Friendly fraud, refers to a type of chargeback fraud where a customer disputes a legitimate transaction with their bank or credit card company, often unintentionally. RapidCents uses advanced fraud detection tools to identify potential cases of friendly fraud and helps businesses prevent and manage such chargebacks.

A credit card chargeback occurs when a customer disputes a transaction with their credit card company, resulting in the reversal of funds to the customer. RapidCents assists businesses in managing chargebacks by providing dispute resolution services and implementing fraud prevention measures to minimize financial losses.

A credit card vault is a secure storage system for sensitive cardholder data. RapidCents employs a credit card vault with tokenization, ensuring that customer information is securely stored and transactions are conducted with enhanced security.

Tokenization replaces sensitive credit card data with a unique identifier (token). This ensures that even if a breach occurs, the actual card information remains secure. RapidCents’ tokenization adds an extra layer of security to every transaction.

The credit card chargeback process involves a cardholder disputing a transaction with their bank or credit card company. RapidCents manages the chargeback process by reviewing claims, gathering evidence, and providing support to merchants in responding to chargeback disputes, aiming to resolve them efficiently and protect businesses from financial losses.