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

Author

Listed:
  • Cardone, Gary
  • Bruggink, Diederik

    (Head of Innovation and Payments at ESBG, Belgium)

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.

Suggested Citation

  • Cardone, Gary & Bruggink, Diederik, 2015. "Addressing e-commerce chargebacks effectively: An interview with Gary Cardone," Journal of Payments Strategy & Systems, Henry Stewart Publications, vol. 9(1), pages 12-21, March.
    • Handle: RePEc:aza:jpss00:y:2015:v:9:i:1:p:12-21
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    More about this item

    Keywords

    United States; CFPB; Consumer Financial Protection Bureau; credit card; refunds; disputes; chargebacks; dispute mediation; friendly fraud;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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