Chargebacks911® Director of Card Scheme Compliance Answers the Most Frequently-Asked Payments Questions
The COVID-19 outbreak has been a massively-disruptive force in just about every business vertical, and the payments space is no exception. In response, Tracy Cray of Chargebacks911 sat down with Stefana Ivan of The Paypers to address some of the most frequently asked questions arising from the current situation.
The Paypers is the Netherlands-based leading independent source of news and intelligence for professionals in the global payment community. The outlet provides a wide range of news and analysis products aimed at keeping the e-commerce, fintech, and payment professionals informed about the latest developments in the industry.
Banks are receiving a surge in chargeback activity, which Tracy attributes to a number of factors. While brick-and-mortar outlets remain closed and customers shop online, businesses face “potential supply chain disruption, delivery delays, and volatility, as well as labor shortages if workers are forced to quarantine themselves,” Tracy explains. “Consequently, that combination of increased traffic with a reduced capacity to handle the transaction volume will cause substantial problems with deliveries for many businesses, resulting in a greater number of chargebacks.”
The situation is temporary. However, Tracy predicts we’ll see long-term ramifications that could change the payments industry forever. Merchants, acquirers, and card networks need to be adaptable to respond as the situation develops.
“There’s a huge amount of uncertainty at the moment, with both consumers and merchants facing challenges. Being adaptable and responsive with your procedures will foster a positive customer image and prevent additional problems.”
