Monica offers chargeback reduction tips to readers in a new guest feature for Startups Magazine.
Startups Magazine is a bi-monthly print and digital publication created to champion technology startups with all aspects of their entrepreneurial journeys. The outlet was launched in April 2018, and since then has built a loyal and talented following ranging from tech startups, engineers, investors, growth hackers, accelerators, marketing whizzes, aspiring innovators, and many more.
Shoppers have never enjoyed more options to connect with sellers. The downside to this is that disputes and chargebacks have become an increasingly common problem in the eCommerce market.
“Chargebacks are very costly to businesses and banks, resulting in billions of dollars in lost revenue every year,” Monica says in the piece. “Many businesses view them as largely unavoidable, simply accepting their chargeback situation as “the cost of doing business” until the sheer volume of claims forces them to act. But at this point, unnecessary damage - both monetary and reputational - is done.”
Monica suggests that there are practices which merchants can adopt to address this issue. Recommendations include enrolling in chargeback alerts, automating responses, and updating fraud detection tools and practices.
“By following these steps, merchants can reduce chargeback volume. But, for the long term, businesses will need to address the underlying issues that caused those chargebacks in the first place.”
