Ethoca is a Toronto-based software company and global provider of technology based on collaboration, enabling businesses to prevent chargebacks and fight fraud. The company, founded in 2005, always reinvents the ways of interaction between issuers, consumers, and merchants in a virtual fintech world. In April 2019, Ethoca was purchased by Mastercard.
When the company launched its product Ethoca Eliminator in 2018, it helped to avoid 70% of disputes. Apart from it, the platform’s team developed a range of products that gives a transactional clarity to its clients, resulting in fewer chargeback disputes.
Ethoca, actually, creates a safe ecosystem with an innovative approach to online transactions. The goal pursued by the platform is to help the members of its community to do business with little friction – as little friction as it is possible. At the time of writing, the system includes over 8K merchants and over 5K issues. The geographical coverage is also wide as the platform serves customers from more than 70 countries of the world.
Why Ethoca is needed
The facility became a network connecting issuers and merchants, thus creating an environment for the dialog between the parties. Communication is needed, primarily, to solve disputes and prevent fraud. For instance, when fraud is detected, it takes too long for the parties to contact each other in order to tackle the problem. Inefficiency of such work causes losses, so the intermediary is required to communicate with the parties, the one that would connect issuers and merchants. This is why Ethoca is needed.
It is not enough just to develop a high-end software to prevent fraudulent transactions. Numerous financial institutions and banks deployed powerful anti-fraud software to stop fraudsters. However, the isolated activity of each financial organization doesn’t improve the situation. It happens due to the lack of communication and collaboration between the participants of the market, hence, the value of mutual intelligence in the industry is great. Ethoca works to correct the situation.
The team of the platform developed Ethoca Alerts, a flagship product of a company, to resolve issues. The products of the company improve transparency, thus helping merchants to economize on lower fraud and chargeback costs. Merchant-issuer collaboration established with Ethoca Alerts defines a breakthrough approach to security. It works in the following way: each confirmed case of card fraud is immediately sent to other merchants – participants of the system. It helps to prevent other cybercrimes.
Ethoca Consumer Clarity is another product of the company that helps to build trust between customers and merchants, since it increases transparency and transaction clarity. The product contributes to better customer experience, raising sales and improving loyalty of customers. This is an intermediary that connects information received from the parties and makes the best possible solution under the circumstances to support consumers and their buying experience.
How to connect to the platform
Merchants can get in touch with an Ethoca fraud expert on the official website of the company. It is possible to do through a contact form they should fill out and submit for further consideration.