ONPEX and Ethoca Help Merchants Fight Chargebacks from Friendly Fraud
Press Release: ONPEX partners with global technology company to help CNP merchants and card issuers prevent friendly fraud.
Munich, Germany, 14th June 2016: Award-winning ONPEX, The Online Payment Exchange, is proud to announce a new partnership with Ethoca, a global collaboration-based technology company. It is focused on helping CNP merchants and card issuers increase card acceptance and stop ecommerce fraud and disputes.
Ethoca’s collaboration platform and alerting technology is a simple and highly effective solution that helps card issuers and merchants each stop fraud that would otherwise go undetected by the other party. It also supports an increased acceptance on good transactions that would otherwise be wrongly rejected due to suspicion of fraud and improves customer satisfaction.
ONPEX partnered with Ethoca to provide a faster, more cost-effective and customer friendly alternative to the chargeback process. Ethoca Alerts provides an early warning on fraud and disputes that have already been confirmed by cardholders. This gives merchants the opportunity to stop fraud, halt the delivery of goods and service, and issue refunds to avoid impending chargebacks. Many of these chargebacks stem from what is commonly called ‘friendly fraud’ – transactions that are, in many cases, fraudulently disputed by cardholders for reasons such as buyer’s remorse.
ONPEX will now offer Ethoca’s award-winning service to its merchant customers so they can eliminate the increasing volume of chargebacks that result from this growing problem. The scale of the problem is costing merchants billions each year, with Visa estimating 2014 costs of $11.8bn in the U.S. alone.
Christoph Tutsch, ONPEX’ CEO, said: “ONPEX is about making payments simple, automated and transparent. A critical element of this transparency is sharing information between the merchant and issuer. Ethoca’s collaborative approach gives merchants and issuers vital intelligence to mitigate the damaging consequences of chargebacks.”
Andre Edelbrock, CEO & Co-Founder, Ethoca, said: “Ethoca’s goal is to make ecommerce simply about commerce. That means removing all of the friction and disputes that prevent merchants from serving their customers and card issuers from creating the best experience for their cardholders. Removing fraud and chargebacks from the ecosystem altogether is the only way to accomplish this. Our network has made it possible for millions of chargebacks to be removed from the system, and we look forward to bringing this power to the ONPEX global network.”
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Notes to Editor
ONPEX helps businesses build their own financial services. We provide multi-currency IBAN accounts and acquiring powered by flexible, API-driven technology to create simple, compliant, and cost-efficient payment and banking solutions.