Following this announcement, by combining Chargebacks911’s post-transaction solutions with Prommt’s remote payment platform, the collaboration will prioritise the process of enabling merchants to further strengthen their defenses against chargebacks and reduce the overall exposure to card fraud. This is expected to give traders the capability to also deliver a frictionless and improved experience to their customers.
In addition, this process will especially focus on the businesses within sectors that experience high rates of chargebacks, such as hospitality. The partnership will bring together the technology services and expertise of the companies in order to provide firms with the possibility to manage their remote payments and online transactions, as well as allowing them to reactively address vulnerabilities before their impact returns.
Although all industries face multiple obstacles and challenges in the payment process, hotels, resorts, and multiple other hospitality service providers often have to deal with different types of fraud when it comes to managing bookings, cancellations, and transactions. This makes fraud prevention and chargeback management procedures an essential element in their operations, as high-risk industries experience chargeback rates of around 1.93%, higher than the average chargeback rate represented by 0.5%.
According to the official press release, the partnership between Prommt and Chargebacks911 represents an important step forward in the process of providing merchants and businesses with the needed tools and technology to defend against card fraud and chargebacks. In addition, traders will have the possibility to accelerate and focus on their development process while also prioritising the overall customer experience and their safety.
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