BRC and Chargebacks911 support retailers struggling with payment disputes

BRC and Chargebacks911 support retailers struggling with payment disputes
23.07.2019 11:13 am

BRC and Chargebacks911 support retailers struggling with payment disputes

Payments , Security , Fraud Detection , Compliance , Risk Management

 The go-to trade association for all UK retailers, British Retail Consortium (BRC), is working with cutting-edge dispute processing and remediation company, Chargebacks911, to help its members better understand how to combat friendly fraud and chargebacks.

The partnership aims to slow the rapid growth of chargeback rates which continue to negatively impact retailer profits – UK online transactions grew by 7.5% in the last year alone, while related chargebacks rose by 23%.

In their new report, Going head-to-head with friendly fraud, Chargebacks911 and the BRC explore why the retail industry is being hit with more chargebacks than ever before, how financial institutions are adapting, and what retailers can do about this £100+ billion problem.

Discussing the issue, Monica Eaton-Cardone, COO and co-founder of Chargebacks911, explained: “So far this year, there have been over 140 rule changes surrounding the chargeback dispute process. Retailers were already struggling to understand how to handle disputes, but now it’s even more difficult to keep up – and they’re facing penalties and loss of revenue as a result.”

According to Monica, businesses struggle to identify invalid disputes, so often end up rejecting genuine payments and paying billions in administrative costs each year. And it’s not just these merchants who suffer – identifying fraudulent chargebacks costs acquiring and issuing banks unnecessary time, money and resources too.

Eaton-Cardone continued: “Making sure everyone is up to speed with the latest regulations is crucial if we want to tackle this industry-wide issue.”

Along with increased regulations for retailers, the report highlights how the demand for innovation in the shopping experience can also negatively impact payment disputes.

Andrew Cregan, Policy Advisor (Head of Payments) at BRC, noted: “While many retailers implement technologies like mobile commerce, voice commerce and one-click payments to compete with rivals and grow their customer base, without proper procedures in place to handle potential disputes, these payment methods can dramatically increase chargeback rates.

“Working with Chargebacks911, our goal is to keep retailers innovating and evolving to match customer demand in a way that doesn’t eat away at their profit margins.

“We’re delighted to be supporting an initiative that encourages open communication, education and support for all retailers, banks and card schemes – keeping card payments growing and payment disputes low in this digital era.”

As well as publishing an in-depth guide to chargebacks – the genuine and the fraudulent – Andrew and Monica will be co-hosting a webinar next month on the latest trends that retailers should be aware of, revenue-enhancing tips, and the chance for retailers to quiz the experts.

The webinar and Q&A session will take place on 22nd August 2019. To sign-up, go to: https://brc.org.uk/events/payments-retail-the-impact-of-friendly-fraud.

For advice on how to adapt to the changing retail environment, download the full report, Going head-to-head with friendly fraud, here: https://ad.chargebacks911.com/special-retailer-report.

 

Related News

ACI Worldwide to Deliver Universal Payments Technology Via Microsoft Azure

ACI Worldwide (NASDAQ: ACIW), a leading global provider of real-time ... Read more »

EMVCo Enhances Industry Engagement Programme

EMVCo has reaffirmed its commitment to industry engagement with the launch of an enhanced EMVCo Associates Programme (EAP), increasing the number of organisations that are... Read more »

nexo standards Welcomes First Member from India

Payment solution provider, Girmiti Software, is today announced as the latest company to join the membership base of industry association, ... Read more »

Financial literacy fintech PCKT Money chooses Nets for card processing

European payments leader, Nets, today announces it is delivering issuer card processing and API services to ... Read more »

Taking the strain of PSD2 off banks: equensWorldline bank clients successfully obtained exemption from the fall-back mechanism for XS2A dedicated interface

equensWorldline, a subsidiary of Worldline, the European market leader in payments and transactional services industry, is proud to announce that the company has... Read more »

Icon Solutions revealed:Only 9% of the world’s top tier banks are effectively monetising payments data

Icon Solutionsthe leading provider of technology solutions and payments expertise, today revealed... Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel