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ReadersSpeak

Help for the ecommerce crunch • Even with the best of intentions, it’s clear that when
purchases are made online, with less opportunity
ichael B. Cohen, vice presi- to closely examine the purchase or discuss it with
dent of global operations at the seller, the chances of dissatisfaction go up. In
MyChargeBack, reached out the shadow of the coronavirus, these disputes
M recently to inform us about a have become their own pandemic, with April 2020
white paper he published on a timely topic. seeing a shocking 27% increase over the previous
"Coronavirus social distancing guidelines have resulted year.
in record levels of online consumer spending with online • Bank dispute departments are tasked with
retail purchases increasing by over $100 billion this year. processing chargebacks pertaining to the credit
Global consumers plan to do all their holiday shop- cards they issued. These departments were already
ping online, and scammers see that as an unprecedented swamped before the shutdown. This will only get
opportunity. Consumers, merchants and banks all need to worse as volume increases even as staffing grows
prepare differently to be safe. tighter.

"To provide insights into this situation, I've released "Mastercard and Visa give consumers the right to dispute
Network Effect: The Consequences of COVID-19 on Banking, charges, but you need to know how to navigate the system
Commerce, and Consumers May Be Permanent and Profound, to get your money back, especially now. MyChargeBack
a white paper available at https://mychargeback.com/ has helped consumers get refunds on $20 million in credit
whitepaper-coronavirus/. Following are excerpts of note: card spending that they otherwise couldn’t get on their
• Ecommerce purchase volume rose globally by 15% own."
over the first half of 2020 compared to the same
period in the previous year. And Morgan Stanley How are you helping?
expects that 2020 will see ecommerce account for What are you doing to help people during record-breaking
a full 23% of U.S. retail sales. Once consumers online shopping this holiday season? Tell us about your
get used to a new and more convenient way of initiatives at greensheet@greensheet.com.
shopping, there may be no going back.

TouchSuite is Looking

Transparent
Structures To Acquire Residual

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Decades as a Leader
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touchsuite.com (844) 453-8422