The Necessity of Having Merchant Chargeback Protection

The main target of introducing the chargeback process was to protect the consumers against unethical and dishonest merchants. A chargeback helps the consumer to forcibly take the money out of the merchant’s account. The bank retrieves the transaction of the consumers. A chargeback is something that every trader faces, sometimes genuine but other times fake ones. It can drain your time and energy, leaving you frustrated. Friendly fraud is yet another term that is prevalent today – also called chargeback fraud. It is the process when the consumers abuse the chargeback process to steal from the merchants, claiming that the genuine purchases and transactions are fraudulent. This has made the process a deadly weapon even against conscientious traders. merchant chargeback protection is thus as essential as the consumer’s protection.

Some services provide the online merchants’ safety against such frauds, and Ethoca is also one of them. It is a global and leading provider enabling issuers, online businesses, and e-commerce merchants to fight fraud, eliminate chargebacks, and recover lost revenue from customer disputes as well as frauds. The Ethoca network bridges the information gap between the merchants and issuers to make real-time insights and actions possible.

Here are the good things that happen to the businesses when joining an Ethoca network:

• Fighting fraud

Fraudsters keep adapting accordingly, making it complex to address the false chargeback issues. The core reason is the lack of communication between merchants and card issuers, resulting in avoidable losses. Whenever a fraud strikes your business, Ethoca helps to recover that.

• Eliminates chargebacks

It helps you reduce the risk of chargebacks to a minimum by building a bridge of rich data exchange between card issuers and merchants.

• Increased acceptance

It boosts the level of acceptance by instilling confidence in traders to take more transactions – alerting them about possible CNP fraud before it gets too late.

Apart from these, it also helps you to recover the lost revenues and better experience with lesser frustrations and more smiles. Taking merchant chargeback protection thus becomes an essential tool for businesses. Ethoca uses collaborative technology with payment stakeholders and provides businesses with an improved online experience altogether leading to growth.