New PaymentsJournal Guest Feature with Tracy Cray of Chargebacks911®
Chargebacks911 Head of Card Scheme Compliance Tracy Cray is one of Europe’s leading thinkers in payments and finance. In her latest guest feature, she draws on recent industry data to make the case that now is the time to start prepping for the holiday season ahead.
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As we’ve observed in years before, chargebacks tend to surge in the weeks following the holidays. It could be the product of a simple mistake, buyer’s remorse, or any number of potential triggers. As Tracy notes, these patterns could be affected by Covid-19, though.
“For instance, many businesses remain on uncertain ground regarding their mid- to long-term prospects,” Tracy says. “Cardholders could find themselves out of work suddenly, and file chargebacks to recoup their funds. There is also a shift in purchasing patterns underway which could affect consumer behavior. Buyers are more open to click-and-collect and other digital purchasing channels, which carry more inherent risk tied to chargebacks than conventional brick-and-mortar commerce.”
This holiday season is set to be unpredictable. It’s in the best interests of all merchants to start getting prepared now, in order to protect their revenue later. As Tracy elaborates, “A thorough understanding of one’s business, covering every shopping channel at every stage of a transaction, will be the key to chargeback management this holiday season.”
