Managing payments and disputes is one of the most challenging aspects of running a multi-location business or franchise. Cumbersome or slow processes for resolving chargebacks, disputes, or incomplete payments, can significantly disrupt cash flow and operations, leaving businesses vulnerable to financial risks. Utilizing an up-to-date payment processing system helps reduce these risks by simplifying transaction management and safeguarding revenue.

MyTime offers a powerful solution for businesses using Stripe through its Payments & Disputes report. Seamlessly integrated with Stripe’s payment processing platform, this tool provides a unified view of successful payments as well as disputes and chargebacks. With this feature, businesses gain better control over their financial transactions, enabling them to resolve issues quickly and minimize the risk of costly delays. The following article explores how MyTime’s Stripe integration helps businesses overcome common payment challenges, protect revenue, and improve operational efficiency.

The Problem of Payment Disputes and Chargebacks

For multi-location businesses and franchises, tracking payments across multiple platforms can be overwhelming. Add to that the complexities of disputes and chargebacks, and businesses are left navigating a maze of incomplete payments and lost revenue. Some of the common problems that arise in payment processing include:

• Revenue Loss: Unresolved chargebacks can directly impact your bottom line, especially when payments are disputed and not handled promptly.
• Fraud Management: Businesses can be vulnerable to both friendly fraud (where legitimate customers dispute payments) and malicious fraud (where fraudsters intentionally dispute valid transactions).
• Operational Inefficiency: Managing disputes across various locations can consume time and resources, affecting overall productivity.
• Lack of Visibility: With a central dashboard, businesses can gain real-time visibility into disputed payments, which can lead to missed deadlines and delayed resolutions.

These challenges impact your bottom line and disrupt customer experience. A more effective way to handle disputes is clearly needed.

The Cost of Payment Fraud and Disputes

Payment fraud is a growing concern across all industries, with significant financial consequences. According to Sapio Research, 33% of U.S. consumers say they wouldn’t shop again at a business after their payment is falsely declined, emphasizing the critical need for accurate payment processing.

The 2023 LexisNexis True Cost of Fraud Study reveals that fraud is driving merchants to increase their resource commitment (80% of respondents), exacerbating financial losses (77%), and impacting customer conversion rates (76%). Organizations are incurring fraud costs of up to three times the actual value lost to fraudsters, not factoring in the long-term damage to customer loyalty and conversion rates caused by stricter verification checks. In fact, 75% of respondents in the study reported a negative impact on customer conversion rates due to fraud prevention measures.

Further compounding the problem, Juniper Research projected that in 2021, e-commerce businesses would lose over $20 billion due to fraud—an 18% increase from the previous year. These statistics highlight the pressing need for businesses to invest in solutions that can mitigate fraud risk and manage disputes effectively.

The Ultimate Solution for Payments & Disputes: MyTime and Stripe Integration

Managing payments, disputes, and chargebacks can be a complex, time-consuming task. But with MyTime’s Payments & Disputes report, businesses gain the clarity and control needed to streamline this process. By seamlessly integrating MyTime's powerful features with Stripe’s industry-leading payment processing technology, this all-in-one solution ensures that you never miss a step in resolving payment issues.

MyTime’s key features, like the Payment List, Dispute Filter, and a step-by-step guide for Responding to Disputed Charges, make it easier than ever to manage your payments and disputes across all locations. Whether you’re tracking the status of payments, identifying disputed transactions, or responding to disputes with ease, MyTime gives you the tools to protect your revenue and drive growth.

With this report, business owners and managers can:

• Track Payment Status: View a detailed Payment List of all payments processed across your locations, including both completed transactions and disputed payments that require attention. This gives you a comprehensive overview of all payment activities at a glance.
  
  

• Filter Disputed Payments: Quickly identify payments that need your attention using the Dispute Filter, which surfaces disputed transactions, making it easy to stay on top of outstanding issues.

  
  

• Access Dispute Details: Gain complete transparency into each dispute with Dispute Details, including the reason for the dispute, timeline, and due dates, so you can effectively track each issue through to resolution.

  
  

• Respond to Disputed Charges: Handle disputes directly from the report with an intuitive interface that allows your business to:

  • Accept Disputes: Quickly resolve disputes made on legitimate grounds. MyTime’s step-by-step guide ensures you can accept resolutions with confidence and clarity.

    
    

  • Counter Disputes: Submit comprehensive responses for disputes you wish to challenge. Use the guided interface to provide important context and upload supporting evidence, improving your chances of a favorable outcome.

    
    

• Payment Timeline: Gain full visibility into the status of disputes and chargebacks with a clear, up-to-date timeline.

  
  

No more scrambling to manage payment issues or missing out on critical details—MyTime’s Payments & Disputes report simplifies and clarifies the entire process, empowering you to manage payments more efficiently, resolve disputes faster, and keep your business running smoothly.

Why Use Stripe with MyTime’s Payments & Disputes Report?

Integrating Stripe payment processing with MyTime's Payments & Disputes report offers businesses powerful tools for managing payments, resolving disputes, and improving operational efficiency. Here's how the combination enhances key benefits:

• Reduced Revenue Loss from Disputes

  Stripe's fraud detection flags suspicious transactions early, while MyTime’s report alerts businesses in real-time to potential chargebacks. This integration enables quick action, reducing unresolved chargebacks and revenue loss.

• Increased Financial Control & Security

  Stripe’s fraud detection and MyTime’s dispute management give businesses full transaction visibility and actionable insights into flagged payments. Together, they improve security, minimize reliance on third parties, and enhance financial control.

• Efficient Dispute Resolution

  By consolidating payment and dispute data into a single interface, Stripe and MyTime streamline dispute management. This integrated solution speeds up resolution, reduces administrative work, and ensures faster response times across multiple locations.

• Minimized Risk of Friendly Fraud

  Stripe identifies patterns of potential friendly fraud, while MyTime’s report provides detailed dispute histories to help businesses spot trends. This combination helps businesses contest false claims effectively, reducing fraud and preserving revenue and customer relationships.

Conclusion

For multi-location businesses and franchises, efficiently managing payments and resolving disputes is essential to protecting revenue and ensuring smooth operations. The integration of MyTime’s Payments & Disputes report with Stripe’s payment processing system offers a comprehensive solution to the complex challenges of chargebacks, fraud, and payment tracking. This powerful tool helps businesses minimize revenue loss, enhance security, and resolve disputes faster by providing real-time insights, streamlined dispute management, and improved financial control.

With MyTime and Stripe working together, businesses are empowered to take proactive measures to safeguard their cash flow and customer relationships. Ultimately, this integrated solution enables businesses to maintain financial stability, reduce operational headaches, and stay competitive in a rapidly evolving market.

Ready to learn more about Stripe?

Contact your account manager or reach out to our Help Center for assistance in setting up your payment solution today. Thanks to Stripe’s advanced payment processing system, businesses can simplify payments, enhance security, and scale operations with confidence!