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AI Can Resolve Chargeback Challenges for Merchants & Banks

Monica Eaton-Cardone’s New Guest Feature for Multichannel Merchant

Chargebacks are a problem for merchants and financial institutions alike. But, as Chargebacks911® COO Monica Eaton-Cardone reveals in a new guest feature for Multichannel Merchant, artificial intelligence may offer a solution.

Multichannel Merchant delivers original research and in-depth analysis of trends and best practices, news, executive summaries, and more. The publication’s aim is to help companies sell and deliver products wherever and whenever the customer wants them, whether at home, work, or anywhere else.

“Despite innovations like click and collect, the payments industry lags behind the technological curve,” she explains. “The processes we use to conduct conventional payments are built on legacy infrastructure, much of which is rooted in a pre-internet age.”

This inconsistency presents serious direct and indirect problems for every stakeholder in the value chain. But, if financial institutions can leverage AI technology effectively, they may be able to take a more predictive approach. Banks could actually prevent chargebacks, rather than simply respond…but only if done right.

“Embracing AI solutions for chargeback management is going to be essential to achieve a more balanced payments ecosystem as the digital market continues to evolve. The result will be a more dynamic, cost-effective market, offering benefits for businesses and consumers. It will demand careful consideration to deploy effectively, though.”