Best Chargeback Management Solution
After several years’ absence, Ethoca is the choice of our panel of independent judges as Best Chargeback Management Solution. The Toronto-based company has built its reputation by connecting hundreds of thousands of merchants with more than 5,000 issuing banks on a network that shares intelligence about customer disputes.
The company’s newest product, Eliminator, was launched in 2018 for friendly fraud and chargeback mitigation. It is a service that provides issuers with real-time access to merchant intelligence like digital receipts, account history, refund status and more. Ethoca claims the service enables issuers to avoid as many as 70 percent of disputes that previously would have been chargebacks.
Eliminator joins Alerts as the mainstays of Ethoca’s solution lineup.
Merchants have their own fraud detection systems, and so do issuers. Usually, card issuers and merchants must identify confirmed or suspected fraudulent transactions in isolation. But, with no reliable way to collaborate and communicate with each other, all the intelligence from each side went untapped by the other. The only way card-issuing banks could communicate cardholder-confirmed fraudulent transactions with merchants was through the chargeback process. With Alerts, merchants have another way.
“Issuers send us confirmed fraud and customer dispute transactions,” the company said. “We then package this into an actionable ‘Ethoca Alert’ that is immediately sent to merchants. When merchants receive an alert in their portal, they simply mark an outcome based on their ability to stop a fraudulent order or resolve a dispute.”
According to Ethoca, the company has successfully saved merchants from more than 21,110,600 chargebacks since 2011.