The transaction dispute problem is not slowing down. In fact, industry experts predict that chargebacks and transaction disputes will get worse before they get better. This is exactly why issuers must be proactive to avoid the costs, resource drain, and the possible increase in customer attrition caused by unnecessary and fraudulent chargeback disputes. Due to the increasing adoption of m-commerce and e-commerce purchasing, connection … [Read more...]
Industry Insights
Safeguard Customer Data
No one wants to hear about the latest data breach and where it hit. Consumers get very nervous when they’re reminded that their personal data is not secure. The last thing a merchant wants is to be associated with a data breach, and issuers get extremely uncomfortable about what the threat to their deep databases could mean to their customer security and loyalty. Data security plays an integral role in e-commerce. It should be top-of-mind for … [Read more...]
Chargebacks: The Merchant’s Perspective
Chargebacks shouldn’t have to be part of the of the cost of doing business, but for many merchants this is their reality. The payments industry uptick in chargebacks and their associated costs have made it very challenging for merchants to stay true on their path of success. Because merchants absorb the majority of costs resulting from chargebacks and fraud, it is in their best interest to take action. This means deploying advanced payment … [Read more...]
Chargebacks: Getting to the Root of the Problem
The transaction dispute process is broken. Introduced over 40 years ago, it has not evolved to keep pace with advances in payments and technology. This has created an environment that allows fraudsters to match or exceed technological advances in chargeback fraud. What has also developed is an increase in confusion experienced by consumers who do not know where to turn when they have a problem with their transaction. This is due in part to … [Read more...]
Internet of Things: More Payment Channels, More Need for Protection
A refrigerator that knows when there isn’t enough milk for breakfast. Lightbulbs that react to motion and change color based on a programmed schedule. Smart speakers that know when it’s time to restock the dog food and buy more paper towels…. The connected life is here to stay. What started with relatively simple technology to power smart phones and smart watches has quickly evolved into the exciting and challenging domain of the Internet of … [Read more...]
Protecting Merchant Patronage
There is no question that the internet has revolutionized commerce. Purchases happen in an instant with a few clicks, swipes, and taps – and a brand’s success can hinge on a merchant’s ability to deliver a smooth transaction process to their unforgiving consumers. But meeting these expectations has had unintended consequences – a broken chargeback system that cost the industry $31 billion in 2017, $19 billion of which was absorbed by … [Read more...]
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. The card-not-present (CNP) business model doesn’t require direct interaction between the merchant and the … [Read more...]
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 chargeback problem. If successful, merchants and issuers can collaborate, help themselves, … [Read more...]
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 consumers file chargebacks because they simply don’t know whom to contact with their questions … [Read more...]
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 paramount to success. Follow the trail of consumer chargebacks and you’ll invariably discover a tangled web … [Read more...]
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