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Chargebacks: A Struggle for Merchants

New Guest Feature for Global Banking & Finance by Monica Eaton-Cardone

Chargebacks911® COO Monica Eaton-Cardone discusses the threat posed by chargebacks—and how merchants can fight back—in her new guest feature for Global Banking & Finance Review®.

Global Banking & Finance Review is a leading financial portal and print magazine offering news, analysis, reviews, and much more on the topics of banking, trading, wealth management, and technology. Millions of finance professionals and consumers read and trust their content every month.

Chargebacks are a pain for merchants. They’re costly and time-consuming and ultimately translate to as much as $150 billion a year in losses. It’s true that companies like Visa and Mastercard are trying to help, but their efforts still leave issues with the chargeback process that goes unaddressed.

Monica asserts that just 2% of merchants had implemented the Visa Merchant Purchase Inquiry, for instance. As she says, this illustrates “…one of the problems with chargebacks – that merchants aren’t making use, or are unaware, of the tools that might help in the process.”

Monica says there are solutions on the market available that can solve merchants’ problems. The only problem: most don’t know where to look.

“The writing’s on the wall. If merchants struggle to identify friendly fraud and haven’t got adequate resources to dispute chargebacks even if they do detect it, then it makes sense that these businesses should look to third-party support. These solutions can help businesses understand the source of chargebacks, as well as streamline the whole process.”