The pain of chargebacks is going up. There’s more card‑not‑present volume than before,” Razi says in explaining why this is an opportune time to combine artificial intelligence with the dispute‑resolution process.
A perpetual bane of payments, chargebacks create issues for merchants and their payment providers. Now, Findustry AI Inc. hopes its new artificial intelligence‑enabled Chargeback Agent product will help ease the work of complying with card‑brand dispute processes.
Led by Jonathan Razi, who sold CardX, a surcharging‑services provider, to Stax in 2021, Findustry AI is pitching Chargeback Agent as intelligent enough to automatically resolve most chargebacks.
“The pain of chargebacks is going up,” Razi tells Digital Transactions News. “There’s more card‑not‑present volume than before,” he says in explaining why this is an opportune time to combine artificial intelligence with the dispute‑resolution process. Issuing banks also are making it easier for cardholders to initiate a dispute, and the card networks, specifically Mastercard Inc. and Visa Inc., have updated programs for handling disputes, with an emphasis on the acquiring role in monitoring them.