If you could solve one problem in ecommerce transactions, what would you solve?
If you answered “friction,” that’s the same place Yitz Mendlowitz started. But he found out very quickly that friction is a consumer issue, not a merchant problem.
The problem merchants want solved is fraud liability.
In this episode, Yitz shares how credit card networks are finally listening to ecommerce merchants, and started to shift fraud liability away from the merchants and onto the card issuers (the banks).
Yitz is the co-founder of PAAY.
What we talked about:
Friction is not the major transaction pain point for merchants The main pain point for merchants: fraud liability The original Card Not Present policies weren’t written for the ecommerce age How friendly fraud impacts the financial landscape New policies to benefit merchants Credit card networks, banks, card issuer, acquirers, fraud, liability, card not present
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