Chargebacks911® COO Monica Eaton-Cardone’s New Guest Feature for The Paypers
Chargebacks are a costly, time-consuming, and persistent problem for online merchants, and for the banks who work with them. There are ways to fight back, though, and recover lost time and revenue. In her new feature for The Paypers, Chargebacks911 COO Monica Eaton-Cardone addresses these challenges, and explains how businesses can regain profitability lost to disputes.
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As things stand, chargebacks are a costly—and fast-growing—source of revenue loss. 56% of respondents to a recent study found that friendly fraud incidents increased over the last three years. As Monica points out, recent rule changes are failing to get to the heart of the matter.
“A huge 82% of respondents believed that Visa’s rule changes – Visa Claims Resolution (VCR) – had little or no impact on chargeback management,” she says. “And over half of merchants do not believe that the regulation has impacted chargebacks at all, claiming that the number of chargebacks hasn’t changed since VCR was implemented.”
There are technologies available that could help with these and other ongoing issues. The problem lies in the lack of awareness among merchants. With Visa Merchant Purchase Inquiry, for instance, “…just 2% of merchants adopted the solution,” Monica claims, “which could explain why the rule changes weren’t as effective as intended.”