Chargebacks911 was founded in 2011 by former eCommerce merchants who understand the daily challenges of operating a successful business, the company has grown to more than 350 employees nowadays. Chargebacks911 serves thousands of merchants from all over the world, in order to help clients in different geographic locations serve their diverse audiences in the most customer-centric way possible. Below is our interview with Monica Eaton-Cardone, COO at Chargebacks911:
Q: Monica, could you provide our readers with a brief introduction to Chargebacks911?
A: Chargebacks911, a Global Risk Technologies company, is an international leader in the fields of chargeback management and risk mitigation. The company serves thousands of eCommerce merchants and manages more than 200 million transactions each month. Founded in 2011 by former eCommerce merchants who understand the daily challenges of operating a successful business, the company has grown to more than 350 employees. The company maintains locations throughout North America, Asia, and Europe.
Q: You’ve recently announced investment in Veridu; tell us something more?
A: We’re really pleased with the growth Chargebacks911 has experienced over the last several years. We’ve been carefully considering how to strategically expand the company even more, and that has led us to evaluate potential acquisitions and investments.
We considered several different options, but Veridu was the best compliment for our existing technology and future expansion initiatives.
Chargebacks911 is a global brand. We serve thousands of merchants from all over the world. In order to help clients in different geographic locations serve their diverse audiences in the most customer-centric way possible, our ongoing goal is to be the most agile and scalable platform available.
As a shareholder in Veridu, alongside other noteworthy payment entities like Worldpay, we are better equipped to help the payments industry as a whole reduce risk without jeopardizing revenue in the most dynamic way possible.
Q: How has Chargebacks911 evolved over the years?
A: What started as a simple chargeback consulting firm has since developed into a comprehensive solution that helps online merchants achieve optimum success with their payment processing functionality.
Our core competency is chargeback management. We help merchants address both sides of the chargeback issue—prevention and disputes. We identify and prevent threats, while also recovering revenue that would otherwise be forfeited indefinitely.
We recently introduced a three-tiered service structure so we are better equipped to help merchants of all sizes. The On-Demand option allows merchants to reach out for help whenever they want it and also provides a platform to streamline in-house operations. Using our Self-Service platform means in-house teams can see professional results through the use of our state-of-the-art software. However, our specialty has always been the Fully Managed option. This service level produces the best results and liberates significant in-house resources.
While we do excel at chargeback management, the reason Chargebacks911 is a leading eCommerce service provider is because we don’t mitigate risk independent of other elements. In today’s economy, it is impossible to ignore the effects risk management has on revenue retention. Merchants need a balanced solution—and we provide that.
Our ability to identify and address issues at every stage of the payment processing cycle allows us to optimize merchants’ overall functionality in ways they never even knew possible.
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Q: Could you explain the function and advantages of your proprietary solutions for card-not-present chargeback remediation?
A: There are two things that make Chargebacks911 an unrivaled service provider: our technology and our technique.
First, Chargebacks911’s technology is absolutely unique. We are the only company that is able to identify the true source of each chargeback. We’ve determined that there are just three causes of chargebacks—either a criminal made an unauthorized purchase, the merchant made an error, or the customer initiated an illegitimate transaction dispute.
Because chargebacks were created in a pre-internet era, the process is now archaic—but the industry continues to use it to manage modern disputes. As a result, it is nearly impossible for today’s eCommerce merchants to identify the real reason for the chargeback.
If merchants are unable to identify the source of their chargebacks, they’ll implement ineffective solutions based on incomplete data to target the wrong problem.
That’s why Chargebacks911 has created the technology needed to determine what caused the chargeback. This allows us to prevent more chargebacks because we fix the actual problems. We also are able to dispute more chargebacks, and therefore recover more revenue, because we’re able to determine which consumer claims are illegitimate.
Second, we are the only company to incorporate a level of human forensics. In the context of chargeback management, automation without human oversight can not only produce insignificant results, but it can also damage the merchant’s reputation and introduce long-term consequences.
We use our own technology in conjunction with machine learning, but these tools are enhanced with human intelligence. This produces far superior results.
Q: What are your plans for the next few months?
A: As a short-term aim, we are focused on helping our clients optimize profitability during the holiday shopping season. We want to make sure merchants are equipped to handle the influx of sales and capture as many good transactions as possible. We are also gearing up to address chargebacks, which often result from such heavy sales volume, after the first of the year.
Our long-term objectives are to explore opportunities in new verticals, as well as continue our global expansion efforts.
Chargebacks911 already provides customized services to more than 20 industries, yet there are several additional industries where chargeback rates are becoming a concern. We take a proactive approach to chargeback management, so we are eager to help these merchants with their emerging threats before they become significant liabilities.
We are also increasing our presence in Europe. For many years, European eCommerce lacked widespread adoption. However, the popularity of online shopping is quickly starting to rival that of the U.S. As such, Europe is now experiencing many of the challenges that the U.S. has already confronted. Because of our success throughout North America, Chargebacks911 is uniquely positioned to help European merchants avoid the same risks that U.S. merchants dealt with.
We’re excited about the future and what our current growth trajectory has in store for our company and the entire payments industry.Activate Social Media: