The Impact of COVID-19
The COVID-19 pandemic has impacted practically every firm in every industry in every corner of the planet. Everything was affected, from customer service and refunds to inventory and delivery.
Chargeback management tactics and workflows were also changed for some businesses. For example, news outlets, payment processors, and merchant surveys reported that the following issues were frequently encountered by businesses.
- Why Because chargeback letters were mailed to closed offices, teams compelled to work remotely were unable to receive them.
- If chargeback notices were received, they sometimes arrived after the response date due to increased demand on mail systems.
- Fighting chargebacks and recovering lost income became less of a priority as a result of the several risks that faced day-to-day operations — inventory shortages, shipping delays, and social distance needs —
- Why When chargeback traffic rose, teams utilizing manual processes were unable to keep up and meet deadlines.
- Companies without adequate data analysis systems were unable to assess the effectiveness of their plans.
New and changing laws perplexed merchants. They were confused, for example, if they were required to offer a return for canceled services or if a credit voucher was acceptable. As transaction volumes increased, so did fraud threats, which businesses were unprepared for.
The COVID-19 pandemic impacted the retailers included in The Year in Chargebacks report, just like it did millions of other businesses throughout the world. Chargeback management, on the other hand, was not one of the areas of business that was heavily damaged.
TOOLS FOR IDENTITY VERIFICATION
During the COVID-19 pandemic, a slew of painful lessons were acquired. One of the most crucial realizations is that stability is a figment of the imagination that can be destroyed at any time. A firm that is operating smoothly and profitably one day may be completely disrupted the next.
The Year in Chargebacks report offers never-before-seen data. The information can be used as a standard for merchants to assess their own chargeback management initiatives.
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