Chargebacks Are Up 25%—Here’s How To Protect Your Business

Monica Eaton-Cardone’s New Guest Feature for The Versapay Blog

Chargebacks91® COO Monica Eaton-Cardone was recently asked to share her insights on current chargeback challenges facing the market with a new guest feature for the Versapay blog.

Since 2006, Versapay’s mission has been to create a network that connects millions of companies and makes billing and payment easy for buyers and sellers. Their thought leadership, cutting-edge technology, world-class customers, and high-performance teams are helping transform the way companies everywhere do business.

As Monica notes in the piece, we observed a substantial jump in chargeback issuances over the last year due to the Covid-19 pandemic. Of course, this is not a new problem by any stretch of the imagination.

“COVID-19 played a major role in accelerating the chargeback problem,” Monica notes. “But regardless, chargebacks are a larger trend that stretches back more than a decade. Short-term changes adopted by the major card networks can relieve some pressure on merchants. However, outdated chargeback practices are still out of touch with the current state of the market.”

She suggests that the solution to this problem lies in adopting a multilayer strategy to manage online fraud and chargebacks. Only then will merchants be able to make any meaningful progress in the fight to deter chargeback abuse.