Monica Eaton-Cardone’s Monthly Feature for Multichannel Merchant
Chargebacks911® COO Monica Eaton-Cardone is a highly-sought-after thought leader and contributor at a number widely-read publications. In the latest feature for Multichannel Merchant, she delves into how merchants should—and shouldn’t—try to compete with major players like Amazon.
Multichannel Merchant is a leading resource for new and information on eCommerce, marketing, and operations. Readers rely on the publication’s quality information to get the news and insights they need to succeed in omnichannel retail.
In the post, Monica discusses Amazon’s recent announcement of free, one-day shipping for Prime customers. Merchants could be tempted to cut corners here and there in response. However, they should remember never to do so with crucial verification practices.
“The card-not-present environment is already a hotbed of fraudulent activity,” Monica claims. “According to the 2018 True Cost of Fraud study from LexisNexis Risk Solutions, mid- to large-size companies lost $3.20 in fraud related costs for every $1 of fraud results last year. This takes the form of lost merchandise, chargeback fees, overhead and other threats to merchant sustainability.
“The fraud problem is already substantial but reducing your verification standards could aggravate the problem even more.”
The key, as Monica points out, is to identify which friction points hurt, and which ones help.