With the CFPB's future in the hands of the Supreme Court, Chargebacks911 Founder Monica Eaton says more collaboration between banks and businesses is needed to protect consumers should existing regulation come undone in 2023.
Entrepreneur is an American magazine and website that carries news stories about entrepreneurship, small business management, and business. The magazine was first published in 1977. It is published by Entrepreneur Media Inc., headquartered in Irvine, California.
How best to handle payment disputes that arise between cardholders and merchants is a point of some controversy. The problem is framed as a zero-sum contest in which the needs of merchants must be weighed against the rights of cardholders. Conventional wisdom says that anything benefitting merchants must do so at the expense of cardholders… and vice versa.
What if this conversation could focus on solutions that solve problems for each entity involved, though?
“The path forward isn't to try and protect one party at the expense of another,” Monica writes. “Instead, it's to develop strategies that serve the needs of merchants, cardholders, and banks. By advancing the old way of thinking about how to solve a legacy problem with a historically flawed mindset, we can open the door to fairer policies and easier data exchange processes, far better positioned to drive improvement and bolster cardholder protection.”
Striking a balance through technology is a "win-win" that benefits cardholders, banks, and merchants alike. It should be the objective of all parties, including regulators like those at the CFPB, to advocate for technological solutions to our present-day problems.
