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Chargeback Changes are a Good Start, but More Work is Needed

Monica Eaton-Cardone Offers Her Thoughts for PaymentsSource’s PayThink Column

Monica Eaton-Cardone, Chargebacks911® COO and regular contributor at PaymentsSource, offers her insight on the recent Visa and Mastercard changes impacting the card market in her latest feature.

PaymentsSource is a leading source of news, information, and thought leadership in the payments space. Their PayThink section invites experts from across the payments space to weigh-in on current hot topics. Monica holds a position as a prominent thought leader on chargeback-related subjects, making her a perfect resource here.

Visa and Mastercard are overhauling their chargeback processes. This move comes as a response to years of increasing problems in the chargeback space. It’s a welcome change for merchants and banks who’ve seen a dramatic increase in friendly fraud and other chargeback problems in recent years.

“Chargeback changes are necessary because we’ve seen revolutionary upheaval in the global payments environment over the last five decades,” Monica explains. However, she goes on to say these new rules may not be enough to address merchants’ needs.

“If we’re going to retool chargeback policies, we should take the opportunity to reevaluate for the needs of a digital-enabled market,” Monica claims. “This would benefit merchants and banks alike.”