Nicole Junkermann discusses chargebacks
Nicole Junkermann of NJF Capital discusses online fraud, which is growing nearly twice as quickly as online sales in the US, with e-commerce fraud rising 30% in 2017, against a 16% rise in online sales.
In the US, fraudulent transactions are dealt with via chargebacks.
Chargebacks are refunds initiated by the consumer’s bank after a claim of fraud or non-delivery of goods/ services.
Retailers incurring chargebacks lose money on chargeback fees and time spent managing chargeback claims, on top of the money refunded.
E-commerce sites who exceed the industry standard maximum of a 1% chargeback rate risk being dubbed a high-risk merchant and losing their merchant account.
Checkout experience platform Bolt have created an e-book advising on-line retailers how to minimise chargeback disputes.
Bolt is the world’s first checkout experience platform. Bolt aims to reinvent the e-commerce payments stack top to bottom with a suite of tools designed to streamline transactions across web platforms.