Financial Institutions Must be Prepared for a New Wave of Chargebacks in the Age of COVID-19

Chargebacks911® COO Monica Eaton-Cardone’s Latest Guest Feature for The Paypers

Online retailers face significant chargeback threats due to the COVID-19 crisis. They’re not alone, though, as Chargebacks911 COO Monica Eaton-Cardone explains in her new guest feature for The Paypers. Financial institutions around the world are feeling the pressure, too.

The Paypers is the Netherlands-based leading independent source of news and intelligence for professionals in the global payment community. The outlet provides a wide range of news and analysis products aimed at keeping the e-commerce, fintech, and payment professionals informed about the latest developments in the industry.

“There’s a common misconception among consumers that the chargeback process starts and ends with the merchant – this is not the case,” Monica explains. “Most don’t see the intricate and often fragmented network of issuers, acquirers, card associations, and merchants that must manage the complexities of chargeback claims.”

Many of the claims filed against a business after they go into administration are cases of friendly fraud. And, if a merchant doesn’t have the resources to cover those losses, the acquirer could be forced to pick up the slack.

This situation presents a serious threat to financial institutions. In response, we at Chargebacks911 have launched a new brand targeted specifically at solving the critical pain points facing FIs, both new and old, delivering revolutionary solutions with full accountability.

“These tools are accessible, implemented, and operational using APIs. The platform offers fully customizable modular components, which can be reconfigured in real-time to respond to changes in policy, extraordinary circumstances, or to adapt day-to-day business and customer needs.”