Convenience in Retail Shopping Contributes to Escalation in Chargebacks
JoTo PR Client, Chargebacks911, wrote a bylined article in Newsmax titled, Despite Economic Boom, Merchants Eat Billions in Chargeback Losses.
The total estimated cost of chargebacks reached $31 billion in 2017. Even then, $31 billion a year is a conservative estimate of the real economic impact of chargebacks. Some sources say it could be as much as $80 billion or more…and the damage is spreading. So, let’s take a closer look at those figures and discuss how you can avoid all that red ink.
Obviously, a chargeback will cost you the sales revenue from the original transaction, but the impact goes far beyond the sale due to lost merchandise, transaction fees, shipping costs and chargeback fees. So, why do nearly half of all consumers file chargebacks? That’s the multibillion-dollar question, and ironically, it’s the same force that helped fuel the recent boom in eCommerce sales growth: convenience. At this point, consumers are trained to expect instant gratification, along with lower prices and supreme ease of use. Cardone recommends building a more comprehensive approach that combines rapid detection technologies with human oversight as the problem will continue to persist without action.
Chargebacks911 empowers businesses to combat constantly evolving fraud tactics and mounting customer disputes that directly threaten profitability. Operating as The Chargeback Company in Europe, Chargebacks911 has pioneered effective, industry-leading solutions designed to reduce chargeback fraud, alleviate processing costs, mitigate risk and recover revenues. The company’s unparalleled expertise and proprietary technology have earned three consecutive CNP Customer Choice Awards for Best Chargeback Management Solution, three successive AI Lions’ Den Awards for Best Airline Industry Solution, and Gold and Silver Stevie Awards from the American Business Awards (ABA). With innovative and highly scalable services ranging from Intelligence Source Detection™ (ISD) to Tactical Representment, Chargebacks911 uncovers the true source of chargebacks, battles unjustified disputes, rescues lost revenue, safeguards reputations, and defends against relentless, ever-changing cyberthreats. Discover why Chargebacks911 is a hero to the payments industry, nemesis of fraudsters and trusted protector of over 2.4 billion transactions per year, representing clients worldwide—visit https://www.chargebacks911.com.
Newsmax Finance is an online publication covering the economy, business and investment. Breaking news and analysis offer insight into the American economic and financial picture.
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