LEHI, UTAH – Podium, a customer communication platform used by companies in the furniture industry, is now providing a chargeback guarantee to all local businesses in the U.S.
“Chargebacks remain one of the most difficult and costly risks retailers experience in the course of doing business,” said Eric Rea, co-founder and CEO at Podium. “By offering a chargeback guarantee, Podium Payments is able to provide peace of mind and allow our customers to have the most modern way of receiving payments and focus on gaining new business instead of the often fruitless disputes of chargebacks.”
Rea said local retailers in the U.S. typically see $40 billion in chargebacks annually when consumers or banks dispute a charge and force a refund from the retailer’s bank due to suspected fraud. In addition to the loss of merchandise or services, retailers are also typically assessed a chargeback fee and then run the risk of financial destabilization and closure of their bank accounts.
E-commerce retailers have been able to mitigate these losses in recent years through more sophisticated fraud prevention at checkout.
Podium Payments offers a fraud prevention platform that can guarantee against chargebacks, according to Rea. Designed specifically for local businesses, he said that companies can set up Podium Payments and begin accepting contact-free payments from customers in less than an hour.
Podium Payments has also included several other improvements for retailers:
- Consumer financing – Retailers will now be able to use Podium Payments to offer a financing option at checkout.
- Recurring payments – Merchants that offer layaway or cash on delivery are able to use Podium Payments to automate recurring payments until the items are paid in full.
- Integration – Podium Payments integrates within the company’s messaging platform, allowing retailers to continue messaging conversations with customers using the same thread where the payment was made.
In a little more than five years, the Podium platform has been used by half of all smartphone owners in the U.S. to interact with a local business, according to the company. Since the pandemic, Podium said its payments product has doubled its expected growth.
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