Global dispute remediation at scale

Founded in Tampa Bay, Fla., by Monica Eaton-Cardone and Gary Cardone, Chargebacks911 prides itself on having protected more than 10 billion online transactions and recovered over $1 billion in falsely disputed and stolen revenue.

Today, the firm offers chargeback management, remediation and dispute resolution to merchants in 87 countries, employing more than 400 fintech professionals in North America, Europe and Asia. A sister company, Fi911, provides dispute management services to banks and serves some of the world's leading financial institutions.

Eaton-Cardone, the company's co-founder and chief operations officer, stated that chargebacks were once considered an unavoidable cost of doing business, but the company has worked hard to alter that perception. "It's now widely acknowledged how systemically unfair the chargeback process can be to sellers, and many want to join our campaign for change," she said.

Gary Cardone, chief executive officer of Chargebacks911, agreed, stating chargeback mitigation is a timely resource for service providers when global ecommerce is on the rise. "We will continue to innovate and expand our technology and solutions to support growing, multi-acquired, multi-currency and multi-lingual merchants and FIs who are raring to take advantage of expanding global opportunities," he said.

Milestones, teamwork

Reflecting on the company's expansion over the past decade, Eaton-Cardone credited employees for helping raise chargeback and fraud awareness and inspire change both inside and outside of financial services. The company and its knowledgeable staff have helped educate students, banks and cardholders by supporting charitable causes and by partnering with Citibank, American Express and Bank of America on educational initiatives, she pointed out.

Eaton-Cardone also authored the book, Chargebacks for Dummies, a free consumer resource, and has hosted Chargeback University seminars in London, Toronto, New York, Chicago, San Francisco and Los Angeles. "Initially, raising awareness was an uphill battle, but in the past few years there's been a seismic shift in public opinion," Eaton-Cardone said. "Instead of automatically blaming the sellers, there is now an acceptance that fraud can go both ways in the merchant-consumer relationship."

Built for growth

Chargebacks911 and Fi911 are dedicated to mitigating chargeback risk and eliminating chargeback fraud, Eaton-Cardone noted. They also work with merchants and service providers in a variety of industries to help them maximize revenue and reduce loss, she said, adding that the company has constantly refined, adapted and scaled its technology suite and solutions for managing chargeback compliance and fraud mitigation strategies.

She also emphasized that the payments industry and financial services sectors can help decrease the negative impact of chargebacks, and this will in turn help payments industry stakeholders increase revenue retention to ensure sustainable growth.

To this end, Chargebacks911 and Fi911 combine human expertise with advanced automated technologies and artificial intelligence to get to the heart of chargeback issues. "Our Intelligence Source Detection technology can help identify the true source of chargebacks," Eaton-Cardone said. "This helps partners and clients recover revenue, effectively mediate disputes, safeguard reputations, and proactively prevent future fraud."

Protecting merchants, consumers

"When the cost of fraud rises for the merchant, eventually it's going to result in higher prices for the consumer," Eaton-Cardone said. "That's why chargeback fraud is like a multibillion-dollar hidden tax on online products."

Noting that continued ecommerce growth is expected in the next 10 years, Eaton-Cardone pointed out that companies like Chargeback911 will play a critical role in protecting digital commerce. "There is big change coming over the next decade," Eaton-Cardone said.

"We are dealing with a structural and permanent shift in merchant-led technology and consumer behavior. In order to reduce the billions that will be lost to invalid payment disputes, we must continue our push for industry-wide effective chargeback management systems, updated dispute rules based on modern (and future) commerce, and adequate support for both merchants and financial institutions."

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