Retail Is Changing. Chargebacks Are, Too.
The last few years have been a wild ride for the retail sector. Online sales are growing, even as many brick-and-mortar stores try to transition to a "customer experience"-based model. Non-discretionary spending is even, while high-value sales lag. Consumers and merchants alike seem to be caught in a holding pattern, waiting to see how the situation will develop from here.
As retail changes, so does the payments industry ... and that includes the processes for chargebacks and dispute. This exclusive report explores what’s going on in the industry, how retailers can manage payment disputes and stop revenue loss, and key trends affecting retail payments now and going forward. Download your free copy now!
Most retail merchants don’t like to talk about their problems with consumers disputing purchases at the bank level—that is to say, chargebacks. Whether you want to face them or not, however, payment disputes are on the rise—and with card payments growing as well, the trend is likely to continue.
At some point in their day-to-day operations, every retailer will come face-to-face with this issue: online or offline, it’s impossible to prosper if you’re being inundated with a stream of customer claims, returns and disputes. In our world, we often hear from customers who bought too much (or bought the wrong things), then call their bank and attempt to blame the retailer for their mistake.
Many types of fraud can be effectively countered; however, to effectively manage disputes and stop this revenue loss, it’s crucial that merchants are able to identify and understand where they come from. There are three key causes behind all chargebacks; contrary to popular belief, the main culprit is not hacked accounts and stolen payment data. In fact, traditional criminal fraud patterns are actually being addressed more successfully than ever before.