Events | 2023.05.08
The 411 on How Contesting Chargebacks Protects Consumers’ Rights and Safeguards the Industry
Consumers want protection, and they want a quick resolution to a transaction dispute with a merchant. By facilitating the chargeback process, banks are able to bypass retailers to settle their customers’ grievances. However, when the dust settles, the merchant, bank, and consumer all pay a price — especially if the merchant simply accepts the liability because the expense of submitting a response is too high and the process too cumbersome. Monica Eaton, Founder of Chargebacks911, has witnessed the costly fallout of first-party fraud and subsequent false-positive cardholder declines. The seemingly quick-fix solution, where merchants and banks write off illegitimate consumer claims, prohibits necessary feedback from being exchanged, which exacerbates the problem by incentivizing consumers to use the chargeback process to receive refunds rather than engaging directly with merchants. Allowing invalid chargebacks, such as first-party fraud, to remain unidentified or to go unrectified is not only unfair to merchants and banks that bear the up-front costs but also robs the rights of consumers and their banks to review feedback that can inform better decisions that reduce unnecessary declines and prevent repeat issues. Proactive chargeback remediation is the only means available to combat the growth of first-party fraud and to prevent its ripple effect on the economy.
(PRWeb May 08, 2023)
Read the full story at https://www.prweb.com/releases/the_411_on_how_contesting_chargebacks_protects_consumers_rights_and_safeguards_the_industry/prweb19324372.htm
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