Mastercard is set to rollout Mastercom Collaboration in early 2023. In response, Monica Eaton of Chargebacks911 decided to break down the new platform, explaining how it will work and the response options available.
The Payments Association is the largest community in payments. Founded in 2008, the association operates in the UK, EU and Asia, helping almost 300 companies enhance their commercial interests, solve societal problems such as financial exclusion and evaluate new opportunities for innovation in payments.
Mastercom Collaboration is an enhanced version of its current platform. The new technology will enable merchants and acquirers to settle payment disputes before they becomes formal chargebacks.
“Banks have struggled for years to walk a line between serving their customers and facilitating chargeback abuse,” Monica says. “It has often been forced to err on the side of their customers to maintain trust. With Mastercom Collaboration in place, though, it will be much easier to segment abuse from genuine chargeback claims.”
The new platform presents some long-anticipated changes, which will make the chargeback process more fair for merchants.
“Whatever route the collaboration request takes to reach the merchant, the result is the same. The merchant will now have the benefit of making an informed decision on a dispute before it becomes a chargeback. This saves them the subsequent cost and the hassle of engaging with the dispute resolution process should they choose to do so.”
