News from the Wire

Onpex, Ethoca partner to help CNP merchants fight chargebacks

Tuesday, May 31, 2016 — 18:28:38 (EDT)

London, May 31, 2016 -- Award-winning ONPEX, The Online Payment Exchange, is proud to announce a new partnership with Ethoca, a global collaboration-based technology company. It is focused on helping CNP merchants and card issuers increase card acceptance and stop ecommerce fraud and disputes.

Ethoca’s collaboration platform and alerting technology is a simple and highly effective solution that helps card issuers and merchants each stop fraud that would otherwise go undetected by the other party. It also supports an increased acceptance on good transactions that would otherwise be wrongly rejected due to suspicion of fraud and improves customer satisfaction.

ONPEX partnered with Ethoca to provide a faster, more cost-effective and customer friendly alternative to the chargeback process. Ethoca Alerts provides an early warning on fraud and disputes that have already been confirmed by cardholders. This gives merchants the opportunity to stop fraud, halt the delivery of goods and service, and issue refunds to avoid impending chargebacks. Many of these chargebacks stem from what is commonly called ‘friendly fraud’ – transactions that are, in many cases, fraudulently disputed by cardholders for reasons such as buyer’s remorse.

ONPEX will now offer Ethoca’s award-winning service to its merchant customers so they can eliminate the increasing volume of chargebacks that result from this growing problem. The scale of the problem is costing merchants billions each year, with Visa estimating 2014 costs of $11.8bn in the U.S. alone.

Christoph Tutsch, ONPEX CEO, said: “ONPEX is about making payments simple, automated and transparent. A critical element of this transparency is sharing information between the merchant and issuer. Ethoca’s collaborative approach gives merchants and issuers vital intelligence to mitigate the damaging consequences of chargebacks.”

Andre Edelbrock, CEO & Co-Founder, Ethoca, said: “Ethoca’s goal is to make ecommerce simply about commerce. That means removing all of the friction and disputes that prevent merchants from serving their customers and card issuers from creating the best experience for their cardholders. Removing fraud and chargebacks from the ecosystem altogether is the only way to accomplish this. Our network has made it possible for millions of chargebacks to be removed from the system, and we look forward to bringing this power to the ONPEX global network.”

About Ethoca

Ethoca is the leading, global provider of collaboration-based technology that enables card issuers, and ecommerce merchants to increase card acceptance, stop more fraud, recover lost revenue and eliminate chargebacks from both fraud and customer service disputes. Through the Ethoca Network we are closing the information gap between card issuers and merchants. This unique capability makes fraud and customer dispute insight available and actionable in real time. Over 545 card issuers and more than 3,500 merchants around the world rely on Ethoca solutions and the network that powers them. To find out more, please visit us online at www.ethoca.com .

About ONPEX

ONPEX is a global, white-label cloud payment solution combining local and cross-border card processing and international alternative payment methods on one omni-channel Platform as a Service (PaaS). ONPEX solutions accelerate international expansion and the development of banks, PSPs, ISOs and developers and offer the flexibility they need to grow globally in the payment business. ONPEX has connectivity to hundreds of acquirers, alternative payment methods and payment related solutions internationally and operates entities in Europe, North America and Asia. For more information about ONPEX, please visit www.onpex.com .

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Source: Company press release.