Monica Eaton-Cardone Offers Insight on Retailers’ Efforts to Control Chargebacks
Chargebacks911 COO Monica Eaton-Cardone, one of the world’s foremost experts on the chargeback process, was recently featured in a new piece published by the Franchise Times.
Franchise Times is a trade magazine covering the franchise community. The magazine, published ten times a year, includes columns by experts, in-depth analysis, hard-hitting investigative pieces, and articles designed to help franchisors, multi-unit franchisees and vendors improve their businesses.
As noted in the piece, chargebacks are nothing new. However, retailers can’t afford to simply write them off as a cost of doing business as they might have a decade ago. This is especially true in the wake of the Covid-19 pandemic.
“I think in the wake of COVID, we’ve seen a lot of structural changes and a lot more chargebacks,” Monica said. She notes that chargebacks are up more than 90% due to changing consumer patterns as a direct result of the virus.
To make matter worse, the majority of chargebacks are cases of friendly fraud. “It’s an illegitimate chargeback,” Monica says. If not refuted, it’s—50 to 60 percent of the time—that the same customer will file another fraud chargeback in 60 days.”
Merchants can’t afford to take this matter lightly. They need to be proactive about chargebacks, adopting software solutions along with best practices and manual oversight to engage with the process and prevent disputes wherever possible.