A wave of chargebacks could be headed toward the payment industry due to the Coronavirus pandemic. According to VISA, in 2015 over 2.6 million chargebacks were initiated because cardholders didn’t recognize the transactions and nearly a quarter of them were related to digital goods.
Five years later we are in the middle of a global pandemic and online transactions are up, everyone is turning to digital transactions. In Cathy’s latest XBIZ column, Segpay’s team of experts breaks down some of the major changes in the drive to eliminate chargebacks and what they mean to you.
“Chargeback resolution services continue to evolve for all card brands,” said Segpay CEO Cathy Beardsley. “For example, Mastercard is now using the Ethoca Eliminator solution that aims to mitigate incoming friendly fraud disputes on the spot providing cardholders with instant access to real-time merchant intelligence the moment a call is made to a bank or an inquiry has been made through their desktop or mobile banking app.”
Learn more about the changes to VISA’s Merchant Purchase Inquiry Program, the card brand’s call types and instant reporting and how, just like magic you can to turn a chargeback into a refund by reading the full column here.