Grant Cardone Interviews Chargebacks911 CEO About the Ramifications of Friendly Fraud
Even though friendly fraud is spreading prolifically throughout the ecommerce environment, there are still those who don’t fully understand the phenomenon.
Gary Cardone, CEO of Chargebacks911®, sat down with his brother and business expert, Grant Cardone, to explain chargebacks, friendly fraud, and how Chargebacsk911™ helps merchants.
Explaining Friendly Fraud to a Captivated Audience
Grant Cardone is recognized as a best-selling author, the CEO of four private companies, motivational speaker and international sales trainer. Grant and Gary Cardone joined together to provide a captivating and informative overview of the pandemic affecting the entire retail industry.
What’s At Stake for Merchants?
Many consumers are not aware of the effects of friendly fraud on the merchant. In fact, as Gary Cardone explains, for every chargeback that is filed, the merchant bears the brunt of a $10-$35 fine.
Chargebacks are becoming an increasing problem across the industry due to the, “explosion of the online marketplace.” Cardone reported that estimates show chargebacks to be a $120 billion a year problem, as 1.78% of all transactions online get disputed.
Why Does the Problem of Friendly Fraud Continue to Grow?
The increase in chargeback rates is aided by the fact that the filing process is extremely simple. As noted by Gary Cardone:
All you need to do is log on to your online banking and click the ‘file a dispute’ link and you will receive your refund.”
-Gary Cardone
Chargebacks911® has found 81% of chargebacks are filed out of convenience. The consumer views a bank-issued chargeback as a simpler alternative to requesting a traditional refund from the merchant.
How Can Chargebacks911® Help?
While filing a chargeback may be a simple process for the consumer, it is an extremely complex management issue for everyone else involved.
That’s where Chargebacks911® can help. Not only do we excel at preventing and disputing chargebacks, Chargebacks911® also has an unrivaled understanding of the payment industry in general. We have the ability to provide our customers with a service unlike any other in the industry.
We’re the only company in the world that provides a financial guarantee…it’s almost like we are providing insurance against chargebacks,”
-Gary Cardone
Chargebacks911® offers a wide range of products that have the capability to protect and recover revenue. We provide a free diagnostic report so merchants can better understand the real problem.
As co-founder Gary Cardone points out, “It’s not about making revenue online, it’s about retaining revenue.” Contact us today to learn more about how our uniquely customized products can help improve your bottom line.
