Blog | Industry Insights
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Consumer Communication Gaps
In today’s omnichannel market environment, when a consumer completes a digital transaction and has a problem with the purchase she typically doesn’t know whom to contact. Since she has flagged the transaction on her billing statement, her first choice of contact is the issuer rather than the merchant. The reason for this is quite clear.…
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The Chargeback Triangle: Contact Points
There’s no question that the chargeback process is complex and needs fixing. The impacts of chargebacks go beyond merchants and issuers, extending to customer service personnel and consumers. It takes a commitment by merchants and issuers to open the lines of communication and a willingness to become true partners to solve the industry’s $31 billion…
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How Merchants and Issuers Can Reduce Chargebacks
According to the recent Javelin & Strategy Research report, The Chargeback Triangle, chargebacks were a $31 billion problem in 2017. Unless this cycle of costly chargebacks is broken, the problem will continue, if not worsen, in 2018. The cost of transaction disputes is not limited to merchants and issuers – consumers also suffer. Remember, many…
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The True Cost of Consumer Disputes
For merchants and issuers, the all-mighty consumer is the center of their universe. But knowing what consumers want, when they want it, and how much they’re willing to pay are the elusive aspects of a complex equation. Managing consumer chargebacks and understanding why consumers file them can be a particular challenge unto itself – but…
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Bypassing CNP Merchants: Consumer Disputes
As more retailers implement omnichannel marketing to meet consumer demand, they are learning a hard truth. The card not present (CNP) business model, while enabling consumers to shop when they want, where they want, and how they want can break down as soon as a consumer files a chargeback with their issuer. The consumer typically…
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The Chargeback Triangle: Improving Customer Loyalty
Chargebacks are a $31 billion problem that impact merchants, issuers, and customers. From the customer’s general perspective, it may appear that merchants and issuers wield all the power when it comes to managing disputes. However, reality tells merchants and issuers that the true power player in this dynamic is the customer. The customer is the…
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Collaboration: Merchants, Issuers, Consumers
The numbers don’t lie. Chargebacks are a $31 billion problem that hurts merchants, issuers, and consumers. But it is solvable if merchants and issuers take the necessary steps to make a change. The groundbreaking Verifi-sponsored Javelin Strategy & Research report, The Chargeback Triangle, digs deep to reveal the real chargeback issues and offers recommendations to…
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How to Reduce the Chargeback Burden on Merchants
For merchants, effective communication is the key to successful, ongoing relations with their client base. Whether it’s staying active with customer emails, clear website product descriptions, visible refund and return policies, or simply sharing purchase information with issuers – good communication is critical. When it comes to consumer disputes, the numbers tell us what happens…
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The Chargeback Triangle
Chargebacks are a problem for everyone involved in the dispute process – merchants, consumers, and issuers. The trickle-down effects of chargebacks extend well beyond a lost or refunded sale, with disgruntled customers and seemingly endless communication problems, increased operational expenses and reduced profits for merchants and issuers. In 2017, chargebacks amounted to a $31 billion…
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Good Customer Service Prevents Disputes and Chargebacks
Strong customer relationships are the backbone of any business. When your customers are happy and satisfied, the more likely they are to come back with return business, share social media and word-of-mouth recommendations, and be more patient with merchant errors. An important key is to ensure that merchant errors and missteps don’t happen during the…
