Monica Eaton Comments on Mom-and-Pop Shops Facing Chargebacks
With the advent of the COVID-19 crisis, more and more retailers are dealing with chargebacks for the first time. Chargebacks911® COO Monica Eaton was recently asked to comment on the chargeback situation facing small businesses in a feature for Bloomberg.
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Unfortunately, many consumers panicked as COVID-19 forced businesses to interrupt or stop regular operations entirely. Those consumers, worried that they would be unable to get their money back for services, subscriptions, and other purchases, filed chargebacks in response. Many of the businesses hit by the flood of payment disputes have never dealt with these challenges before, and don’t know how to respond.
“A lot of these retailers don’t even know how to address chargebacks and now they’re hit with thousands,” Monica explained.
As the situation drags on, and with another wave of infections possible in the coming months, these merchants’ problems are far from over. The best path forward for these businesses facing potential chargeback trouble is to either implement strategies to mitigate their risk or seek help from a third-party to defend against disputes.
