We’re excited to announce this week that Chargebacks911®, the end-to-end chargebacks prevention and remediation company, and Banyan, the receipt data onboarding and enrichment platform, have a new partnership to provide merchants with the ability to leverage their item-level receipt data for enhanced chargeback management and more.
Banyan will partner to plug-in fast, simple, and secure to a merchant’s receipt data warehouse. After ingesting, enriching, and organizing the data, the resulting high-fidelity receipt data can be leveraged by Chargebacks911 for enhanced disputes management that enables merchant clients to avoid unnecessary revenue loss from chargebacks.
A growing challenge for merchants: First party fraud disputes and chargebacks
Customer disputes are increasing—and so are the costs associated with them for merchants and banks. In 2023, a staggering $83.5 billion worth of purchases were disputed by cardholders, per the 2024 Cardholder Dispute Index. That’s an average of 5.7 chargebacks per cardholder — with an average chargeoff value of $76. And up to 78% of a merchants’ disputes can be for illegitimate reasons.
To better combat this rising challenge, Chargebacks911 will leverage high-fidelity receipt data through Banyan’s platform to better identify and recover unnecessary revenue loss fast, helping prevent future chargebacks, operational costs, and improving the servicing experience for merchants and their customers.
“At Chargebacks911, we’re thrilled for this partnership because it emphasizes a core message of our company: more collaboration and data sharing within the payments industry. This partnership will not only provide easier access to merchants who need better solutions, but the platform capabilities between our companies will allow retailers to build a stronger foundation of insight, raising the bar in defining what it really means to ‘know your customer.” Monica Eaton, Founder and CEO of Chargebacks911
A single data integration to power many opportunities for merchants
With a single data integration connection to Banyan’s platform, merchants have the ability to collaborate with many other merchants, banks, or fintechs on many item-level receipt data use cases — all with no additional merchant data integration build necessary. Merchants can green-light new revenue growth opportunities, operating efficiencies, and customer experience enhancements from item-level receipt data intelligence, controls, and loyalty marketing personalization capabilities. All while retaining control over the use of their receipt data.
More About Our Partner: Chargebacks911
Founded in 2011, Chargebacks911 is the first global company fully dedicated to mitigating chargebacks and eliminating first-party fraud and misuse. As industry-leading innovators, Chargebacks911 is credited with developing the most effective strategies for helping businesses manage disputes and reduce loss in various industries and sectors within the payments space. Through a proprietary suite of software and service offerings, the company delivers transparent, end-to-end chargeback management solutions backed by the industry’s only performance-based ROI guarantee. www.chargebacks911.com