Chargeback Gurus - Most Innovative Company
Company: Chargeback Gurus, McKinney, TX
Company Description: Chargeback Gurus has been a pioneer in fighting and preventing chargebacks for e-commerce businesses. Chargeback Gurus utilizes a proprietary FPR-360 tool to provide visibility to merchants on vulnerabilities, root causes of chargebacks and determine their true ROI when disputing chargebacks. We have recovered over $150 Million in Chargebacks and have prevented up to 50% chargebacks effectively.
Nomination Category: Company/Organization Awards Categories
Nomination Sub Category: Company of the Year – Business Products – More Than 10 Employees
Nomination Title: Chargeback Gurus
Describe for the judges the activities and accomplishments of the nominated organization since the beginning of July last year (up to 525 words):
Chargeback Gurus was founded on the belief that there is a solution for every problem, if you look hard enough. An increasingly critical problem affecting small business owners and online retailers today, are illegitimate credit card chargebacks. Recent studies show chargebacks - the process of customers contacting their credit card issuers to dispute charges and have their money returned - have risen by more than 20% over the last year, costing small businesses $5.8Bn in 2016 alone.
Chargebacks were designed to protect customers from hacking, identity theft and other fraudulent transactions. But since the responsibility for covering the cost of chargebacks shifted from credit carriers to service providers in October 2015, we have witnessed an increase in consumers using this safety net to scam businesses.
In the internet age, anyone can easily order something from an ecommerce store and lie to say it was never delivered, or demand their money back after claiming the goods were not of a high enough quality, or poorly advertised by the merchant. While the consumer gets to both keep the product and have their money returned, the merchant is unfairly cheated out of revenue, and risks other consequences, like having their merchant accounts closed due high levels of illegitimate transactions.
To solve this problem for millions of small businesses, Chargeback Guru is on a mission to be the ultimate solution for chargebacks. We want to help merchants take back control of their business from fraud - because for many small merchants, this effect on their bottom line can be the difference between life and death.
In the past year especially, we’ve gone above and beyond achieving our mission. We’ve recovered upwards of $12 million for ecommerce merchants, on average our clients were able to prevent 50 percent of chargebacks within the first 6 months of our partnership, and we’ve recovered 65 percent of chargebacks for subscription billing merchants. On top of that we’ve analyzed 1.2 million transactions for fraudulent activity, and stopped more than 95 percent of order issues.
We’ve been able to achieve these results after developing our innovative FPR-360 tool, which analyses more than 35 different data points, and populates the data automatically in analytical patterns. This makes it easy for merchants to identify the root cause of their chargebacks, showing how they can improve their marketing, sales, fulfillment and back office processes to reduce their susceptibility to them. The FPR-360 tool can also prevent chargebacks before they happen, with a Smart Representment feature that combines Verifi & Ethoca Prevention alerts.
At Chargeback Gurus, we believe small business owners have enough on their plates without having to worry about fraud. We’re are constantly developing new products to push this mission forward, and help businesses identify, prevent and fight chargebacks, so they can concentrate on offering the best service possible to their legitimate clients.
Provide a brief biography of the person or persons who lead the nominated company (up to 125 words):
Srii Srinivasan is the co-founder and CEO of Chargeback Gurus, a company helping businesses identify, prevent and fight credit card chargebacks. As an industry expert with 15 years’ experience in payments, eCommerce and software development, Srii has owned three successful eCommerce ventures. Srii has spoken at various industry events (Panama GB Summit, Affiliate Summit West, Card-Not-Present) and has a natural flair for educating and empowering eCommerce businesses. Srii also consults enterprises like American Express and Visa on revenue increase, automation and fraud management. Srii is passionate about promoting women in business and motivating women on how to overcome the challenges they face. She’s served as a professor of computer programming and security at Mt Sierra College and speaks four languages.
Choose one (even if both apply): The CEO (or other principal manager) of this company is a woman, and at least 40% of the management team is comprised of women.