Article: Ethoca Launches Integrated Solution Suite To Eradicate 90 Percent Of Chargebacks
As seen in PYMNTS
Ethoca, a provider of collaboration-based technology solutions for credit card companies and online merchants, has announced the launch of its new Integrated Solution Suite.
The suite of products can work to abate up to 90 percent of chargebacks from genuine fraud, first-party fraud and false claims.
“Ethoca’s belief is that a layered approach — powered by the global collaboration network we pioneered — is the only real solution to combat the pervasive friction and poor customer experience typical of today’s eCommerce environment,” said Keith Briscoe, chief marketing and product officer at Ethoca. “Aiming to eradicate 90% of chargebacks while laying a new foundation for a transaction acceptance experience where no good customer is turned away is our current mission. This new solution suite takes us one step closer to our vision: creating a new set of rails for the rapid exchange of rich transaction data and intelligence designed to finally make frictionless eCommerce a reality.”
Fraud of all types is on the rise, affecting both customer satisfaction and merchants’ bottom lines. In particular, false declines — when legitimate customers are wrongly declined because of the risk of fraud — continue to be a problem for both. For every $1 in confirmed fraud, $13 in legitimate transactions are falsely rejected.
And customers dealing with a false decline will usually do one of three things: choose to abandon purchases at trusted eCommerce websites, use a different payment card or, in 39 percent of cases, abandon the purchase altogether.
Ethoca’s suite offers three lines of defense. Ethoca Eliminator allows card issuers to use deep merchant intelligence (shopping cart details, IP address, account details, etc.) at the first moment a cardholder clicks on a transaction.
Meanwhile, Ethoca Alerts — the company’s flagship product launched in 2010 — can provide confirmation of fraudulent or disputed transactions to Ethoca. Card issuers who use it are able to avoid costly chargeback processing fees.
Finally, Enhanced Representments is an automated solution focused on disputing chargebacks based on Ethoca’s deep understanding of chargeback processing and evidence rules.