The recent research by Ethoca and Aite Group shows that transaction confusion is resulting in growing chargeback rates. To know more about this and discover a payment expert to compare merchant services to make the right choice, go on reading this post.
COVID-19 Impact on Industries: Compare Merchant Services
COVID-19 has shaken up almost every industry in the world. Online sales activity is growing, thus account for increased chargebacks.
Recent research in the field reveals that communication plays a crucial role in addressing chargebacks. Contacting your financial institution can help you solve the problem easily. As the research shows, cardholders need to have more insight into their purchases.
According to Aite Group’s research director Julie Conroy, if you want to underpin any digital dispute, your efforts should be focused on detailed transaction information in the digital channels and call centers.
Given the situation with chargebacks, it’s more critical than ever to work with a reputable payment specialist in the UK who can help you compare merchant services and their providers. Thanks to a reliable merchant-services comparison expert in the UK, you can be sure to fight fraud and reduce chargebacks with ease.
Global E-Commerce Sales, Fraud & Chargebacks
May 2020 witnessed an 81% increase in global retail e-commerce sales as compared to May 2019. There were sectors that had triple-digit YoY growth, as the analysis by ACI Worldwide.
The growing online activity isn’t likely to stop. Customers now feel comfortable about accessing services and making purchases over the internet. When it comes to fraud, the increasing use of online services is resulting in the rise of payment processing fraud.
The mentioned analysis shows that the fraud attempt rate was 3.4% in May. In March and April, the rates were 5.3% and 4.4%, respectively. According to ACI, this is the 1st time the fraud rate has decreased on a YoY basis. On the other hand, the average ticket price of attempted fraud rose by $18 because of electronics and retail goods.
As for non-fraudulent chargebacks, these have grown by 25% overall, and the airline and ticketing sectors have been affected dramatically, as ACI reports.
As you see, COVID-19 has put economies worldwide in a devastating situation. It’s also resulted in unprecedented online activity, thus accounting for increased chargebacks.
Author Bio:- Payment industry guru Taylor Cole is a passionate payments expert who understands the complex world of merchant accounts and can best help you compare merchant services. He also writes non-fiction, on subjects ranging from personal finance to stocks to cryptopay. He enjoys eating pie on his backyard porch, as should all right-thinking people.