Europe’s first chargeback compliance specialist launches new guide for merchants to help identify and tackle rising levels of chargebacks
Global Risk Technologies™, a leading technology company specialising in chargeback compliance, has released a new Chargeback Playbook that details the top six most common pitfalls that merchants need to look out for in relation to chargebacks.
UK online spending is expected to grow by 14% to reach £156.67bn in 2015 and chargebacks are threatening merchants like never before, costing over €10bn (£7.5bn) in industry losses, compared to around €2bn (£1.4bn) lost through ID fraud, according to Visa.
All merchants will at some point deal with chargebacks. As well as losing the money when a disputed card payment is charged back to them by their bank, they lose the cost of the goods or service they provided.
Monica Eaton-Cardone, CIO and co-founder of Global Risk Technologies™ said: “Friendly fraud chargebacks are the hidden problem of the retail world. We have released this playbook to provide an easy-to-follow guide for merchants that will help to reduce their chargeback losses. The worry for many of them is that they often do not know about the problem until they get hit with a chargeback. By working out a plan of action in advance, merchants can reduce the risk of chargebacks happening in the first place. But when they do occur, decisive steps are key.”
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