Nexio, the payment orchestration specialist, has partnered with Chargebacks911, the dispute technology specialists.
This alliance means that Nexio will now utilise Chargebacks911's end-to-end dispute management offering, while also reaping transformative results for its merchants, the company wrote in a statement.
According to the True Cost of Fraud report by LexisNexis, every $1 in chargebacks costs the merchant $2.86. In addition to the liability and reputational threat imposed on merchants, chargebacks also bring expensive fees, penalties and trickle-down costs syphoning out earned profits due to increased time and unrecovered losses from goods and services, Nexio states.
While eCommerce fraud surged by 18% in 2021, merchants lost an estimated $20 billion due to criminal activity compared to $17.5 billion the year before.
With these figures growing year-on-year, Nexio states the company is leveraging Chargebacks911's technology to deliver increased value to its merchants, while protecting and defending against chargebacks and disputes.
This is achieved as Chargebacks911's suite of platforms addresses every stage of the process, from customer service before the sale takes place, through to revenue recovery, according to Nexio.
This end-to-end approach delivers an improved customer experience to Nexio's merchants and provides them with a competitive advantage and a faster path to revenue growth.
In addition, according to Nexio, this could include greater opportunities for new contracts and bring more leads through cross-selling and warm referrals, as the partnership leverages the combined company audiences.
Nexio gives companies control over their payments, connecting them to best-in-class tools and the ability to scale where and when they are ready.
Their technology is designed to provide a payments orchestration layer built with a modern technology stack in a modular and agile form, that integrates with merchants to enable them to access the payment technologies needed.
Combined with Chargebacks911 acquirer agnostic solutions, merchants are best placed to succeed in global commerce, Nexio states.
Commenting on the partnership, Andy Tierney, VP of strategic accounts at Chargebacks911, says, “We are delighted to work with Nexio and offer them a competitive differentiation and the room to maximise market potential.
He says, “By delivering transformative results through this integration and tackling chargeback disputes, we hope to improve the longevity of Nexios merchants and improve the outcome for every point on the payment chain.
Rob Marriot, chief sales officer at Nexio, adds, “At Nexio, we offer a payment platform that empowers merchants to control payments. Joining forces with Chargebacks911 further strengthens our promise to provide increased optionality.
"This strategic partnership will widen our decline recovery offering, helping our merchants to protect their revenue and providing them with chargeback data in real-time. This is a real competitive differentiator.
Started in 2008, Nexio is a fintech orchestration platform focused on easing payment complexities, and aiding platforms (SaaS) and sellers with scalable commerce strategies.
Revenue teams utilise Nexio to unify their commerce operations. The Nexio platform enables sellers and platforms to expand globally, diversify buying experiences with more payment methods, and evolve when strategic pivots are necessary.