Chargebacks: Losing Your Merchant Account Services?
Fraud of all types is on the rise all around the globe. Chargebacks are a serious problem for eCommerce merchants. Are you dealing with higher rates of chargebacks? Do you need a high risk merchant account for your online business? Just read this article to get answers to your questions.
Growing Fraud and Chargebacks
eCommerce chargebacks are at their highest levels all over the world. This is mainly caused by friendly fraud. How? Customers make and receive an online purchase. Then, they issue a chargeback with their credit card issuer and claim they haven’t received it.
The cases of friendly fraud have skyrocketed across the globe. By the way, friendly fraud accounts for the majority of cases of chargebacks. In fact, roughly 4 out of 5 chargebacks filed have no proper justification.
According to recent research, because of fraudulent chargebacks, merchants are expected to lose nearly $25 billion by 2020. Based on the data presented by Javelin at MRC Vegas 2018, chargebacks and related costs accounted for almost $31 billion in 2017, nearly doubling the total losses in 2013.
Are you a merchant trying to fight fraud and reduce chargebacks successfully? Look for a …