CellPoint Digital partners with Chargebacks911
CellPoint Digital has partnered with Chargebacks911 to provide chargeback prevention, management and resolution to its clients.
Chargebacks911 is the first global company dedicated to helping merchants combat post-transactional fraud. Chargebacks911 has 100+ subject matter experts and supports 27 different industries – working closely with some of the largest retailers. It manages over 2.4 billion transactions every month and benefits the entire value chain, delivering positive results for merchants, acquirers and issuers. The platform provides a centralised system for aggregating chargebacks and dispute related data, to automate transmission files across multiple providers. Chargebacks911 offers a fully agnostic, single integration point.
Kristian Gjerding, CellPoint Digital CEO, said: “We’re incredibly excited to start working with Chargebacks911. Its global footprint and breakthrough technology makes it the natural choice to be our exclusive partner in providing merchants with chargeback management solutions.
“Its chargeback solutions and our payment orchestration platform will make a powerful combination for mid-market and enterprise clients across verticals, especially considering the explosive growth of ecommerce and cross-border transactions, and the anticipated related growth in chargebacks.”
For every $100 charged back, a merchant experiences $240 in expenses. Costs include card transaction fees, chargeback fees, operational costs, and brand damage. This makes chargebacks an enormous and costly pain point for merchants – in 2021 alone, chargebacks cost merchants $125 billion in lost revenue.
The growth in digital payments due to the boom in eCommerce and increased fraud regulations are expected to further add to the size and complexity of chargebacks that businesses face in the future.
Eric Deraspe, Chargebacks911’s CCO, added: “Merchants using multiple processors need a centralised system for consolidating chargeback data, and this capability is part of the core functionality we provide to merchants. We feel that CellPoint Digital’s position as the global leader in payments orchestration and our global merchant footprint and mutual commitment to innovation makes this a perfect partnership to make a real difference for merchants and how they prevent and manage chargebacks.”
The announcement follows the release of the 2021 Chargeback Field Report. It found that a majority of merchants reported an increase in criminal fraud between 2018 and 2021; the average reported increase was 21%. It also found merchants cited a lower chargeback rate and increased revenue as the top benefits of working with a third-party to manage their chargeback responses.