Chargeback Gurus Releases Comprehensive Suite of Industry Reports, Revealing $11 Billion Chargeback Impact on U.S. Merchants in 2023
October 29, 2024 09:00 AM Eastern Daylight Time, PLANO, Texas--(BUSINESS WIRE)--Chargeback Gurus, a leader in chargeback management solutions, today announced the release of a comprehensive suite of reports and e-guides on the state of chargebacks across industries. The collection includes two groundbreaking industry reports: "State of Chargebacks: Protecting Your Business in 2024," developed in collaboration with The Strawhecker Group (TSG), and “Travel & Hospitality Report” and Juniper Research. These, along with several specialized reports, provide deep insights into chargeback trends, fraud patterns, and strategic recommendations for businesses.
"Our latest suite of reports offers an unparalleled look at the chargeback landscape, leveraging data from millions of merchants to provide actionable insights," said Tim Tynan, CEO of Chargeback Gurus. "As chargebacks continue to pose significant financial risks to businesses and merchants, understanding these trends and implementing effective strategies is crucial for success."
Key findings from the flagship reports include:
Chargeback costs are rising: The average loss per chargeback increased from $156 in 2021 to $165 in 2022, a 5.4% rise.
Substantial market impact: U.S. merchants faced chargeback volumes between $8-$11 billion in 2023, with projections reaching up to $15 billion by 2026.
Industry-specific challenges: Retail, travel & hospitality, and subscription services face unique chargeback risks, with rates exceeding 1% of transactions in some sectors.
Rise of first-party fraud: "Friendly fraud" now accounts for up to 80% of total fraud cases, presenting a growing challenge for merchants.
Technological solutions: The reports highlight the increasing importance of AI and machine learning in chargeback management while emphasizing the continued need for human expertise.
Additional Specialized Reports:
In addition to the flagship reports, Chargeback Gurus has released a series of specialized reports and e-guides to help businesses and merchants better understand and manage chargebacks:
Chargebacks 101: A comprehensive guide explaining the chargeback process, dispute resolution strategies, and common root causes of chargebacks.
Chargeback Analytics: An in-depth report on analyzing disputes and chargebacks, offering insights to enhance customer relationships and optimize revenue.
The State of Chargebacks in the Travel and Hospitality Industries: A detailed analysis created in partnership with Juniper Research, providing statistics and strategies specific to these sectors.
Hospitality Industry Overview: A focused report discussing the unique chargeback challenges faced by the hospitality industry and effective approaches to address them.
The Smart Way to Fight and Recover Chargebacks: An analytical report on efficient chargeback management strategies to increase revenue recovery and maintain a positive ROI.
10 Reasons to Outsource Chargeback Management: A comparative analysis of the advantages of outsourcing chargeback management versus expanding internal teams.
Checklist for Selecting a Chargeback Vendor: A comprehensive guide to evaluating and choosing the right chargeback management vendor for your business.
"This extensive collection of reports and e-guides underscores the complex and evolving nature of chargebacks across all industries," added Tynan. "At Chargeback Gurus, we always focus on aligning our efforts 100% with our client objectives and strive to provide excellent service, balancing the needs of our clients and their customers”. To learn more about the reports or Chargeback Gurus' solutions, visit: Chargeback Gurus
About Chargeback Gurus
Chargeback Gurus helps businesses protect and recover revenue by providing innovative chargeback management solutions and AI insights powered by its proprietary FPRONE™ platform. By understanding its clients’ needs and fully aligning with their goals, Chargeback Gurus helps them reduce chargebacks and increase recovery rates to maximize revenue. Its technology solutions use powerful data science and AI analytics—combined with deep industry expertise—to deliver hundreds of millions of dollars in recovered revenue to its clients.
Contacts
Media Contact
Lizzy Harris PR for Chargeback Gurus
CBG@colabcomms.co
