Hong Kong-based payment service provider MoneyCollect has partnered with Verifi in order to implement its RDR Solution to control chargeback rates. Following this announcement, MoneyCollect aims to provide merchants and traders with an efficient, secure, and convenient product that will enable them to manage and control chargeback rates effectively.

Verifi is a Visa solution that offers RDR in order to automate the dispute resolution procedure. By being integrated within the Visa Resolve Online tool (VROL), the dispute engine offers issuers the possibility to resolve pre-disputes and circumvent unnecessary chargebacks in a fast manner. The features of RDR can be beneficial for all the parties involved, as the issuers and merchants experience reduced dispute volumes and acquirers gain improved overall transparency.

The product aims to prevent fraud and other threats, as well as to optimise the experience of customers. More information about the RDR at MoneyCollect Traders will be enabled to define specific rules in order to assess whether to accept or decline dispute liability for payments and transactions at the pre-dispute stage. The set of rules can be fine-tuned by merchants on various parameters, including currency, transaction amount, and the originating issuer of the overall dispute.

By leveraging the real-time resolution capabilities of RDR, MoneyCollect focuses on the cardholder receiving credit via Visa’s existing financial messaging system immediately when a pre-dispute is solved. The transactions that are successfully resolved through RDR are set to be tagged as `RDR-resolved`, in order to be differentiated from regular disputes. MoneyCollect’s recent partnerships and product launches Hong Kong-based payment service provider, MoneyCollect had multiple collaborations and launches in the last couple of months, covering several geographic areas around the world. At the beginning of August 2023, the company announced the launch of a neutral partnership programme, which was designed to lay the foundation for a collaboration network between businesses and individuals.

The project also enabled participants to invite potential affiliates in order to register as traders and merchants on the MoneyCollect platform. This happened by leveraging effective identifiers such as QR codes, links, or referral codes. Partners and companies were given the possibility to gain commissions on successful payments that were facilitated by their affiliates on the platform.

According to the press release published at the time, the commission rate was set to start off at 0.1%, but it had the capability to increase depending on transaction volumes. The model was developed in order to appeal to partners that were looking to maximise their income through a simple process. The commission payouts were also automated and took the form of monthly deposits to the collaborators’ bank accounts.

Earlier in July 2023, MoneyCollect announced the launch of its mobile dashboard application that was designed to allow customers to access their accounts on the go. The service was made available to download on both the Apple App Store and the Google Play Store, which enabled clients to access and manage their MoneyCollet accounts in a secure, convenient, and efficient manner, directly from their mobile devices. The dashboard application also included simultaneous web and mobile access, enabling users to access their MoneyCollect accounts from both web browsers and mobile apps simultaneously, as well as payment management capabilities.

These were set to provide clients with visibility over their payments, in addition to the possibility of monitoring the status of each transaction they made, alongside the uncaptured, canceled, successful, failed, refunded, and incomplete payments. .