How Chargeback Solutions Can Plug the Knowledge Gap Between Merchants and FIs

How Chargeback Solutions Can Plug the Knowledge Gap Between Merchants and FIs

Chargebacks911® COO Monica Eaton-Cardone’s Latest Feature for Total Retail

As one of the world’s leading experts on payments and fintech, Chargebacks911 COO Monica Eaton-Cardone was recently invited to share her insight in a new guest feature for Total Retail.

Total Retail is “the go-to source for executives looking for the latest news and analysis on the retail industry.” Through various forms of content and community-building events, Total Retail serves its mission to provide retail executives with the information they need to do their jobs more effectively.

The lack of data insight is one of the biggest challenges facing contemporary eCommerce. Without access to in-depth, reliable data, merchants can only guess as to how best to use their resources.

“It’s clear that as eCommerce sales continue to skyrocket, merchants will face a rise in chargeback issuances,” Monica explains. “They were already rising by around 20 percent per year even before the pandemic struck, and by the end of 2020 were estimated to cost around $130 billion. What makes the problem worse is that many chargebacks could be avoided, if only merchants had the right information and solutions to stop them.”

As she explains, we need closer collaboration between merchants and financial institutions. More exchange of data and resources is the only way we can hope to identify chargeback sources. Working through third parties may help; as Monica points out, “A positive sign from the Field Report is that merchants that are aware of the dangers are much more likely to turn to a third-party solution to help address the issue — and when they do, they see immediate, revenue-boosting results.”