Interview with Monica Eaton in Honor of Award Nomination
When you start to make a real impact, people tend to start taking notice.
Chargebacks911® co-founder and COO, Monica Eaton, recently sat down with Nick Kirkland of CIO Connect for a quick interview that was published in the spring 2016 edition of the quarterly magazine. Monica offered insight into the significance of Chargebacks911’s™ ecommerce innovations.
From Art Design to IT Star
The four-page feature recognized Monica’s selection as a finalist for the prestigious “International Star of the Year” award earlier this year. The panel chose Monica as one of only six finalists from the more than 200 nominations received from the public.
Although as Monica explains, she didn’t initially set out to become a game-changer in the IT and ecommerce fields:
My background is in Art and Architecture…It is intensely practical to make something useful, and its beauty emerges from that. So I coupled this understanding with an interest in mathematics and my desire to use logic to solve business puzzles.”
That ability to recognize patterns and solve puzzles served well in the development of those innovative solutions which became Chargebacks911®.
No Two Problems Are Ever Alike
As Monica explained, there are few things which are truly completely “new;” rather, change typically comes by reorganizing existing structures and looking at old subjects in a new light.
When it comes to chargebacks, credit card networks offer a long, complex list of reason codes intended to explain the cause of the dispute. For example, with a dispute involving a Visa transaction, a merchant might receive a chargeback reason code 57—"Fraudulent Multiple Transactions," or a chargeback reason code 75—"Cardholder Does Not Recognize Transaction."
However, despite the nearly 200 different reason codes commonly assigned to chargebacks, Monica points out that the problem is actually much more cut-and-dry than it seems:
There are actually only three reasons that chargebacks arise:
- Someone has criminally used a debit or credit card – it doesn’t belong to them;
- The merchant made and error, or
- The customer is attempting to get a refund they don’t deserve.”
After several years of consistent advocacy on that front, however, Monica’s work is finally starting to pay off.
Last year, MasterCard announced that they would be reforming their reason code system to better reflect Monica’s idea that there are only three true chargeback sources. As Monica explains, “You can learn far more about a problem by accurate reporting, even if it is less granular.”
There Is No Cure-All Answer
One of the main points Monica drove home in the interview was that there was no magical, instant-fix way to handle transaction disputes. No two disputes are ever exactly the same; therefore, the same solution will never be equally effective across the board:
What works is a solution. You need to think about a problem, why it has arisen and what are its core elements – then when you have proven that you’ve identified the real source, you need to make it very simple…Only then a solution is workable.”
A copy/paste, cookie-cutter response is not sufficient to deal with a problem as complex as chargebacks and friendly fraud. Merchants need a solution designed for their unique situation, but simple enough to implement without diverting attention away from growing their business.
Real Solutions for Merchants
What merchants need is a dynamic, adaptable answer that targets the true cause of each problem. Chargebacks911® offers the kind of straightforward solutions merchants need in order to target fraudulent chargebacks and retain more revenue.
With our innovative Intelligent Source Detection™ technology, merchants are now able to effectively pinpoint the source of fraud and chargebacks losses. Once we’ve identified the source, our chargeback experts can craft a dynamic, customized solution. Whether they’re plagued by criminal fraud, merchant error or friendly fraud, merchants can rest assured that Chargebacks911® has their back.
