Prommt partners with Chargebacks911 to help merchants defend against chargebacks

Remote payments platform Prommt and Chargebacks911 have formed a partnership to provide large enterprises with an end-to-end solution that helps protect against chargeback fraud and misuse.

Prommt’s Open Banking payment solution, which enables merchants to secure remote customer payments, in combination with Chargebacks911’s post-transaction solutions will put merchants in a better position to strengthen their defences against chargebacks and reduce their exposure to fraud.

The solution is particularly applicable to merchants in sectors that experience high rates of chargebacks, such as hospitality.

While the hospitality industry generates approximately $3 trillion in global revenue each year, the Association of Certified Fraud Examiners has estimated that between 5-6% of this revenue – or $150 billion – is lost to fraud.

High-risk industries, such as travel and hospitality, experience chargeback rates of around 1.93%, compared to the average chargeback rate of 0.5%.

“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 chief executive officer 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.”

Donal McGuinness, chief executive officer, Prommt

Donal McGuinness, chief executive officer of Prommt, called the partnership “a significant step forward” in providing merchants with the tools and technology required to defend against card fraud and chargebacks.

“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,” he added.

At the Open Banking Expo Awards 2024, on 15 October in London, Prommt won the Best Open Banking Payments Project category, with the judges saying it was “able to demonstrate real savings for merchants”.