Merchants lost $20.3B to false credit card declines in 2019: Study
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Merchants in the United States, United Kingdom, France and Germany lost $20.3 billion to false credit and debit card declines in 2019 alone, a new study has found.
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Of that $20.3 billion, $12.7 billion went to competitor merchants and $7.6 billion was lost as a result of customer frustration, the study, conducted by payment solution website Checkout.com and business analysis company Oxford Economics, found.
"For the merchant, this is a catastrophic situation," Igal Rotem, CEO of Fintech bank and smart payments partner Credorax, told FOX Business. "The merchant has spent a huge amount of money to bring the consumer to the website to make purchases. The consumers has already decided they want to make a purchase from that website, and when they try to pay, they can't."