Today we’d like to introduce you to Suresh Dakshina.
Suresh, let’s start with your story. We’d love to hear how you got started and how the journey has been so far.
My wife and I are successful entrepreneurs. We have been in business since 2003 and had two successful e-commerce ventures in the past.
Being in the e-commerce business made us face the costly chargebacks that almost every e-commerce business is facing today. Businesses lose close to 10% of their revenue due to chargebacks and chargeback crime is rated 2 by FBI as the most commonly occurring cybercrime.
When we had our e-commerce business, we had no knowledge of chargebacks, why they happen and how to even fight them. As a result, we lost close to $100,000 in lost revenue in 2 years. This was very alarming to us and this amount made us look deeper into the chargebacks. We learnt every document out there about chargebacks, why they occur, how to dispute them and recover the lost revenue. We spent close to 6 months learning the inside and out of chargebacks and as a result we were able to recover 90% of our chargebacks at that time.
We created charts and statistics to find out which chargebacks are giving us the most recovery and we tried several ways of presenting the evidence to the banks to improve our success ratio. Within 6 months we got the whole chargebacks under control and were able to recover the funds as well.
When we spoke to other e-commerce peers, we came to know that Chargebacks were not just our problem. This was a universal issue. And FBI has stated that Chargebacks is the top 2 issue faced by businesses online. We also learnt that most businesses consider Chargebacks as a write off because they do not have the time or the expertise to fight them. This triggered us to start our new venture Chargeback Gurus.
Chargeback Guru’s goal is to help e-commerce businesses like us who are unable to fight chargebacks or have the knowledge to keep the chargebacks under control. We developed a proprietary tool that analyses over 35 different data points and helps e-commerce merchants identify the root cause of this problem. Also, we provide our expert team if they are unable to fight chargebacks in-house. With our expert team and proprietary tool, merchants are able to reduce their chargebacks up to 50% and we have recovered over $150 Million in lost revenue for our e-commerce clients.
Great, so let’s dig a little deeper into the story – has it been an easy path overall and if not, what were the challenges you’ve had to overcome?
We had to learn the hard way on how to fight chargebacks and to even track the recovered revenue. Every bank has their own protocol and procedures when evaluating our compelling evidence that we provide to dispute a chargeback. We created an algorithm to track the chargeback recovery rate for each bank and the type of compelling evidence required by them.
This helped us recover more chargeback revenue. But we had to lose $100,000 by the time we figure out the process to reduce and recover chargebacks. Also, we had to deal with a lot of paperwork and now with our tool, merchants do not have to deal with paperwork. We have digitized the whole process and it saves merchants time and effort since they can track, monitor and view the chargebacks in our online portal.
Please tell us about Chargeback Gurus.
Chargeback Gurus has been in business since 2014 and we have around 150 Gurus working globally helping e-commerce businesses fight and prevent chargebacks round the clock. We work closely with e-commerce businesses helping them identify the root cause of their chargebacks and recover the revenue they lost through chargebacks.
We analyze every layer of their business and provide them consultation on how to reduce chargebacks, improve customer experience and run a bullet proof operation.
When we were a merchant. we faced three challenges:
1. Not knowing how to fight chargebacks.
2. Not knowing how to control chargebacks.
3. Not having the tools to track the recovered revenue.
Chargeback Gurus understand the pain of e-commerce businesses and we now provide a service that can address all the three issues faced by the merchants. We provide a tool and an expert team which can help merchants monitor all their chargebacks online, learn why chargebacks happen, follow recommendations stipulated by the system to reduce chargebacks, monitor the recovered revenue online.
We provide the peace of mind and the time to the merchants so that they can focus on what they are good at.
With our team and proprietary tool, we have helped merchants recover over $150 Million in lost revenue and have successfully reduced up to 50% chargebacks for our merchants.
Most of our competitors provide just chargeback representment where they just fight chargebacks for e-commerce merchants. But we are the only company who provide a comprehensive list of service right from business consulting, chargeback prevention and representment services. Our belief is: The best chargebacks are the one that we prevent.
We spend a lot of time educating merchants on how to run a profitable business without taking shortcuts, manage their operations, marketing and most importantly how to provide the best customer service their customers truly deserve. We also help new e-commerce businesses right from the beginning to ensure they have a solid foundation before they expand.
Do you look back particularly fondly on any memories from childhood?
Do what you love with passion is what I learnt from my Dad.
Kindness and love can win anything is what I learnt from my mom.
Pricing:
- Chargeback Fighting – Starts at $10/Chargeback
- Chargeback Prevention – $40 for every chargeback we prevent
Contact Info:
- Address: 8951 Collin McKinney Parkway, Suite 1001 – 1002,
McKinney, TX 75070 - Website: www.chargebackgurus.com
- Phone: 2147859140 ext. 102
- Email: suresh@chargebackgurus.com
- Instagram: https://www.instagram.com/chargebackgurus/
- Facebook: https://www.facebook.com/chargebackgurus/
- Twitter: https://twitter.com/suresh_dakshina
- Other: https://www.linkedin.com/in/sureshdakshina
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