New Chargeback Insurance Tech Provider Protects Merchants from Friendly Fraud

Dec 19, 2023

Speedy Holdings Group Inc. is behind the revolutionary fintech platform Financial Protection Services- the ultimate chargeback protection product for merchants to keep their businesses safe from friendly fraud claims.

Friendly Fraud Protection Brought To You In 2024

If you're a merchant, you would probably agree that the term "friendly fraud" is the most misleading term of the decade, considering how much it's costing you. But there's good news ahead! In 2024, you can protect your business from the issues of chargeback disputes thanks to Financial Protection Services.

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This coming technology, invented by Scott Clymo, the founder and CEO of Speedy Holdings Group, is an innovative solution to the growing concern of friendly chargebacks. And if you're an investor in the tech industry, you'll be pleased to hear that the company is currently in the stage of raising capital. The company has calculated that the product has the potential of bringing in billions of annual revenues   •just in the US! So, if you're looking for the next big thing in fintech, this is your chance!

What Is Friendly Fraud?

Friendly fraud is the act of a customer disputing a credit card charge without criminal intent. A few reasons why consumers raise a friendly chargeback concern could be misunderstanding the terms and conditions, forgetting about the purchase, or that their credit card details were used without their authorization. Alas, this phenomenon is a big issue for merchants, with Financial Protection Services pointing out that friendly fraud is increasing by up to 81% annually. The upcoming platform gives your company protection from the financial consequences of chargebacks, ensuring you can run your business safely.

The Financial Impact of Friendly Chargeback Claims

An article from Digital Transactions highlights the growing concern of friendly fraud, stating that it's a bigger problem for merchants than criminal-intent fraud. Mastercard predicts that over $117 billion will have been lost to friendly chargebacks in 2023, underlining the financial damages these claims have on businesses.

How Financial Protection Services Will Keep Your Business Safe

Financial Protection Services' platform aims to eliminate the losses credit card processing companies incur from friendly fraud and fees and support merchants by covering the chargeback automatically through a loan. By ensuring you always have sufficient funds to cover claims, you protect yourself from restrictions from credit card companies- something that can have serious consequences for your business.

Moreover, Financial Protection Services is working on another patent-pending financial process platform for overdraft protection linked to a business checking account. The expected launch date is 1-2 years away, and the product will be accessible to businesses of various sizes and credit scores.

To learn more and to contact the company, go to:

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