Chargebacks, A Thing Of The Past
Imagine a world, where merchants of all sorts and sizes, could sell their goods and services without the need to worry about credit card fraud and their earned profits being stolen right out of their pockets because of chargebacks.
This world exists. This is no fantansy talk. This is real talk.
Banking and credit industries want you to believe credit card theft is an impossible problem to solve. But the thing is, there’s a Super Simple Solution. We’ll call it, “S3”.
S3 is something banks could implement which would make stolen credit card charges easy to detect, instantly. You may say, “But it’s probably Super expensive, and that’s why it hasn’t been done yet.” No, actually many online websites already use a Similar Super Simple Solution(S4?) all over the web to solve other problems. In fact, these S4 implementations can be done within hours. Understandably it may take longer for a bank, but nonetheless it is still a S3.
By banks implementing this S3, chargebacks could be eliminated.
Now, the chance of a chargeback could technically still be possible, but with S3, the odds would be drastically lower. I’d guess 99.9% lower.
While fraudsters, credit card thieves, hackers, etc. try to beat and work around S3, the banks will be working on NS4 (Not So Super Simple Solution).
With NS4, chargebacks and credit card fraud would be completely impossible. Once NS4 rolled out, the world would be changed. Especially for merchants who could now devote 100% of their time to their business rather than beating their heads over stolen credit card chargebacks.
For those non-merchants out there
When you, a credit card owner, calls their bank to dispute an unknown charge you found in your bank account. The bank does not return your money out of the kindness of their hearts. They steal the money from the merchant and give it back to you. The merchant most likely has already given away their goods or services. So they lose their product, they lose their profits, they incur a chargeback fee from the bank, and to top it all off. If they get enough chargebacks, the merchant can get blacklisted and be unable to be a merchant anymore.
I’m not a writer. I’m a programmer and business owner who is fed up with chargebacks. It took me 3 minutes to think of a solution. I have tried contacting card companies like VISA and banks directly to set up a meeting to teach them how to fix this epidemic.
I’ve made statements that I believe the banking industry profits off of chargebacks. I get scoffed at for these claims. But let me ask you. How is it that these corporations which have all the resources you can imagine, still have yet to solve chargebacks? And if credit card fraud is so expensive for these corporations, then why won’t they take 30 minutes out of their day to set up a meeting to hear an idea out?
I wrote this to hopefully get some of the merchant community behind me and get some attention to that fact that there is a solution but for some reason the corporations want to ignore it.
If you are interested in helping or joining me in the fight to make banks implement my solutions or at least even get them to hear them out, shoot me a tweet on twitter @justintoweb.