Mastercard and Ethoca look out for ANZ retailers with support package
Mastercard and Ethoca have joined forces to create and release a support package for qualifying retailers in New Zealand and Australia.
The offer is designed to prevent fraud and chargebacks, and includes free access to the dispute resolution service Ethoca Alerts until July 31, 2020. Retailers across ANZ can request access to the platform as part of a no-fee trial.
Ethoca Alerts is targeted towards SMEs and provides the ability to identify, manage and resolve fraud and chargeback disputes. It facilitates the exchange of fraud data and chargeback intelligence between more than 5,000 banks and card issuers and more than 8,000 retailers.
As a result, it provides businesses with greater transparency and near real-time notifications of active disputes. According to the company, this can reduce the dispute process from up to six weeks to days, hours or minutes.
Additionally, retailers can minimise inventory loss, lower operational and dispute management costs, and deliver a better customer experience, Ethoca Alerts states.
According to the company, in the past 12 months, Ethoca Alerts has helped businesses around the world prevent more than seven million chargebacks and nearly NZ$334 million worth of fraud.
Furthermore, on average resolution for chargebacks can take between 10 and 120 days, which is another way the tool can aid consumers, businesses and issuers.
According to the duo, in evolving their presence online and developing eCommerce offerings, retailers face the risk of rising disputes, chargebacks and fraud – all of which can be costly and time-consuming.
Ethoca general manager Asia Pacific Brett Small says, "As businesses around the world adapt to a new normal where eCommerce takes center stage, many retailers may be facing card-not-present fraud and chargebacks for the first time.
“Ethoca's goal is to drive both issues out of the ecosystem once and for all by enabling collaboration between banks and merchants to share vital intelligence that combats the problem.
"In making Ethoca Alerts available to qualifying retailers around New Zealand and Australia for no charge, Ethoca hopes to provide local businesses with a little relief as they adapt to their new way of working.
Mastercard country manager New Zealand and the Pacific Islands Ruth Riviere, says, “Mastercard is committed to exploring new ways to support its customers and community as everyone faces the ongoing challenges presented by COVID-19.
“Fraud and chargebacks can often incur significant costs to retailers of all sizes and the impact of these issues is only heightened in the current climate.
“As Mastercard continues on its mission to empower retailers both small and large to navigate this new normal, Mastercard is proud to play a part in helping local businesses tackle this issue so they can focus on what they do best.
In addition to the offering with Ethoca, Mastercard has invested in solutions to help customers, cardholders and communities impacted by COVID-19.
This includes encouraging an increase in contactless payment limits across the world, making its STEM curriculum, Girls4Tech available online, and working closely with the Bill - Melinda Gates Foundation and Wellcome to speed development and access to therapies for COVID-19.