Interview with CEO & Co-Founder , Chargebacks911 – Monica Eaton-Cardone
- Can you tell us about your journey into this market?
While running an e-commerce site that sold luxury goods and cosmetics, I came across an issue I had never heard of before: the concept of chargebacks. Before a merchant knows it, they could be short by thousands—if not hundreds of thousands—of dollars. The thing about chargebacks, though, is they essentially render the merchant “guilty until proven innocent.” And, if a merchant gets too many claims, then the bank has the right to take all their funds and close their account.
All of the sudden, my e-commerce company had tons of chargebacks—and had no idea where they came from, or what they meant. We were using an advertising service for online promotions, and we had a surge of advertising because we paid agencies a commission on sales. Turns out that, after we paid their commission, we found out they were actually stealing credit cards, and these were fake customers. We were shipping products to customers that had never even bought our product. Chargebacks came rolling in, and we lost the money for the merchandise, the money for the transaction, and were confronted by one of the scariest situations I could ever have imagined. It was a very expensive education.
I went on the offensive. I began meeting with risk managers and studying the credit card company regulations. Then I came up with an idea: by calling customers that has filed chargebacks and finding out why, my team and I created more than 106 rules and developed the technology to accurately predict how many chargebacks we could expect, and what their risk levels were. Fintech News
For full Article - https://fintecbuzz.com/interview-with-ceo-co-foun…
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