Credit Card Networks Are Finally Listening to Merchants with Yitz Mendlowitz

<p><span style="font-weight: 400;">If you could solve one problem in ecommerce transactions, what would you solve?</span><span style= "font-weight: 400;"><br /></span><span style= "font-weight: 400;"><br /></span><span style="font-weight: 400;">If you answered “friction,” that’s the same place</span> <a href= "https://www.linkedin.com/in/yitzm/"><span style= "font-weight: 400;">Yitz Mendlowitz</span></a> <span style= "font-weight: 400;">started. But he found out very quickly that</span> <em><span style= "font-weight: 400;">friction</span></em> <span style= "font-weight: 400;">is a consumer issue, not a merchant problem.</span></p> <p><span style="font-weight: 400;">The problem merchants want solved is</span> <em><span style="font-weight: 400;">fraud liability.</span></em></p> <p><span style="font-weight: 400;">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).</span></p> <p><span style="font-weight: 400;">Yitz is the co-founder of</span> <a href="https://www.paay.co/"><span style= "font-weight: 400;">PAAY</span></a><span style= "font-weight: 400;">.</span></p> <p><span style="font-weight: 400;">What we talked about:</span></p> <ul> <li style="font-weight: 400;"><span style= "font-weight: 400;">Friction is not the major transaction pain point for merchants</span></li> <li style="font-weight: 400;"><span style="font-weight: 400;">The main pain point for merchants: fraud liability</span></li> <li style="font-weight: 400;"><span style="font-weight: 400;">The original Card Not Present policies weren’t written for the ecommerce age</span></li> <li style="font-weight: 400;"><span style="font-weight: 400;">How friendly fraud impacts the financial landscape</span></li> <li style="font-weight: 400;"><span style="font-weight: 400;">New policies to benefit merchants</span></li> <li style="font-weight: 400;"><span style= "font-weight: 400;">Credit card networks, banks, card issue