iriscrm.com

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