And what you can do about it
Current chargebacks statistics are a bit daunting. Costing businesses over $80 billion annually, chargebacks are a formidable foe for many business owners. Especially frustrating is the knowledge that 60-80% of chargebacks are caused by “friendly fraud,” AKA chargebacks from customers trying to circumvent the typical returns process, or who forgot that they ordered a product and didn’t recognize your business name on their credit card bill. Stats like these can send shivers down your spine. The good news is there are now efficient and automated ways to monitor and manage chargebacks. LimeLight’s Chargeback Alerts and Representments service is a great way to start.