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Fast Debuts ‘Zero Fraud’ Chargeback Solution To Boost Accuracy

Fast has rolled out a new zero fraud guarantee, which will help every merchant using Fast Checkout be 100 percent guarded against fraudulent chargebacks, a blog post says.

The company says it will be offering the service with no cost, as opposed to the 0.4 percent chargeback fee other companies use.

Fast’s product, the blog says, “is built into the platform to maximize purchase acceptance while also mitigating ongoing risk exposure. It even protects expedited orders, same-day shipping and in-store pickup, so protecting revenue does not interfere with delivery speed.”

“After many years in the payments and risk space, I spend an inordinate amount of time thinking about how to improve the buying and selling experience, while reducing fraud,” the blog says. “So I want to share some of my thinking behind this big decision by Fast to include Zero Fraud in our core offering. We never want the risk of fraud (or the burden of chargebacks) to hinder Fast merchants from selling their products.”

The blog goes on to say that 2020 was a record year for eCommerce growth, even despite the rise of cybertheft. That is expected to continue as the pandemic’s shift to digital business continues. With cybercriminals developing more sophisticated tactics, Fast wanted to create an easy way for customers to focus on conversion without having to worry about fraud, according to the blog.

Disputes and chargebacks have become a pain point during the pandemic, PYMNTS writes, as financial institutions (FIs) work to balance an easy transaction with one that is secure and identifiable.

Cabela’s and Bass Pro Shops Senior Manager of Fraud and Investigations Keith Thompson, speaking at a PYMNTS panel, said there had been a spate of varying kinds of disputes, including non-receipt, porch pirates and more. Retailers have had to introduce risk-driven signatures. More confusion has been added from distribution from different centers.

PYMNTS writes that disputes can be solved with digital receipts and better use of data, and Thompson has said there’s merit in giving people more ways to contact merchants.

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NEW PYMNTS DATA: BUY NOW, PAY LATER CONSUMER STUDY 

About: Buy Now, Pay Later: Millennials And The Shifting Dynamics Of Online Credit, a PYMNTS and PayPal collaboration, examines the demand for new flexible credit options as well as how consumers, especially those in the millennial demographic, are paying online. The study is based on two surveys, totaling nearly 15,000 U.S. consumers.

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