Addressing e-commerce chargebacks effectively: An interview with Gary Cardone

Gary Cardone and Diederik Bruggink
Additional contact information
Diederik Bruggink: Head of Innovation and Payments at ESBG, Belgium

Journal of Payments Strategy & Systems, 2015, vol. 9, issue 1, 12-21

Abstract: Adhering to the Consumer Financial Protection Bureau (CFPB) regulations is challenging for banks and credit card issuers, who face difficulties at every step, including financial losses related to chargebacks. Implementing an automated system to alleviate these challenges presents its own problems, says Gary Cardone, CEO of eConsumerServices, who recommends that banks and issuers bring in a third party to handle the process. Judgment is needed over disputes in order to resolve them quickly; otherwise, when merchants fight back and consumers become upset, automation becomes the problem, rather than the solution. Cardone says partnering with a transaction dispute mediator is a viable solution that will help mitigate the rising costs of chargebacks and lower consumer dissatisfaction, and the need for the CFPB to step in. Partnering with a transaction dispute mediator will ultimately benefit and help retain consumers by providing them with personalised service, ongoing communication and fast response times.

Keywords: United States; CFPB; Consumer Financial Protection Bureau; credit card; refunds; disputes; chargebacks; dispute mediation; friendly fraud (search for similar items in EconPapers)
JEL-codes: E5 G2 (search for similar items in EconPapers)
Date: 2015
References: Add references at CitEc
Citations:

Downloads: (external link)
https://hstalks.com/article/3305/download/ (application/pdf)
https://hstalks.com/article/3305/ (text/html)
Requires a paid subscription for full access.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:aza:jpss00:y:2015:v:9:i:1:p:12-21

Access Statistics for this article

More articles in Journal of Payments Strategy & Systems from Henry Stewart Publications
Bibliographic data for series maintained by Henry Stewart Talks ().