ECommerce merchants today are casting a wider, more global net than ever before. Remaining ahead of the pack requires a creative and innovative approach to customer experience. With countless alternatives, consumers have little patience for rigid checkout processes that pile on friction and setbacks. Merchants must constantly balance their need to deter card-not-present (CNP) fraud with the goals of approving as many good orders as possible and delighting their customers with seamless shopping ﬂows.
In this balancing act, chargebacks are inescapable. Intended as a consumer protection tool, a chargeback occurs when the cardholder notiﬁes their card issuer that a transaction was unauthorized or otherwise problematic and requests a refund. The issuer then withdraws the funds from the merchant’s account and returns it to the cardholder. By deploying an advanced fraud detection solution, merchants can greatly mitigate this risk.
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