We Partnered with the Emerging Payments Association to Lend Insight on Chargebacks & Double Credits
We recently teamed up with our friends at the Emerging Payments Association (EPA) on a new whitepaper titled Customer Disputes: a Review of Chargebacks and Double Credits. This week, our whitepaper received a bump from the folks over at the Fintech Times, citing our research as part of a startling new feature on the “double credit” crisis sweeping the payments space.
The Fintech Times is a bimonthly publication exploring the explosive world of financial technology. They blend first-hand insight, opinions, and expertise with observational journalism to provide a balanced and comprehensive perspective of this rapidly evolving industry.
As cited in the piece, one Issuer reported the number of non-fraud dispute cases increased by 333% during 2020. This is a shocking figure on its own, but it is not the end of merchants’ concerns. So-called “double credits,” which occur when a customer gets a merchant refund, as well as fund through a chargeback claim, increased by 15% to 20% during the same period.
The research compiled by Chargebacks911 and the EPA is vitally important. It allows us to shed light on this developing issue, and to help merchants identify ways to protect their businesses.
“We have the data to show that the issue of ‘double credits’ has risen to unprecedented levels during the pandemic, particularly in the UK and the US, and the associated costs are putting companies out of business,” Chargebacks911 COO Monica Eaton-Cardone says in the piece. “This must change.”