Are You Cut Out for a Job as a Chargeback Analyst?
Are you interested in financial issues? Do you have the ability to appease disgruntled customers? Are you ready to work for a large corporation?
If so, you might be interested in a job as a chargeback analyst.
Wait…What is a Chargeback?
Before you can figure out if you’re cut out for a job as a chargeback analyst, you must first know what a chargeback is!
A chargeback is a form of consumer protection offered to credit card holders. If a cardholder is unsatisfied with a purchase or the original transaction was placed without consent, the cardholder may file a chargeback.
These financial disputes eat up a lot of valuable resources—mainly time and money. As a result, many companies hire a chargeback analyst to deal with them. In most cases, managing chargebacks is the sole responsibility.
Let’s take a look at some of the specific job responsibilities.
Identifying Valid Complaints
Customer service is key in the chargeback analyst’s list of duties. First the analyst must evaluate the complaint. A review of purchases and receipt records must be completed to ascertain validity.
When an analyst determines that a complaint is valid, he or she must work with the merchant or retailer to adjust any problematic record keeping. The analyst will train and support the employer while helping them to establish better methods of protecting their own income through proper receipting and billing.
In addition to rectifying the problem, the analyst must make sure the customer receives his/her refund, or chargeback. It is the analyst’s job to follow the whole process through from complaint, to researching the issue, to refunding the money when valid.
There are times when fraud is suspected. People sometimes contact merchants and retailers about mysterious charges on their accounts. When this occurs the analyst must determine if fraud is the cause or if the person making the complaint is being untruthful.
If a problem with fraudulent charges arises on a frequent basis, the analyst must plan methods in which to prevent and detect recurring problems. Most of the issues with fraudulent charges are based on negligent invoicing and poor record keeping. Chargebacks make a merchant or retailer look bad so the analyst is key to protecting image and customer relationships.
Chargeback analysts are educated people. They usually have bachelor’s degrees in accounting or finance and several years of experience in the field.
Special Skills and Qualifications
In addition to college educations, there are certain character traits that are highly valued as well. It is definitely beneficial to have problem-solving and analytical skills. These are things that are more intrinsic than training based.
Computer training and communication skills are invaluable to this position. Analysts will be utilizing both of these abilities on a regular basis as they research transactions and communicate with clients. Anyone desiring to be a chargeback analyst must be prepared for phone and computer-based work.
Top Ten Cities for Chargeback Analyst Jobs
This employment opportunity is quite rare. Not all companies have an appropriate budget to support a full-time chargeback analyst. If you are looking to enter this field, you might need to consider relocating.
You stand the best bet of securing a job as a chargeback analyst in one of these cities:
- New York, NY
- Knoxville, TN
- Macon, GA
- Philadelphia, PA
- Provo, UT
- Los Angeles, CA
- Abilene, TX
- Milwaukee, WI
- Houston, TX
- Hackensack, NJ
However, several of these cities are below the national average when it comes to salaries. The below average cities include: Macon, Knoxville, Provo, Milwaukee and Abilene. The other cities are above the national average, so look there first!
Top Five Companies Currently Hiring Chargeback Analysts
Take a look at some of the companies currently hiring chargeback analysts. Could you see yourself working for any of these organizations?
- JP Morgan
- EVO Payments International
- Blackhawk Network
- Complete Merchant Solutions
Choosing Who to Work For
As with any field, salaries vary. Certainly those applicants with higher degrees and greater experience will garner in the higher end of the pay spectrum. Additional factors to ponder are attached to location and company size. Larger companies have the ability to pay more while those located in smaller cities have the added benefit of lower costs of living.
When evaluating places of employment it is imperative to look at the benefits attached to the salaries they offer. Some will supplement lower salaries with higher valued medical insurance or 401K plans, better vacation time or the addition of casual days (sometimes it’s nice to wear jeans to work). These are perks that may very well be worth more than a few extra dollars on your paycheck.
Generally, the median salary for a chargeback analyst is $32,218. However, the span is wide. There are some only making $27,645 while others are bringing in $43,877. The amount you make will be determined by your ability and the company you’ve chosen to sign on with.
Are You Cut Out for a Job as a Chargeback Analyst?
The decision is yours. If you meet the basic educational and experiential requirements, and the salary range is agreeable, then this might be the job for you. Have you already worked in this field?
If so, is there something you’d like to add to help prepare others for work in this arena? Send us your thoughts and comments!
About the Author
Lindsey D. works for Chargebacks 911. The company helps educate merchants about the dangers associated with chargebacks. She recommends companies consider hiring an in-house chargeback analyst or outsourcing the job to a chargeback specialist company.
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- A chargeback is a form of consumer protection offered to credit card holders. If a cardholder is unsatisfied with a purchase or the original transaction was placed without consent, the cardholder may file a chargeback.
- Customer service is key in the chargeback analyst’s list of duties. If a problem with fraudulent charges arises on a frequent basis, the analyst must plan methods in which to prevent and detect recurring problems.
- Not all companies have an appropriate budget to support a full-time chargeback analyst. If you are looking to enter this field, you might need to consider relocating.