Chargebacks 911
Consumers should only use chargebacks as a last resort, and never before making several attempts to resolve an issue directly with a merchant.
Tampa Bay, FL (PRWEB) August 21, 2013
Chargebacks, which occur when credit card issuers withdraw money for a transaction from a merchant’s account and return it to the consumer following a dispute, have become a major inconvenience for online merchants. Although chargebacks were created to protect consumers, many people today are abusing the system and costing merchants lost fees and merchandise. Dispute mitigations company Chargebacks 911 says that merchants and consumers can begin to restore balance with the help of consumer education.
Consumers today are savvy regarding their credit card rights—the chargeback was a tool created to act as a weapon of last resort to protect consumers from dishonest merchants and/or fraudulent activity. But now, some consumers are taking advantage of this tool and essentially getting products and services for nothing in return. By way of a practice dubbed “friendly fraud,” dishonest consumers are buying products and then disputing the charge via chargebacks, with the result that the consumers get the products and also receive their money back after the chargebacks are processed by their card issuers.
Co-founder of Chargebacks 911, Monica Eaton-Cardone, maintains that the issue surrounding chargebacks is that for the consumers who file them, there aren’t many visible consequences. However, per Eaton-Cardone, consumers should realize that numerous chargebacks can cause consequences that, while not initially tangible, can weigh heavily on consumers.
While there are consumers who knowingly abuse the chargebacks system, Eaton-Cardone states that many consumers are often ignorant of the side effects of chargebacks—side effects that can easily be assuaged by consumers making educated decisions when it comes to charge disputes, according to Eaton-Cardone.
The Resolution
Eaton-Cardone asserts that education for consumers could go a long way in reestablishing balance in the e-commerce industry—consumers should consider the following before initiating a chargeback:
● Despite what consumers have been led to believe, there are consequences.
o Consumers need to realize that costs associated with chargebacks will steadily trickle down to their pockets, resulting in higher credit card fees and product prices.
● Filing a chargeback does not always guarantee a refund.
o Merchants can fight, and win, on chargebacks—don’t assume that initiating a chargeback will result in a full refund.
● Online merchants often track consumers’ purchase activity.
o For consumers who regularly file chargebacks, retailers may keep records of such instances in order to prevent the same customers from making purchases in the future.
“Consumers should only use chargebacks as a last resort, and never before making several attempts to resolve an issue directly with a merchant,” said Eaton-Cardone. “Without protective mechanisms in place for consumers and merchants, both parties suffer losses.”
Chargebacks 911 was created by Eaton-Cardone, a former online retailer, to provide solutions to merchants’ chargeback issues. After her own trial and error in experiences with chargeback issues, she formed Chargebacks911 to provide fast and reliable services that not only help to recoup the loss of funds as a result of increasing chargebacks, but to also curb future chargebacks so that merchants retain all processing abilities.
Chargebacks911 specializes in servicing merchants and the majority of banking institutions.
About Chargebacks911:
Co-founder Monica Eaton-Cardone established Chargebacks911 in September, 2012, out of necessity after many years as a merchant struggling to find a solution to chargeback issues. Chargebacks911 was developed specifically for merchants, offering immediate aid through proprietary technology and providing the necessary functions that give merchants the freedom to focus on their core competency and optimize their in-house skill set. Chargebacks911 specializes in servicing Internet merchants, and offers both response and resolution services for chargebacks and cardholder disputes. The company works with merchant clients to help them keep their dispute rates down and retain their ability to accept credit cards. Chargebacks911 provides a unique exception to standard dispute processing for dissatisfied consumers who wish to remedy transactional disputes without the requirement of additional intermediaries or lengthy correspondence requirements. For more information, visit http://www.chargebacks911.com.