Chargebacks911 and Prommt unite to fight card fraud
Chargebacks911, a global pioneer in chargeback prevention and management solutions, announced their official partnership with Prommt, a leading innovator in cloud-based, remote payment solutions, providing large enterprises with a comprehensive, end-to-end solution that helps to protect against chargeback fraud and misuse.
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Prommt’s innovative card and open banking payment solution has been pivotal in empowering merchants to secure remote customer payments efficiently and securely. Combining Chargebacks911’s industry-leading post-transaction solutions with Prommt’s remote payment platform, position merchants—especially those within sectors that experience high rates of chargebacks such as hospitality —in a stronger position to further strengthen their defense against chargebacks and reduce exposure to card fraud.
“This partnership brings together two fantastic technology solutions to give merchants the ability to manage their remote payments and online transactions with confidence,” said Monica Eaton, founder and CEO of Chargebacks911. “Together, we’re empowering businesses to proactively and reactively address vulnerabilities before they impact revenue, giving merchants the power to provide a frictionless, positive experience for their customers.”
While all industries face their fair share of obstacles when it comes to transactions, hotels, resorts, and other hospitality service providers often face unique challenges when managing bookings, cancellations, and payments, making fraud prevention and chargeback management essential to their operations. The hospitality industry generates an estimated $3 trillion in global revenue each year. However, the Association of Certified Fraud Examiners estimate that between 5-6% of this revenue—or $150 billion—is lost to fraud.
Additionally, high-risk industries like travel and hospitality experience chargeback rates around 1.93%—significantly higher than the average chargeback rate of 0.5%. With Visa estimating that up to 75% of chargebacks are instances of chargeback fraud and misuse, this means the hospitality industry loses more than $43 billion annually to illegitimate transaction disputes.
“This partnership represents a significant step forward in providing merchants with the tools and technology required to defend against card fraud and chargebacks,” said Donal McGuinness, CEO of Prommt. “By combining Prommt’s remote payments platform that offers flexible payment methods including card and Pay by Bank with Chargebacks911’s post-transaction solutions, we’re empowering our merchants—especially those in hospitality—to focus on growth and customer satisfaction”.