Chargebacks911 won Gold and Silver Stevie Awards in The 2016 American Business Awards for Best Business-to-Business Product and New Product of the Year - Software Commerce Solution.
We spoke with Gary Cardone, CEO of Chargebacks911 to learn more about the organization and what winning Stevie Awards has meant to their successes.
In a sentence or two, what does your organization do?
Chargebacks911 is dedicated to eliminating chargeback fraud (friendly fraud, family fraud, unauthorized claims and mis-coded disputes) for merchants, issuers, and acquirers. Last year, we safeguarded over 2.4 billion online transactions in 87 countries, working hand-in-hand with thousands of e-stores all over the world. In a nutshell, we take the guess work out of chargebacks, which means reducing costs, enriching understanding, and recovering revenue.
What is the vision behind your organization?
Our vision is simple: begin and end with a win-win scenario. When it comes to chargeback fraud, everyone is victimized: merchants pay fees and lose money to fake claims, banks devote expensive resources, and consumers end up paying higher prices and forfeiting friendly policies.
We are passionate about identifying the true source of the problem and not just treating the symptoms. Everything we do is backed by an ROI guarantee that is only possible due to our first-hand expertise and technology. Our vision has been built upon a mission to bring our understanding and workable results to enough merchants and banks that as an industry, we can overcome the growing chargeback problem.
Ironically, this type of vision does not leave us without a business. Helping merchants achieve sustainability and growth is our primary goal, and understanding the best methods to use for managing chargebacks is a key component. There will always be disputes or issues to resolve between buyers and sellers. What is most relevant is the innovation undertaken to meet these growing requirements–a vision that keeps pace with evolving technology and consumer behavior...this is where we fit!
Is there a story or reasoning behind the nomination?
Our two company founders–Monica Eaton-Cardone and Gary Cardone–were jointly selling products online in 2010, when they were victims of chargeback fraud.
Chargeback fraud is an unjustified refund that’s forced upon merchants, occurring when a cardholder reports an unwarranted charge to their bank. The burden of proof is then on the merchant to defend the legitimacy of the sale, which is an extremely difficult threshold for online purchases, card-not-present transactions and shipped merchandise. Merchants lose $40 billion annually to chargebacks and the payments industry suffers even higher losses as a result.
Monica and Gary searched for a company to protect them from chargeback fraud, but to their astonishment, no such company existed. So, they studied chargebacks and became expert themselves, launching Chargebacks911 in 2011.
Roughly five years later, Chargebacks911 has 300+ global employees, thousands of clients, and corporate offices throughout North America, Europe, and Asia.
How did your organization first become acquainted with the Stevies?
The Stevie Awards are internationally recognized as “The World’s Premier Business Awards,” because it’s not about politics, pay-for-play, or personal connections; it’s truly a merit-based honor that celebrates excellence in the field of business. We’ve admired the Stevie Awards for many, many years, and we’re deeply humbled to be included among such a distinguished list of trailblazing entrepreneurs, innovators and international trendsetters.
What was it like for your organization to win this award?
It validated what we believed all along: excellence deserves to be recognized, and if you “build a better mousetrap,” you’ll achieve success. It’s an honor that we share with our dedicated, passionate team-members, and they’re just as proud of this award as our cofounders are!
How has the win affected your business?
The eCommerce industry is extremely technical and very nuanced; even savvy, veteran online merchants often have difficulty understanding the latest developments in chargeback fraud, banking regulations and dispute resolution. Capturing gold and silver Stevie Awards differentiates us from the competition, and offers an invaluable third-party testimonial to our clients.
In short, it communicates something very special: We’re the best at what we do.
What results have been gained since this award was won? Have any documents such as case studies been created that you can share with us?
We just opened a new location in the UK so we can expand our service levels to better support our growing European customers. This addition comes on the heels of our increased focus on the travel industry. A case study, outlining how our services have impacted the travel industry, can be found here.
Please look out for exciting news–case studies and trends are due to be released Q2 2017. With the changes from Visa and other payment providers taking hold this year, it is due to be an exciting one for industry news. We plan to release insider tips and regulatory updates shortly.
What changes in the industry does your team find interesting and why?
Perhaps “interesting” isn’t the right word, but it’s certainly noteworthy – cyber-fraud is growing by leaps and bounds:
- The chargeback issuance rate is growing by 20 percent each year
- There’s been a 300+ percent increase in fraud attacks on digital goods
- 94 percent of websites experienced a “bot” (nonhuman) cyber-attack last year
- 6 percent of an online merchants’ total annual revenue is now spent exclusively on fraud-prevention
- Chargeback fraud has grown by 41 percent and continues to climb each quarter
It’s an extraordinarily dangerous time for online merchants. It’s becoming as inevitable as death and taxes.
That’s why you NEED to be prepared. And that’s why Chargebacks911 is here to help.
Is there an inspirational story related to your organization that might appeal to our blog readers?
Because of our rapid growth, Chargebacks911 has hired hundreds of new employees, largely from our hometown in Tampa Bay, Florida. Sadly, we soon realized that many young people lack the confidence that is a prerequisite for success in such a fast-paced, hi-tech environment. This led our cofounder and Chief Operating Officer Monica Eaton-Cardone to launch a non-profit program called “Get Paid for Grades.” It offers a financial incentive to struggling high schoolers, focusing on improving literacy and mastering the life-skills that so important in today’s economy—thereby, improving self-confidence.Chargebacks911 is a sponsor of Get Paid for Grades, and the program recently expanded to four additional schools across Florida. We hope to eventually introduce the program nationally – because every child deserves an opportunity to succeed.